Exclusive Listings

MONTANO VILLAS - First time for sale since 1949!

Address:
517 E Washington Blvd.
Pasadena, CA 91104
Price:
$3,250,000
Status:
Taking Backups
Type:
Apartment
# Units:
10
Year Built:
1949
Building Size:
8,340 SF
Lot Size:
20,911 SF
CAP Rate:
4.20%
GRM:
16.11xx
Price/Unit:
$325,000
Price/SqFt:
$390

INVESTMENT HIGHLIGHTS

  • First time offered for sale since it was built! Owner is the same family that built the property in 1940s (72 years ago)!
  • Attractive investment offering high CAP Rate, and high-qualify asset at a low price per unit
  • Prime value-add apartment deal only minutes away from Old Town Pasadena, Rose Bowl, and FWY 210
  • New roof, new central A/C and heating, and many more capital improvements completed in 2008-2009
  • Significant rental upside; many tenants are due for rent increases
  • Good demographics with ±$94,047 average household income in a-mile radius
  • Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110

 

PROPERTY HIGHLIGHTS

  • Extremely attractive garden style apartment with bungalow units and excellent curb appeal, beautifully landscaped
  • Excellent unit mix with mostly 2bed units, 4 units are single story bungalows/houses
  • Bungalows have laundry hookups, each unit has newer Central A/C & heating system (2009), semi-private porch and backyard
  • Double pane windows throughout, solid wood entry doors, original hardwood flooring, controlled entrance (gated), separately metered for electricity and gas, two shared laundry rooms, large storage room
  • Large lot size with ample parking  (garage + open + tandem), storage cabinets in garage

 

EXECUTIVE SUMMARY

The Growth Investment Group proud to exclusively offer VILLA MONTANO – 517 E Washington Blvd., a 10-unit garden style apartment investment opportunity located in the City of Pasadena, CA. Built in 1949 by the owner’s family, this is the first time this property has ever been offered for sale. Long time owned for 72 years; the ownership has completed many significant capital improvements recently. Some of the major improvements are new roof, new Central A/C and heating in each unit, new double pane windows throughout (2008-2009).

VILLA MONTANO is a pride-of-ownership attractive two-story garden style gated community that was built in 1949. It has a total of 8,340 SF building size and situated on a ±20,911 SF lot size. It offers an excellent curb appeal with manicured landscaping. The property has 4 patio homes with a semi-private porch and side yard. The 4 patio homes are all 2bedroom+1bathroom units complete with laundry hookups. Each patio home’s bathroom has tiled shower + bathtub.

 

The remaining 6 units consist of four (4) 2bedroom+1bathroom, and two (2) 1bedroom+1bathroom units. Each unit has central A/C and heating (installed in 2009), double pane windows, original hardwood flooring, stove, and refrigerator. Each of the 4 patio homes have a dishwasher. Each unit has an individual water heater and separately metered for electricity and gas.

 

The property has two shared laundry rooms (machines are seller owned) and a large storage room. Parking is provided by combination of 9 parking garages (with storage spaces) and several open space parking.  Most tenants in this community are long time tenants that are on month to month and are due for rent increases. Additional significant rental upside can be realized when units turn in the future.

 

LOCATION AMENITIES AND ACCESS

The property is several blocks north of Old Town Pasadena. It is located east of Los Robles Ave and west of El Molino Ave. It is nearby Rose Bowl area (Rose Bowl Stadium, Rose Bowl Aquatics Center, Kidspace Children Museum, and Brookside Golf Course), and just located across from a local Washington Park. It is within minutes from Old Town Pasadena, Playhouse District, The Paseo, and 210 freeway. It has a good demographics of $94,047 average household income within a-mile radius. It offers convenient access to the best amenities the City of Pasadena has to offer. 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.

 




Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
[email protected]

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