65
See all 65 photos
Listed by ERIC CHEN • CB RICHARD ELLIS
$10,500,000
Est. payment /mo
14,192 SqFt
Active
265 North Oakland Avenue Pasadena, CA 91101
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 14,192 sqft
Price per Sqft $739
MLS Listing ID CV-25058279
Year Built 1962
Lot Size 0.459 Acres
Property Sub-Type Apartment
Property Description
We are proud to present 265 N Oakland Ave - A 19-Unit Multifamily Community Located Just Steps From Colorado Blvd. In Pasadena, CA. The property is located south of the 210-fwy near the corner of Los Robles Ave and Walnut St, just 1-block away from Colorado Blvd where all of Pasadena's retail and entertainment collide. The property has undergone extensive rehab in the last several years. Aside from all units being fully rehabbed, additional upgrades to the property like in-unit washer and dryers, soft-story retrofitting, and keyless entry locks have also been added. Tenants at the property also enjoy secured access, gated parking, and private balconies in select units. The property is currently leased to students at Providence Christian College, whom has master leased the property for the last 5 years. Throughout the lease, ownership benefits from 100% collections every month, and up to 5% increases in monthly rent every year. The tenant assumes responsibilities that most landlords typically inherit, which allows for minimized landlord responsibilities with strong and reliable cash flow. 265 N Oakland Ave is a 19-unit multifamily property with ?14,192 SF of rentable building space. The property sits on over ?20,000 SF of land and offers ample parking and community area. The units consist of 15, 1-Bedroom/1-Bathroom and 4, large 2-Bedroom/1-Bathroom units. Based on the master lease in-place, the units average over $3,000 per month. On average, these units will rent slightly below that if leased traditionally, which allows an investor to cash flow stronger than competing apartment communities nearby. There is additional revenue potential through the addition of 2 ADUs (buyer to verify with city). This opportunity can be an excellent fit for an exchange buyer entering the multifamily market in Pasadena and capitalizing on the benefits of the master lease in-place.
Location
State CA
County Los Angeles
Area 645 - Pasadena Nw
Zoning PSC-
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Laundry Gas & Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Sidewalks
Building
Lot Description 16-20 Units/Acre
Sewer Public Sewer