265 N Oakland Avenue, Property Listing: MLS® #AR24108024

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 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry a

265 N Oakland Avenue, Property Listing: MLS® #AR24108024 Close
Page Summary
NEW
  • MLS® #: AR24108024
  • 265 N Oakland Avenue
  • , CA 91101
  • $10,950,000
  • 0.46 Acres
  • Office: Growth Investment Group Pasade

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 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry a

Supplemental Remarks

Essential Information

  • MLS® #AR24108024
  • Listing Price$10,950,000
  • Original Listing Price$10,950,000
  • Date ListedMay 28th, 2024
  • Days on Market3
  • Bathrooms0.00
  • Acres0.46
  • Lot Sq.Ft.20,000
  • TypeResidential Income
  • StatusACTIVE

Dues

  • HOA Dues$0
  • Total Monthly Dues$189

Community Information

  • Address265 N Oakland Avenue
  • AreaPASADENA (91101)
  • SubdivisionPasadena Playhouse District
  • CountyLos Angeles
  • StateCA
  • Zip Code91101

Amenities

  • PoolN/K

Interior

  • CoolingWall/Window
  • # of Stories2
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Listing information last updated on September 7th, 2024 at 9:23pm PDT.