60 El Nido AvePasadena, CA 91107

This exceptional 15-unit apartment building presents a compelling value-add investment opportunity in Pasadena, California. Situated on a spacious 20,570 square foot lot, this property boasts a desirable location south of Colorado Boulevard and near the Arcadia border, offering easy access to freeways 210, 134, and 110. The property comprises five buildings—four single-story duplexes and one two-story fourplex—providing a unique garden-style layout with minimal shared walls between eight of the units. Recent renovations (2023-2024) included upgrades to six of the twelve units (50%), featuring high-end finishes such as new kitchens, bathrooms, flooring, and HVAC systems. These upgrades, along with drought-tolerant landscaping, a new entry gate, and exterior paint, enhance the property's curb appeal and rental potential. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $273,631, with a pro-forma NOI of $334,128. The asking price of $5,470,000 reflects a current cap rate of 5% and a pro-forma cap rate of 6.11%, further enhanced by the inclusion of two planned Accessory Dwelling Units (ADUs). The property features a mix of studio and one-bedroom units, twelve parking spaces, and is zoned R3, allowing for medium-high density. The property's strong location, recent upgrades, and potential for future development make it an attractive investment prospect. The building was constructed in 1946 and offers a blend of updated and original units, providing immediate income and future upside. The large lot size and existing unit mix offer potential for further value creation. An AS-IS purchase option is available at a discounted price.