380 S Sierra Madre Blvd, a value-add 13 units apartment in prime location only 2 blocks from San Marino, and nearby CALTECH, PCC and in south of Colorado Blvd in Pasadena. The property has been very well-maintained with a pride-of-ownership atmosphere. It offers significant upside potential and ample opportunities for other improvements such as adding ADUs (buyer to verify). The property has an assumable loan with low 3.84% interest rates which is fixed until March 2027 and has Interest Only payment until March 2025. Buyers may be able to add 3 Additional Dwelling Units (ADUs) on where the carport is (buyer to verify).
The property was built in 1951 and has had multiple recent capital improvements such as brand-new exterior paint that was completed in 2021, security system in common area, updated electrical (buyer to verify), and double pane windows. It is situated on a large 11,130 SF R4 zoned lot which provides future development potential and clear potential to add Additional Dwelling Units (ADU – Buyer to verify).
The community is a garden style two-story building with secured entrance and covered parking. It has well-manicured landscaping in the front and courtyard area. It offers desirable unit mix of two (2) x 2bedroom+1bathroom, seven (7) x 1bedroom+1bathroom, and four (4) x Studio units. Each unit has an excellent layout with some units that have been updated with granite kitchen countertops, laminate wood plank flooring, mirrored closet doors, and double pane windows. Each unit has an individual water heater, bay windows in the kitchen area, and individually metered for electricity and gas.
Most of the units are on month-to-month rental agreement (buyer to verify), and current rents are below market. Some units have separate parking agreements for parking fees which provides the opportunity to capture some of those upsides (buyer to verify). There are 26 parking spaces which are provided by a detached carport for 12 cars + 12 tandem spaces and 2 open spaces. Investors may be able to add ADUs in the parking area (buyer to verify). The property is separately metered for electricity and gas. It has a shared laundry room with seller own machines.
The property is in the highly desirable area of Pasadena just several blocks south of Colorado Blvd and minutes away from The Huntington Library in San Marino, California Institute of Technology, and Pasadena City College.