INVESTMENT HIGHLIGHTS
- TRUE VALUE ADD - The ONLY 100% VACANT apartment building for Sale in Pasadena
- First time for Sale since 1975 (±49 years!)
- NO Costly Tenant Relocation Fee needed. Bypass Pasadena Rent Control Measure.
- True value-add apartment building 2 blocks away from Old Town Pasadena
- Extremely rare offering in Los Angeles County apartment market where investor DOES NOT HAVE to RELOCATE ANY tenant to realize value.
- Excellent demographics with ±$140,786 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
- Attractive unit mix with 2 x 2bed, 1 x Penthouse, and 4 x 1bed units
- Prime location two blocks from Old Town Pasadena, and minutes from Rose Bowl area
- Unit highlights: smooth ceiling, good layouts, most units have large kitchens, 3 units have private balcony.
- New Owner will have a Total Control of the property upgrade process and tenant selections!
- Attractive Lot size with ample parking
- Open space parking, No Soft-Story Parking Retrofit is required
- Separately metered for electricity and gas
EXECUTIVE SUMMARY
Growth Investment Group California, NAI Capital, and Coldwell Banker Commercial as the exclusive listing agents are proud to offer 425 N Raymond Ave, a 7-unit garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. With 100% VACANCY, this offering provides an extremely rare opportunity for investors to acquire a true value add building in one of most desirable sub-market throughout San Gabriel Valley. This is the first time this property has been offered for sale by itself since 1975 (±49 years!). This 100% Vacancy provides new owners with TOTAL CONTROL of the property operations, rehab program, and rental rates without having to deal with costly & time-consuming tenant relocation, and thus bypassing Pasadena Rent Control.
425 N Raymond is an attractive two-and-a-half story garden style apartment that was built in 1947. It offers ±5,001 SF building size and is situated on a ±9,902 SF lot size. It has excellent curb appeal with a large parking area in the front. It offers an attractive unit mix of two (2) x 2bed+1bath, 1 x Penthouse 1bed+1bath, and four (4) x 1bed+1bath units. The Penthouse unit occupies the entire 3rd floor and sizable enough to be easily converted into a 2-bedroom Penthouse. Each unit has a good layout with ample space to add its own laundry hookups. Two of the 2nd floor units have private balcony, and the Penthouse has private balcony with views. Several units have large bedrooms and/or kitchens, and some units have had some upgrades which include updated vinyl wood plank/flooring. All units have smooth ceilings.
The property is separately metered for electricity and gas and serviced by a master water heater. Parking is provided by an open space parking in front. There is an existing laundry hookup near the master water heater.
LOCATION AMENITIES AND ACCESS
The property is located just two blocks north of Old Town Pasadena and a block from Fair Oaks Ave. It offers walking distance to myriad of shopping and other amenities in Old Town Pasadena. 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 demographics of $140,786 average household income within a 2-mile radius. The property has superb access to FWY 210 and FWY 134 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 connects to Downtown Los Angeles.