60 El Nido AvePasadena, CA 91107

Property Details for 60 El Nido Ave

Year built

1946

Construction

WOOD

Lot size

0.47 AC

Property size (Sq ft)

6,746 SF

Zone code

PSR3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5754-006-018

APU

5754006018

Description

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.

Location Insight

City

Pasadena

County

Los Angeles

State

California

Latitude

34.145

Longitude

-118.089

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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