664 Mira Monte Pl Pasadena, CA 91101

This exceptional 9-unit apartment building presents a compelling investment opportunity in Pasadena's desirable Playhouse Village. Boasting a 4.84% cap rate (5.33% pro-forma), this property offers strong potential for immediate returns. The 5,367 square foot building, constructed in 1948 and extensively renovated in 2024, comprises three buildings across two stories, situated on a 7,209 square foot lot. The unit mix includes four one-bedroom, one-bathroom units; three studio, one-bathroom units; and two permitted Accessory Dwelling Units (ADUs)—one two-bedroom, one-bathroom, and one studio, one-bathroom. All units feature updated interiors, preserving original charm while incorporating modern amenities such as remodeled kitchens and bathrooms, full copper plumbing, updated electrical systems, some newer windows, dishwashers, tankless water heaters, and stainless steel appliances. Several units include in-unit laundry. Five on-site parking spaces are available. The property benefits from separate electricity and gas meters, with individual water heaters for each unit. No soft-story retrofit is required. This prime location offers a walker's paradise, with close proximity to restaurants, retail, and South Lake Avenue. The property is currently generating a Net Operating Income (NOI) of $164,461, with a pro-forma NOI of $181,106. Attractive assumable financing at 3.15% interest is available. This property is offered at $3,400,000 ($377,778 per unit and $633.50 per square foot). The property is separately metered for electricity and gas.