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$6,595,000
Est. payment /mo
24 Beds
28 Baths
14,640 SqFt
UPDATED:
12/04/2024 09:52 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 14,640 sqft
Price per Sqft $450
MLS Listing ID 24451389
Bedrooms 24
HOA Y/N No
Year Built 1949
Lot Size 0.479 Acres
Property Description
INCREDIBLE 6.04% IN-PLACE CAP RATE! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units. The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting. 1559 N Hill is located in Pasadena's Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores. 1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.
Location
State CA
County Los Angeles
Area 646 - Pasadena (Ne)
Zoning PSR1
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 25
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5850013016
Special Listing Condition Standard
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Listed by Robert Renshaw • REMAX COMMERCIAL & INVESTMENT REALTY