The Growth Investment Group is proud to offer 251 N Oakland Ave, a turnkey, fully upgraded, and 100% occupied 14 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. The properties offer an investor the rare opportunity to own a high cash flowing apartment property in one of the most desirable locations in Pasadena. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate for the area, combined with low interest rates offer investor over 7% cash on cash return with proper financing. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI).
The property has been completely renovated, and offers an attractive mix of courtyard layouts, and in-unit laundry (laundry machines belong to seller and comes with the property). It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 12 subterranean parking spaces and a common area in the back.
All the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
Given its excellent real estate fundamentals, complete renovation, full seismic retrofitting, and an unbeatable location, the 251 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation.
LOCATION AMENITIES AND ACCESS
The property is in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. Boasting a Walk Score of 87 in the most walkable zip code in all of Pasadena, the Arroyo Collection is conveniently located just a few blocks from Old Town Pasadena, the Paseo Colorado, and the Pasadena Playhouse. The properties are also a quick walk from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue. Near Pasadena’s historic City Hall, the Arroyo Collection sits just minutes from Huntington Hospital, the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region.
Less than a mile away, historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center and Pacific Asia Museum are within walking distance. In addition, the California Technical Institute, the historic Tournament of Roses house, and the Norton Simon Museum are all less than two miles away.
The property has superb access to FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.
INVESTMENT HIGHLIGHTS
- Turnkey and fully upgraded apartment properties in Class A location (walk score 87, walking distance to Old Town Pasadena)
- Top-down renovation have been completed in 2018! The first properties to be voluntarily upgraded in the City of Pasadena.
- Over ±$6 million (hard- and soft-cost) upgrades spent on the portfolio (including 251 N Oakland)
- In-place tenants with full occupancy in a Class A location in San Gabriel Valley submarket
- Recession proof investment with full occupancy secured by a strong tenant
- Highest allowable annual rent increases by CA AB1482 (5% + CPI)
- Superb amenities within walking distance:
- Shopping & Lifestyle: Paseo Colorado, Old Town Pasadena, Apple store, 24-hour Fitness, Target, Vroman Bookstore, Urth Café, etc.
- Arts & Museums: USC Pacific Asia Museum, Pasadena Museum of California Art, Pasadena Playhouse, Norton Simon Museum
- Downtown Pasadena: Pasadena City Hall, Pasadena Public Library, Pasadena Courthouse
- The Westin Pasadena, Pasadena Convention Center, Pasadena Ice Skating Rink
- Strong demographics with ±$109,756 average household income within a 1-mile radius
- Highly desirable area, south of 210 Freeway
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Attractive garden style apartments with excellent curb appeal
- Amenities: gated parking, secured entrance, electronic RFI unit locks, covered parking, upgraded unit, courtyards equipped with new barbeques and fire pits
- Separately metered for electricity and gas; each unit has a spacious front porch
LIST OF CAPITAL IMPROVEMENTS
- New electrical finishes and subpanels
- New plumbing throughout
- Soft story retrofit completed
- New drain lines
- New drought tolerant landscaping on efficient buried soak system set to timers
- New asphalt driveway surface
- New exterior façade, siding and paint
- New secured entrance and intercom system
- New signage
- Newly painted and upgraded steel guard rails
- New stainless-steel appliances in all units
- New planters in the common area
- New security system and cameras in common area
- New exterior furniture, tables and shade in common area
- New seismic gas shutoff valves
- Designated and secure bike parking and storage area
UNIT AMENITIES
- New double pane windows throughout
- New high efficiency mini-split A/C system in each unit
- New in-unit washer/dryer combo
- Private patio/balcony in several units
- New luxury vinyl hardwood flooring
- New interior paint
- New lighting fixtures and ceiling fans
- New mirrors and built-in medicine cabinets
- New matching appliances including built-in microwave
- New kitchen granite/quartz counters
- New bathroom and vanity cabinet
- New electronic RFI entry door and lock with mechanical backup system
- Stainless steel appliances in all units
- Separately metered for electric and gas