For Sale
$5,195,000

485 Washington BlvdPasadena, CA 91104

20-Unit Apartment Building, High Upside

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 20-unit apartment building presents a compelling investment opportunity in Pasadena, CA. Located at 485 E Washington Blvd, 91104, this property boasts a substantial 13,859 square feet on a large 38,240 square foot lot, offering significant potential for future development, such as Accessory Dwelling Units (ADUs). The building, constructed in 1910 and 1948, features a desirable unit mix: one 3-bedroom/2-bathroom unit, three 2-bedroom/2-bathroom units, and sixteen spacious 1-bedroom/1-bathroom units. Each unit includes wall-mounted air conditioning and heating, a combination of tile and carpet flooring, and well-equipped kitchens with gas ovens and stoves. Residents enjoy an attractive open grass courtyard, mature landscaping, on-site laundry facilities, and ample off-street parking, including carport spaces. The property currently generates a Net Operating Income (NOI) of $260,939, representing a 5.02% capitalization rate. However, a pro-forma NOI of $343,525 projects a significantly higher 6.61% capitalization rate, highlighting the substantial upside potential. The asking price is $5,195,000, or $259,750 per unit. This well-maintained property is an ideal long-term investment and a strong candidate for a 1031 exchange.

Highlights

  • $5,195,000 asking price for a 20-unit apartment building in Pasadena, CA.
  • 5.02% cap rate, 6.61% pro-forma cap rate.
  • $260,939 current NOI, $343,525 pro-forma NOI.
  • 13,859 square feet, situated on a 38,240 square foot lot.
  • $259,750 per unit price.

Property Details for 485 Washington Blvd

Property type
Apartment buildings
Square Feet
13,859 SF
Units
20

Location Insight

City
Pasadena
County
Los Angeles
State
California
Latitude
34.1693363
Longitude
-118.1403679
485 Washington Blvd, Pasadena, California

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485 Washington Blvd
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