405 N Euclid Ave, a value-add 3-units apartment community in the City of Pasadena. The property is a 2-story bungalow with American Craftsman architectural style that has a lot of character. The property offers strategic location nearby Old Town Pasadena, and Rose Bowl. This offering provides an excellent opportunity for first-time apartment investor or even an owner-user to put their personal touch in a building w/ character and add value in the process. The sale includes an approved plan to convert the parking garages into 2 ADUs.
The property was built in 1898 and MAY be eligible for The Mills Act Program which will provide significant tax advantage through its Property Tax Abatement program (buyer to verify and conduct their own diligence). It has a total of ±2,744 SF building size and situated on a large ±11,630 SF lot. It has a shared driveway with the property next door 411-417 N Euclid Ave which is also available for sale. It offers excellent unit mix of two (2) x 2bedroom+1bathroom, and one (1) x 1bedroom+1bathroom unit. Due to its configuration, it will be very easy for new owner to convert the 1bedroom unit into a 2bedroom unit (buyer to verify).
The units are unique due to its high ceiling and many charming characters such as higher ceiling and large kitchen. The 2nd floor 2bedroom unit is larger with additional “large den” area that is being used as tenant’s private office, large kitchen with separate dining room and breakfast counter, and an under-utilized attic space. Each of the two-bedroom unit has large private patio in the back. None of the units have been upgraded which provides blank canvas opportunities for creative new owner to put their own personal touch into each unit. The exterior upgrades include new entry gate, new parking gate, new exterior paint, completely redone landscaping, and new windows blinds.
Parking is provided by 3 open parking space in the back and 5 car parking garage. The parking area is shared with the building next door, 411-417 N Euclid Ave – a 10-unit fully upgraded apartment which is also available for sale.
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Data last updated on 3/21/23 at 8:16 AM UTC