444 Euclid AvePasadena, CA 91101

  • Residential income properties
  • 17,012 SF
For Sale
$6,500,000 View listing

Property Details for 444 Euclid Ave

Year built
1958
Construction
WOOD
Lot size
0.49 AC
Property size (Sq ft)
17,012 SF
Zone code
PSR3
Property type
Residential income properties
Property subtype
Other apartment buildings
APN
5725-033-015
APU
5725033015

Description

This exceptional multifamily investment opportunity, located at 444 N Euclid Ave in Pasadena, CA, presents a compelling value-add proposition. The 2-story, 23-unit apartment building, built in 1958, boasts 17,012 square feet on a 21,172 square foot lot. The property features a mix of one- and two-bedroom units, averaging 740 square feet each, many with updated kitchens and flooring. Amenities include a sparkling pool, courtyard, on-site laundry, covered parking, and a secure entry gate. Currently generating a NOI of $290,234, representing a 4.47% cap rate, the property offers significant upside potential. A pro-forma NOI of $410,117 projects a 6.31% cap rate, reflecting an estimated 27% rental growth to market rents. The asking price is $6,500,000 ($282,609 per unit and $382.08 per square foot). Attractive 2.95% interest-only financing is available through November 2030. The property's prime location in the Villa Parke neighborhood, near Old Town Pasadena and major freeways, ensures strong tenant demand and easy accessibility to numerous amenities and attractions. This property is ideal for investors seeking a stable, income-producing asset with substantial growth potential. The property's APN is 5725-033-015.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $5,652,558
    6.5%
    $5,217,746
    7%
    $4,845,050
  • Comparable approach

    Method
    Valuation
    Relative Method
    $4,993,375
    Geo Method
    $5,014,253
  • Alternative Use

    Use
    Valuation
    Residential
    $5,217,746
    Hospitality
    $4,779,428
    Educational
    $3,976,428
    Medical
    $4,113,183
    Retail
    $6,185,554
444 Euclid Ave, Pasadena, California

Location Insight

City
Pasadena
County
Los Angeles
State
California
Latitude
34.1535
Longitude
-118.143
CBSA code
31080
CBSA name
LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$32,721
$755,397
$1,766,579
$2,521,976
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