Description

12-unit Value-add near Old Town Pasadena, Very Well Maintained, First Time for Sale Since 1984, Significant Rental Upside, Easy to Manage and Rent, Upgraded Electrical Panels, Carport Parking, Simple Unit Mix. Proforma CAP Rate 6.39%. VILLA CATALINA - 530-540 N Catalina Ave, a 12-unit value-add apartment in a highly desirable location in the City of Pasadena, CA. These 2 properties have been very well maintained by current family who have owned it since 1984. The properties are located on a quiet residential street on Catalina Ave crossing Villa St, and only minutes away from most of City of Pasadena amenities such as Old Town Pasadena, Lake Ave Shopping District, Rose Bowl area, CALTECH and PCC. It is surrounded by other small apartments and single-family houses and has excellent demographics of $120,347 average household income in a 1-mile radius. The properties consist of six-unit apartments each (530 and #540) making up the total of 12 units. They were built in 1953 and 1954, have a total building size of 7882 SF and sits on a large 18,683 SF total lot size (R3 zone medium high-density). The property offers excellent curb appeal with well-manicured front lawn and center courtyard area. The front half of each property is a single-story layout (total 4 units) and the back half are 2 story apartments (total 8 units). The unit mix is easy to manage and rent with all 1bedroom unit. Each unit is spacious and bright with an average unit size of 788SF (buyer to verify). Two front units have semi-private patio area. The ground floor units have original hardwood flooring, while

Features

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