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159 N Sierra Bonita Avenue

Pasadena, CA 91106
  • $2,490,000
  • STATUS: Active
  • ON SITE: 25 Days
  • ID#: AR24024786
UPDATED: 163 min ago
$2,490,000
  • 0
    BEDS
  • 0.21
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1954
County:

School Ratings & Info

Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)


Description

With CAP Rate Close to 5% in a Class-A Location, and 100% VACANCY, this offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded single-story apartment in an unbeatable location in Pasadena. This 100% Vacancy provides new owners with TOTAL CONTROL of tenant selections without having to deal with costly & time-consuming tenant relocation, and thus bypassing Pasadena Rent Control. CAP Rate is Proforma (Marked to market) as all units are currently vacant.The property is an attractive single story garden style apartment that was built in 1954 and completely upgraded in 2023-2024. It offers a large 3248 SF building size and is situated on a 8,964 SF lot size with medium density zoning RM-32. It has excellent curb appeal with complete upgrades that includes new roof, new electrical (panel + subpanels), new plumbing, new sewer line, new windows, new landscaping, new entry gate, new driveway, new exterior faade, new exterior paint, and all units have been completely upgraded. It offers an excellent unit mix of 2 x 2bedroom+2bathroom, and 3 x large 1bedroom+1bathroom. Each unit is bright with an excellent layout and has been fully upgraded with high-end finishings. All the windows have been upgraded with double pane windows, complete with brand new zebra blinds, all units have brand new flooring throughout, brand new kitchen with kitchen island complete with high-end cabinets and quartz countertops, brand new bathroom complete with tiled bathroom and new vanity cabinets, new mini-split HVAC system in living room and bedroom, and brand new almost everything. Each unit comes with laundry machines and individually metered for electricity and gas. Parking is provided by 5 open spaces at the back. There is an attached private garage that could either be rented out or converted into an ADU. The property is located on a small street across from Pasadena City College and only several blocks north of CALTECH. It is crossing Colorado Blvd and south of 210 FWY, making this a very desirable location. Old Town Pasadena and Lake Ave Shopping District are only minutes away. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographic of $128,929 average household income within a 1-mile radius.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-28T00:30:24.937. 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 Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
www.kevinhillre.com/homes/147242606
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159 N Sierra Bonita Avenue Pasadena, CA 91106

  • Price: $2,490,000
  • Status: Active
  • On Site: 25 Days
  • Updated: 163 min ago
  • ID#: AR24024786
0
Beds
0
Baths
0
½ Baths
0.21
Acres
1954
Built
Neighborhood:
648 - Pasadena (SE)
County:
Los Angeles
Area:
648 - Pasadena (SE)
Property Description
With CAP Rate Close to 5% in a Class-A Location, and 100% VACANCY, this offering provides an extremely rare opportunity for investors to acquire a beautifully upgraded single-story apartment in an unbeatable location in Pasadena. This 100% Vacancy provides new owners with TOTAL CONTROL of tenant selections without having to deal with costly & time-consuming tenant relocation, and thus bypassing Pasadena Rent Control. CAP Rate is Proforma (Marked to market) as all units are currently vacant.The property is an attractive single story garden style apartment that was built in 1954 and completely upgraded in 2023-2024. It offers a large 3248 SF building size and is situated on a 8,964 SF lot size with medium density zoning RM-32. It has excellent curb appeal with complete upgrades that includes new roof, new electrical (panel + subpanels), new plumbing, new sewer line, new windows, new landscaping, new entry gate, new driveway, new exterior faade, new exterior paint, and all units have been completely upgraded. It offers an excellent unit mix of 2 x 2bedroom+2bathroom, and 3 x large 1bedroom+1bathroom. Each unit is bright with an excellent layout and has been fully upgraded with high-end finishings. All the windows have been upgraded with double pane windows, complete with brand new zebra blinds, all units have brand new flooring throughout, brand new kitchen with kitchen island complete with high-end cabinets and quartz countertops, brand new bathroom complete with tiled bathroom and new vanity cabinets, new mini-split HVAC system in living room and bedroom, and brand new almost everything. Each unit comes with laundry machines and individually metered for electricity and gas. Parking is provided by 5 open spaces at the back. There is an attached private garage that could either be rented out or converted into an ADU. The property is located on a small street across from Pasadena City College and only several blocks north of CALTECH. It is crossing Colorado Blvd and south of 210 FWY, making this a very desirable location. Old Town Pasadena and Lake Ave Shopping District are only minutes away. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographic of $128,929 average household income within a 1-mile radius.
Exterior Features

Carport Spaces 0 Direction Faces East Entry Level 1 Entry Location 1 Lot Features 31-35 Units/AcreLevelNear Public TransitRectangular LotStreet Level Number Of Separate Electric Meters 5 Open Parking Spaces 5 Parking Features AssignedDriveway Parking Total 6 Pool Features None Pool Private YN No Property Attached YN Yes Roof Asbestos Shingle Spa Features None Spa YN No View None View YN No

Interior Features

Appliances DishwasherENERGY STAR Qualified AppliancesDisposalGas RangeRefrigeratorRange HoodDryerWasher Common Walls 2+ Common WallsNo One AboveNo One Below Cooling Wall/Window Unit(s) Cooling YN Yes Fireplace Features None Fireplace YN No Flooring Wood Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 4.8 Common Interest Community Apartment Community Features Valley Electric Standard Electric Expense 480 Garage YN Yes Green Energy Efficient Appliances Gross Income 165600 Gross Scheduled Income 165600 Insurance Expense 2436 Land Lease YN No Laundry Features Inside Levels One Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan Maintenance Expense 2000 Net Operating Income 119360 New Construction YN No New Taxes Expense 29706 Number Of Separate Gas Meters 5 Number Of Separate Water Meters 1 Number Of Units Leased 0 Operating Expense 41272 Possession Close Of Escrow Property Condition Updated/RemodeledTurnkey Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGas Total Actual Rent 0 Trash Expense 2400 Vacancy Allowance Rate 3 Water Sewer Expense 3000 Water Source Public Zoning PSR3



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-02-28T00:30:24.937. 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 Berkshire Hathaway HomeServices California Properties. Licensed in the State of California, USA.
 
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Berkshire Hathaway HomeServices California Properties
25909 Pala Dr, Suite 100
Mission Viejo CA, 92691
Listing Agent(s): Han Chen of Growth Investment Group Pasade (626-594-4900)