Active
265 N Oakland Avenue
Pasadena CA, 91101
$10,950,000
Active
Condo
Built in 1962
Listed by Han Chen with Growth Investment Group Pasade 6265944900
Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses.
This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each +-800SF - Buyer to verify).
The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electricity, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces at the back. The soft-story parking area has been seismically retrofitted.
All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
AR24108024
MLSⓇ ID
May 28, 2024
Listed
October 5, 2024
Updated
Map
265 N Oakland Avenue
Pasadena CA, 91101
Interior Features
Total Stories
2
Appliances
Dishwasher, Disposal, Gas Range, Refrigerator, Water Heater, Dryer, Washer
Laundry Description
Washer Hookup, Gas Dryer Hookup
Floor Description
Wood
Fireplace
No
Fireplace Description
None
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
Heating
Yes
Heating Description
Wall Furnace
Exterior/Building Features
Lot Size
0.46 Acres
Lot Features
Landscaped, Street Level
Architectual Style
Mid-Century Modern
Roof
Flat
Sewer
Public Sewer
Other Property Details
Area Name
647 - Pasadena (SW)
Days on Market
77
Garage
No
Parking
Assigned, Carport
Parking Total
19
View
Yes
View Description
Neighborhood
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
PSC-
Listing Contact: 626-594-4900
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/5/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.
Data last updated on 10/5/2024 at 1:04 PM UTC