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Multifamily

South Catalina Apartments

231 S Catalina Ave, Pasadena, CA 91106

Listing Price: $2,950,000

Cap Rate
2.79%
Number of Units
7
Occupancy
85.0%
Price/Unit
$421,429
Price/Gross SF
$440.96
Gross SF
6,690

Investment Overview

The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present for sale a 7-unit building in the heart of Pasadena, on Catalina Avenue parallel to Colorado Blvd and the 210 Foothill Freeway. Built in 1960, the subject property is ideally located in the high-profile submarket of Pasadena, California which boasts high-end demographics, dense immediate population, high barriers to entry, and strong market fundamentals. The unit mix consist of 6 (2BD/1BA) and one (1BD/1BA). The large sized units are ideal for the young professionals and families. The site is conveniently located at only half a mile from both Pasadena City College and California Institute of Technology. Within biking distance is the Shops on Lake Ave and only a quarter mile away from Colorado Blvd., which is dense with high-street retail and offices. Pasadena is one of the top cities in Los Angeles for the young professionals and students due to its high quality of life and ease of access to the freeways. The site boasts a 95 Walk Score as well as a 94 Bike Score in the center of this high profile “live/work/play” destination. This site boasts well for the influx of millennials and college students who are seeking a travel friendly urban lifestyle.

Investment Highlights

  • A Prime Transit Location: Seven Units near Old Town, PCC, and Caltech with 95 Walk Score of "Walker's Paradise" and 94 Bike Score of "Biker's Paradise"
  • Onsite Parking: Seven Parking Spaces located in the back of the building
  • Generational Opportunity: Long term ownership, owned by a family across generations and has not been on the market for 13 years
  • Ease of Management: With this unit size and location, it is easy to manage current tenants nd find prospective tenants
  • Upside Potential: 45 percent rental income upside due to below market rents

Exclusively Listed By

Multifamily

South Catalina Apartments

Listing Price: $2,950,000

Cap Rate
2.79%
Number of Units
7
Occupancy
85.0%
Price/Unit
$421,429
Price/Gross SF
$440.96
Gross SF
6,690

Investment Highlights

  • A Prime Transit Location: Seven Units near Old Town, PCC, and Caltech with 95 Walk Score of "Walker's Paradise" and 94 Bike Score of "Biker's Paradise"
  • Onsite Parking: Seven Parking Spaces located in the back of the building
  • Generational Opportunity: Long term ownership, owned by a family across generations and has not been on the market for 13 years
  • Ease of Management: With this unit size and location, it is easy to manage current tenants nd find prospective tenants
  • Upside Potential: 45 percent rental income upside due to below market rents

Investment Overview

The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present for sale a 7-unit building in the heart of Pasadena, on Catalina Avenue parallel to Colorado Blvd and the 210 Foothill Freeway. Built in 1960, the subject property is ideally located in the high-profile submarket of Pasadena, California which boasts high-end demographics, dense immediate population, high barriers to entry, and strong market fundamentals. The unit mix consist of 6 (2BD/1BA) and one (1BD/1BA). The large sized units are ideal for the young professionals and families. The site is conveniently located at only half a mile from both Pasadena City College and California Institute of Technology. Within biking distance is the Shops on Lake Ave and only a quarter mile away from Colorado Blvd., which is dense with high-street retail and offices. Pasadena is one of the top cities in Los Angeles for the young professionals and students due to its high quality of life and ease of access to the freeways. The site boasts a 95 Walk Score as well as a 94 Bike Score in the center of this high profile “live/work/play” destination. This site boasts well for the influx of millennials and college students who are seeking a travel friendly urban lifestyle.

Exclusively Listed By

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