ALL OFFERS ARE DUE April 7th 2020 - 5pm.
INVESTMENT HIGHLIGHTS
- The ONLY 100% VACANT (at COE) apartment building for Sale between 16-50 units in Pasadena (as of 2020 April)
- FIRST TIME offered for sale since 1970 (50 years!)
- True value-add apartment building minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
- Extremely rare offering in Los Angeles County apartment market where investor DOES NOT HAVE to RELOCATE ANY tenant to realize value
- Superb location just a block from Lake Ave and within walking distance to many amenities in the City of Pasadena
- Excellent demographics with ±$109,649 average household income in a two-mile radius
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Very attractive garden style apartment with excellent curb appeal
- Excellent unit mix with more than 65% are 2bedroom units
- Clean building and units that can be operated as-is or to be taken to the next level with luxury upgrades
- Large center courtyard area that can be utilized as additional amenities
- Large lot size of 38,293 SF (R3 zoning)
- Separately metered for electricity and gas, secured entrance, gated parking
EXECUTIVE SUMMARY
The Growth Investment Group as the exclusive listing agent is proud to offer THE VILLA, a 37-unit (that will be delivered 100% VACANT at close of escrow) garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire a true value add building that will be delivered 100% vacant at close of escrow in one of most desirable sub-market throughout San Gabriel Valley.
The Villa is an attractive three-story garden style community with that was built in 1963 with ±35,720 SF building size and situated on a ±38,293 SF lot size. It has excellent curb appeal with mature trees in the front and a secured entrance. Walking into the courtyard area, tenants will enjoy a large and manicured courtyard that can be re-utilized as barbeque area, dog walking area, kids’ play area and other amenities.
The Villa offers an excellent unit mix of 17 x 2bedroom+2bathroom, 7 x 2bedroom+1.5bathroom, and 13 x 1bedroom+1bathroom units. Each unit is large and bright with excellent layout. Each unit is separately metered for electricity and gas. Each unit has windows A/C, wall heating, plenty of linen cabinets, original kitchen cabinets, tiled kitchen countertops, and original bathroom. 7 units have private patios/balconies (unit# 1, 3, 4, 5, 6, 7, 8), some units have walk-in closets, floor to ceiling closet doors, updated vinyl windows.
Parking is provided by tuck-under parking in the back and the side, and a detached carport in the back. There is a total of 39 parking spaces with 9 garage spaces on the side, 13 tuck under parking in the back, 15 spaces in a detached carport, and 2 open spaces. The property is serviced by master water heaters. Laundry is provided through a shared laundry area (laundry lease will be terminated at close of escrow; the building will be delivered without any laundry machine).
The property is separately metered for electricity and gas. Amenities including secured entrance and gated parking, large courtyard area, bike rack, and others.
LOCATION AMENITIES AND ACCESS
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 $109,649 average household income within a 2-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.