$10,950,000
265 N Oakland AVE Pasadena, CA 91101
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$10,950,000
Est. payment /mo
0.46 Acres Lot
Active
265 N Oakland AVE Pasadena, CA 91101
UPDATED:
11/22/2024 06:23 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRAR24108024
Originating Board California Regional MLS
Year Built 1962
Lot Size 0.459 Acres
Property Description
Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses. This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each ±800SF - Buyer to verify). The property, which has been completely renovated in
Location
State CA
County Los Angeles
Area 647 - Pasadena (Sw)
Rooms
Kitchen Dishwasher, Garbage Disposal, Oven Range - Gas, Refrigerator
Interior
Heating Wall Furnace
Cooling Window / Wall Unit
Laundry Gas Hookup, 30, Washer, Dryer
Exterior
Garage Assigned Spaces, Carport
Garage Spaces 19.0
Pool 31, None
View Local/Neighborhood
Roof Type Flat / Low Pitch
Building
Lot Description Grade - Level
Water Hot Water, District - Public
Others
Tax ID 5723005036
Special Listing Condition Not Applicable
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Listed by Han Chen • Growth Investment Group Pasade
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