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Multifamily

Huntington Drive Apartments

1313 Huntington Dr, South Pasadena, CA 91030

Listing Price: $3,595,000

Cap Rate
2.99%
Number of Units
10
Occupancy
100.0%
Price/Unit
$359,500
Price/Gross SF
$443.17
Gross SF
8,112

Investment Overview

The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present a rare offering; available for the first time in thirteen years, this 10-unit multi-family asset, originally built in 1963, consistently benefits from 100% occupancy and features a favorable unit mix of spacious and bright one- and two-bedroom units. The RH-zoned lot sprawls 10,062 square feet and sits proudly on Huntington Blvd., close to a myriad of lifestyle, shopping and dining amenities. Unit mix comprises of 6 one-bedroom, one-bathroom units, and 4 two-bedroom, one-bathroom units are spread throughout the two-story building. An Investor can benefit from approximately 30% upside in rents, allowing for accelerated future growth and a value-add opportunity. The location boasts a 77 Walk Score, “Very Walkable”, meaning most errands can be accomplished on foot. Tenants have convenient access to two freeways 2.5 miles away from the 710 and 10 freeway, which allows its ease of access to the nearby Downtown LA. The proud, independent City of South Pasadena has long been one of Southern California’s most desirable places to call home. Situated on the west side of the San Gabriel Valley and only 6 miles from Downtown Los Angeles, this charming community is known for its quiet, historic character and small-town atmosphere. These wonderful attributes, combined with top-rated schools, more than 100 acres of parks and an abundance of both small and large businesses, all lend to the City’s exceptional strength, stability and rental demand.

Investment Highlights

  • A Prime Transit Location: 77 Walk Score of "Very Walkable" and only two and half mile away from two major interstates
  • Onsite Parking: Spacious parking spaces located on the side of the building
  • Generational Opportunity: Long term ownership, owned by family across generations and has not been on the market for 13 years
  • Ideal Unit Mix: Six one-bed, one-bath units as well as four two-bed, one-bath units
  • Upside Potential: 30% rental upside due to below market rents

Exclusively Listed By

Listing Price: $3,595,000

Cap Rate
2.99%
Number of Units
10
Occupancy
100.0%
Price/Unit
$359,500
Price/Gross SF
$443.17
Gross SF
8,112

Investment Highlights

  • A Prime Transit Location: 77 Walk Score of "Very Walkable" and only two and half mile away from two major interstates
  • Onsite Parking: Spacious parking spaces located on the side of the building
  • Generational Opportunity: Long term ownership, owned by family across generations and has not been on the market for 13 years
  • Ideal Unit Mix: Six one-bed, one-bath units as well as four two-bed, one-bath units
  • Upside Potential: 30% rental upside due to below market rents

Investment Overview

The Ovaness-Rostamian Group of Marcus & Millichap is pleased to present a rare offering; available for the first time in thirteen years, this 10-unit multi-family asset, originally built in 1963, consistently benefits from 100% occupancy and features a favorable unit mix of spacious and bright one- and two-bedroom units. The RH-zoned lot sprawls 10,062 square feet and sits proudly on Huntington Blvd., close to a myriad of lifestyle, shopping and dining amenities. Unit mix comprises of 6 one-bedroom, one-bathroom units, and 4 two-bedroom, one-bathroom units are spread throughout the two-story building. An Investor can benefit from approximately 30% upside in rents, allowing for accelerated future growth and a value-add opportunity. The location boasts a 77 Walk Score, “Very Walkable”, meaning most errands can be accomplished on foot. Tenants have convenient access to two freeways 2.5 miles away from the 710 and 10 freeway, which allows its ease of access to the nearby Downtown LA. The proud, independent City of South Pasadena has long been one of Southern California’s most desirable places to call home. Situated on the west side of the San Gabriel Valley and only 6 miles from Downtown Los Angeles, this charming community is known for its quiet, historic character and small-town atmosphere. These wonderful attributes, combined with top-rated schools, more than 100 acres of parks and an abundance of both small and large businesses, all lend to the City’s exceptional strength, stability and rental demand.

Exclusively Listed By

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