For Sale
$3,400,000

664 Mira Monte PlPasadena, CA 91101

9-Unit Apartment Building, Playhouse Village

Overview

Added:
Dec 11, 2024
Days on market:
115
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.

Highlights

  • $3,400,000 asking price for a 9-unit apartment building in Pasadena, CA.
  • 4.84% cap rate (5.33% pro-forma).
  • $164,461 NOI ($181,106 pro-forma).
  • 5,367 square feet on a 7,209 square foot lot.
  • Recently renovated (2024) with updated interiors, plumbing, electrical, and appliances.
  • Three buildings, two stories, five parking spaces.

Property Details for 664 Mira Monte Pl

Property type
Apartment buildings
Square Feet
5,367 SF
Year Built/Renovated
1948/2024
Buildings
3
Stories
2
Units
9

Location Insight

City
Pasadena
County
Los Angeles
State
California
Latitude
34.1434929
Longitude
-118.1366206
664 Mira Monte Pl, Pasadena, California

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
664 Mira Monte Pl
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message