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537 N Catalina Avenue

Pasadena, CA 91106
  • $2,125,000
  • STATUS: Pending
  • ON SITE: 24 Days
  • ID#: AR22092031
Pending
$2,125,000
  • 0
    BEDS
  • 0.18
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1954
County:

School Ratings & Info

Listing Agent(s): Handoko Chen of Gig Real Estate Inc. (626-594-4901)


Description

537 N Catalina Ave is a value-add 5-unit apartment in the highly desirable location in the City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire an attractive apartment community in one of most desirable sub-market throughout San Gabriel Valley. There is NO LOCAL rent control in Pasadena which allows maximum rent increase of 5% + CPI per AB1482.The property has been in the same ownership since 2012 which translates to a significant rental upside potential (31% - buyer to verify). It was built in 1954 and has 3696sf building size on a R3 zoned 7654sf lot. It has an excellent curb appeal with well-manicured landscaping in the front. It offers an excellent unit mix of ALL 2-bedroom units with each unit has around 739sf in size. One unit has been completely upgraded from top to bottom with attention to detail. This unit has new flooring throughout, new kitchen with shakers cabinets, quartz countertops and stainless-steel kitchen appliances, new tiled bathroom with new vanities. The remaining 4 units are on month-to-month rental agreement. Each unit has individual water heater and separately metered for electricity and gas and there is a shared laundry room (sellers own machines). Parking is provided by a detached garage in the back; this property DOES NOT require any soft-story parking retrofit. Some of the recent capital improvements are new exterior paint and new rain gutters (less than 5 years ago).The property is located just a block away from Lake Ave and within walking distance to myriad of shopping and other amenities on Lake Ave and Colorado Blvd. It is within minutes from Old Town Pasadena, Rose Bowl, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has a good demographics of $96,409 average household income within a 1-mile radius. The property has superb access to FWY 210 and 110 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connect to Downtown Los Angeles.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T00:32:21.227. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
www.northsdrealty.com/homes/128323772
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537 N Catalina Avenue Pasadena, CA 91106

  • Price: $2,125,000
  • Status: Pending
  • On Site: 24 Days
  • ID#: AR22092031
0
Beds
0
Baths
0
½ Baths
0.18
Acres
1954
Built
Neighborhood:
645 - Pasadena (NW)
County:
Los Angeles
Area:
645 - Pasadena (NW)
Property Description
537 N Catalina Ave is a value-add 5-unit apartment in the highly desirable location in the City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire an attractive apartment community in one of most desirable sub-market throughout San Gabriel Valley. There is NO LOCAL rent control in Pasadena which allows maximum rent increase of 5% + CPI per AB1482.The property has been in the same ownership since 2012 which translates to a significant rental upside potential (31% - buyer to verify). It was built in 1954 and has 3696sf building size on a R3 zoned 7654sf lot. It has an excellent curb appeal with well-manicured landscaping in the front. It offers an excellent unit mix of ALL 2-bedroom units with each unit has around 739sf in size. One unit has been completely upgraded from top to bottom with attention to detail. This unit has new flooring throughout, new kitchen with shakers cabinets, quartz countertops and stainless-steel kitchen appliances, new tiled bathroom with new vanities. The remaining 4 units are on month-to-month rental agreement. Each unit has individual water heater and separately metered for electricity and gas and there is a shared laundry room (sellers own machines). Parking is provided by a detached garage in the back; this property DOES NOT require any soft-story parking retrofit. Some of the recent capital improvements are new exterior paint and new rain gutters (less than 5 years ago).The property is located just a block away from Lake Ave and within walking distance to myriad of shopping and other amenities on Lake Ave and Colorado Blvd. It is within minutes from Old Town Pasadena, Rose Bowl, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has a good demographics of $96,409 average household income within a 1-mile radius. The property has superb access to FWY 210 and 110 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connect to Downtown Los Angeles.
Exterior Features

Carport Spaces 0 Lot Features LawnLevelNear Public TransitRectangular LotStreet Level Number Of Separate Electric Meters 6 Open Parking Spaces 0 Parking Features Assigned Parking Total 5 Pool Features None Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 3.57 Common Interest Community Apartment Community Features SuburbanValley Current Financing Conventional Electric Standard Electric Expense 324 Fuel Expense 0 Garage YN Yes Gross Income 108600 Gross Scheduled Income 108600 Insurance Expense 1465 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Net Operating Income 75816 New Construction YN No New Taxes Expense 22654 Number Of Separate Gas Meters 6 Number Of Separate Water Meters 1 Number Of Units Leased 4 Operating Expense 29526 Possession Close Of Escrow Property Sub Type Apartment Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Trash Expense 1173 Utilities Cable AvailableElectricity ConnectedNatural Gas ConnectedPhone AvailableSewer ConnectedWater Connected Vacancy Allowance Rate 3 Water Sewer Expense 1215 Water Source Public Zoning Psr3



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-28T00:32:21.227. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
 
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The Houston Team | Compass CA DRE#01991628
2100 Costa Del Mar
Carlsbad CA, 92009
Listing Agent(s): Handoko Chen of Gig Real Estate Inc. (626-594-4901)