59 Meridith AvePasadena, CA 91106

Property Details for 59 Meridith Ave

Year built

1964

Construction

WOOD

Lot size

0.18 AC

Property size (Sq ft)

4,952 SF

Zone code

PSR3

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

5736-024-007

APU

5736024007

Description

This exceptional 7-unit apartment building presents a lucrative investment opportunity in the desirable Pasadena, CA market. Located just one block from Pasadena City College, this property boasts a prime location with a Walk Score of 87 and Bike Score of 75, ensuring high occupancy rates and strong rental demand. The building, constructed in 1964, features a mix of unit sizes: two 2-bedroom, 1-bathroom units and five 1-bedroom, 1-bathroom units. Four units are currently utilized as successful short-term rentals (Airbnb), included in the sale, boasting 135 reviews and a 4.92 rating, including a "Guest Favorite" award. Recent upgrades include a refurbished roof (less than 3 years old), new rain gutters, fascia, paint, windows, plumbing, and electrical panels in three units. Two new water heaters and updated drainage further enhance the property's value. On-site amenities include seven covered parking spaces (carports) and a laundry room with coin-operated washer and dryer (both owned). The property sits on a 7,930 sq ft lot, encompassing 4,952 sq ft of building space. Its proximity to Pasadena City College, California Institute of Technology (Caltech), Huntington Library, Pasadena Convention Center, and Rose Bowl guarantees consistent tenant interest. The asking price is $3,300,000, representing a price per unit of $471,428.57 and a cap rate of 4.77%. This is a turnkey investment ready for immediate income generation. The property's APN is 5736-024-007.

• CAP approach

  CAP return

  Valuation

  6%

  $1,645,396

  6.5%

  $1,518,827

  7%

  $1,410,339

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,453,515

  Geo Method

  $1,459,592

• Alternative Use

  Use

  Valuation

  Residential

  $1,518,827

  Hospitality

  $1,391,237

  Educational

  $1,157,493

  Medical

  $1,197,301

  Retail

  $1,800,545

Location Insight

City

Pasadena

County

Los Angeles

State

California

Latitude

34.1449

Longitude

-118.115

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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].