Property Details
About this Property
Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 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 (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses. This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each ±800SF - Buyer to verify). The property, which has been completely renovated in
MLS Listing Information
MLS #
CRAR24108024
MLS Source
California Regional MLS
Days on Site
177
Interior Features
Appliances
Dishwasher, Garbage Disposal, Oven Range - Gas, Dryer, Washer
Cooling
Window/Wall Unit
Heating
Wall Furnace
Exterior Features
Roof
Flat
Parking, School, and Other Information
Garage/Parking
Assigned Spaces, Carport, Garage: 0 Car(s)
HOA Fee
$0
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 19 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
265 N Oakland Ave is a Residential Income in Pasadena, CA 91101. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $10,950,000 and was built in 1962. This address can also be written as 265 N Oakland Ave, Pasadena, CA 91101.
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This listing information is up-to-date as of June 13, 2024. For the most current information, please contact Han Chen, (626) 594-4900
