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Multifamily

Cypress Court

623 N Madison Ave, Pasadena, CA 91101

Listing Price: $3,495,000

Cap Rate
2.42%
Number of Units
8
Occupancy
97.0%
Price/Unit
$436,875
Price/Gross SF
$593.98
Gross SF
5,884

Investment Overview

Marcus and Millichap/Compass is pleased to present the Cypress Court, an eight (8) unit bungalow court style housing complex located at 623 & 635 N. Madison Avenue in Pasadena, California. Built in 1923 and 1928, respectively, the court consists of a total of eight (8) homes consisting of two (2) 1 bed/1 bath homes and six (6) 2 bed/1 bath homes. Each of the bungalows is uniquely designed in the Colonial Revival style, featuring gable roofs and gabled porches supported by columns. Units are situated spaciously apart from one another providing ample outdoor space for each bungalow. Each bungalow features wood floors (select units), fireplaces, individual water heaters and washer/dryer hookups (select units). The homes total 5,584 of building square footage and sit over three (3) parcels of land totaling a sprawling 0.55 acres, which is PSR1 zoned. Built by contractor Arthur G. Gehrig, Cypress Court was added to the National Register of Historic Places on July 11, 1983. Cypress Court is a value-add opportunity in which new ownership has an opportunity to increase rents by virtue of implementing a renovation program to the unit interiors and exteriors. Current rents are approximately thirty-five percent (35%) below market. This is an excellent opportunity for an investor who is looking for a value-add property in a hip and trendy submarket with historically low vacancy rates. Cypress Court features a Walk Score of 87 and a Bike Score of 91 as it is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers. For nightlife options, the property is walking distance from restaurants, retail shopping and entertainment options located in Old Town Pasadena and the Playhouse District. Nearby employment hubs include Burbank, Glendale, Hollywood and Downtown LA. The property is located just a few blocks from the 210 freeway and is a short drive to 134 and 110 freeways. The property is also located just 0.7 miles from the Metro Gold Line Lake Street Station. Pasadena, incorporated in 1886, is one of the first and most historically significant cities to be incorporated in what is now Los Angeles County. It is home to many scientific, educational, and cultural institutions including Caltech, Pasadena City College, Fuller Theological Seminary, ArtCenter College of Design, the Pasadena Playhouse, the Ambassador Auditorium, the Norton Simon Museum, and the USC Pacific Asia Museum. It is also home to major employers which include Kaiser Permanente, Parsons Corporation, Avery Dennison, Huntington Memorial Hospital, Raytheon and One West Bank.

Investment Highlights

  • Value add opportunity by implementing a renovation program upgrading unit interiors and exteriors – approximately 35% rental upside
  • Property features eight (8) bungalow style homes consisting of two (2) 1 bed/1 bath home and six (6) 2 bed/1 bath homes
  • First time on market in decades. High barrier to entry Pasadena submarket
  • Each of the bungalows is uniquely designed in the Colonial Revival style, featuring gable roofs and gabled porches supported by columns. Units are situated spaciously apart from one another providing ample outdoor space for each bungalow. Each bungalow features wood floors (select units), fireplaces, individual water heaters and washer/dryer hookups (select units)
  • Cypress Court was added to the National Register of Historic Places on July 11, 1983
  • Property features a Walk Score of 87 and a Bike Score of 91 as it is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers
  • Short walk from restaurants, retail shopping, entertainment, and nightlife options located in Old Town Pasadena and the Playhouse District
  • Conveniently located a few blocks from 210 freeway and a short drive to 134 and 110 freeways and located 0.7 miles from the Metro Gold Line Lake Street Station

Exclusively Listed By

Listing Price: $3,495,000

Cap Rate
2.42%
Number of Units
8
Occupancy
97.0%
Price/Unit
$436,875
Price/Gross SF
$593.98
Gross SF
5,884

Investment Highlights

  • Value add opportunity by implementing a renovation program upgrading unit interiors and exteriors – approximately 35% rental upside
  • Property features eight (8) bungalow style homes consisting of two (2) 1 bed/1 bath home and six (6) 2 bed/1 bath homes
  • First time on market in decades. High barrier to entry Pasadena submarket
  • Each of the bungalows is uniquely designed in the Colonial Revival style, featuring gable roofs and gabled porches supported by columns. Units are situated spaciously apart from one another providing ample outdoor space for each bungalow. Each bungalow features wood floors (select units), fireplaces, individual water heaters and washer/dryer hookups (select units)
  • Cypress Court was added to the National Register of Historic Places on July 11, 1983
  • Property features a Walk Score of 87 and a Bike Score of 91 as it is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers
  • Short walk from restaurants, retail shopping, entertainment, and nightlife options located in Old Town Pasadena and the Playhouse District
  • Conveniently located a few blocks from 210 freeway and a short drive to 134 and 110 freeways and located 0.7 miles from the Metro Gold Line Lake Street Station

Investment Overview

Marcus and Millichap/Compass is pleased to present the Cypress Court, an eight (8) unit bungalow court style housing complex located at 623 & 635 N. Madison Avenue in Pasadena, California. Built in 1923 and 1928, respectively, the court consists of a total of eight (8) homes consisting of two (2) 1 bed/1 bath homes and six (6) 2 bed/1 bath homes. Each of the bungalows is uniquely designed in the Colonial Revival style, featuring gable roofs and gabled porches supported by columns. Units are situated spaciously apart from one another providing ample outdoor space for each bungalow. Each bungalow features wood floors (select units), fireplaces, individual water heaters and washer/dryer hookups (select units). The homes total 5,584 of building square footage and sit over three (3) parcels of land totaling a sprawling 0.55 acres, which is PSR1 zoned. Built by contractor Arthur G. Gehrig, Cypress Court was added to the National Register of Historic Places on July 11, 1983. Cypress Court is a value-add opportunity in which new ownership has an opportunity to increase rents by virtue of implementing a renovation program to the unit interiors and exteriors. Current rents are approximately thirty-five percent (35%) below market. This is an excellent opportunity for an investor who is looking for a value-add property in a hip and trendy submarket with historically low vacancy rates. Cypress Court features a Walk Score of 87 and a Bike Score of 91 as it is conveniently located just a short walk from restaurants, cafes, grocery stores and large retail centers. For nightlife options, the property is walking distance from restaurants, retail shopping and entertainment options located in Old Town Pasadena and the Playhouse District. Nearby employment hubs include Burbank, Glendale, Hollywood and Downtown LA. The property is located just a few blocks from the 210 freeway and is a short drive to 134 and 110 freeways. The property is also located just 0.7 miles from the Metro Gold Line Lake Street Station. Pasadena, incorporated in 1886, is one of the first and most historically significant cities to be incorporated in what is now Los Angeles County. It is home to many scientific, educational, and cultural institutions including Caltech, Pasadena City College, Fuller Theological Seminary, ArtCenter College of Design, the Pasadena Playhouse, the Ambassador Auditorium, the Norton Simon Museum, and the USC Pacific Asia Museum. It is also home to major employers which include Kaiser Permanente, Parsons Corporation, Avery Dennison, Huntington Memorial Hospital, Raytheon and One West Bank.

Exclusively Listed By

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