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Multifamily

North Oak Apartments

59 N Oak Ave, Pasadena, CA 91107

Listing Price: $2,125,000

Cap Rate
3.26%
Number of Units
7
Occupancy
98.0%
Price/Unit
$303,571
Price/Gross SF
$483.83
Gross SF
4,392

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 N Oak Ave between Colorado Blvd and the 210 Foothill Freeway. Built in 1959, 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 (1BD/1BA) and one (2BD/1BA). This unit mix is ideal for the college students and those who seeks the urban lifestyle. The site is conveniently located at only a mile from both Pasadena City College and California Institute of Technology. Within walking distance is the high street retail district on Colorado Blvd. and only two and half mile away from The Shops on Lake, which is dense with national retail spaces such as T.J Maxx and Macy’s. 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 85 Walk 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. The site also benefits from less than a mile from the 210 Foothill Freeway, it is ideal for the young professionals who is also seeking a colorful nightlife around Colorado Blvd.

Investment Highlights

  • A Prime Transit Location: Seven Units near Old Town, PCC, and Caltech with 85 Walk Score of "Very Walkable"
  • Onsite Parking: Seven Parking Spaces located in the back of the building
  • Generational Opportunity: Long term ownership, owned by family across generations and has not been on the market for 13 years
  • Ease of Management: Attractive unit size and location with ease to manage current tenants and find prospective tenants
  • Upside Potential: 25% upside due to below market rents

Exclusively Listed By

Multifamily

North Oak Apartments

Listing Price: $2,125,000

Cap Rate
3.26%
Number of Units
7
Occupancy
98.0%
Price/Unit
$303,571
Price/Gross SF
$483.83
Gross SF
4,392

Investment Highlights

  • A Prime Transit Location: Seven Units near Old Town, PCC, and Caltech with 85 Walk Score of "Very Walkable"
  • Onsite Parking: Seven Parking Spaces located in the back of the building
  • Generational Opportunity: Long term ownership, owned by family across generations and has not been on the market for 13 years
  • Ease of Management: Attractive unit size and location with ease to manage current tenants and find prospective tenants
  • Upside Potential: 25% 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 N Oak Ave between Colorado Blvd and the 210 Foothill Freeway. Built in 1959, 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 (1BD/1BA) and one (2BD/1BA). This unit mix is ideal for the college students and those who seeks the urban lifestyle. The site is conveniently located at only a mile from both Pasadena City College and California Institute of Technology. Within walking distance is the high street retail district on Colorado Blvd. and only two and half mile away from The Shops on Lake, which is dense with national retail spaces such as T.J Maxx and Macy’s. 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 85 Walk 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. The site also benefits from less than a mile from the 210 Foothill Freeway, it is ideal for the young professionals who is also seeking a colorful nightlife around Colorado Blvd.

Exclusively Listed By

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