664 Mira Monte PlPasadena, CA 91101

Property Details for 664 Mira Monte Pl

Year built

1948

Construction

WOOD

Lot size

0.17 AC

Property size (Sq ft)

4,460 SF

Zone code

PSC-

Property type

Apartment buildings

APN

5734-023-036

APU

5734023036

Description

This exceptional 9-unit apartment building presents a compelling investment opportunity in Pasadena's desirable Playhouse Village. Boasting a 4.84% cap rate (5.33% pro-forma), this property offers strong potential for immediate returns. The 5,367 square foot building, constructed in 1948 and extensively renovated in 2024, comprises three buildings across two stories, situated on a 7,209 square foot lot. The unit mix includes four one-bedroom, one-bathroom units; three studio, one-bathroom units; and two permitted Accessory Dwelling Units (ADUs)—one two-bedroom, one-bathroom, and one studio, one-bathroom. All units feature updated interiors, preserving original charm while incorporating modern amenities such as remodeled kitchens and bathrooms, full copper plumbing, updated electrical systems, some newer windows, dishwashers, tankless water heaters, and stainless steel appliances. Several units include in-unit laundry. Five on-site parking spaces are available. The property benefits from separate electricity and gas meters, with individual water heaters for each unit. No soft-story retrofit is required. This prime location offers a walker's paradise, with close proximity to restaurants, retail, and South Lake Avenue. The property is currently generating a Net Operating Income (NOI) of $164,461, with a pro-forma NOI of $181,106. Attractive assumable financing at 3.15% interest is available. This property is offered at $3,400,000 ($377,778 per unit and $633.50 per square foot). The property is separately metered for electricity and gas.

• CAP approach

  CAP return

  Valuation

  6%

  $1,481,919

  6.5%

  $1,367,926

  7%

  $1,270,217

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,309,102

  Geo Method

  $1,314,576

• Alternative Use

  Use

  Valuation

  Residential

  $1,367,926

  Hospitality

  $1,253,012

  Educational

  $1,042,492

  Medical

  $1,078,344

  Retail

  $1,621,654

Location Insight

City

Pasadena

County

Los Angeles

State

California

Latitude

34.1435

Longitude

-118.136

CBSA code

31080

CBSA name

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

Property Tax & Assessments

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