Property Details
About this Property
SIGNIFICANT PRICE REDUCTION, 3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.54% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with ±46% LTV at 3.30% interest rates fixed until September 2026 – 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place ±6.54% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with ±19,002 SF building size and situated on a ±25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital
MLS Listing Information
MLS #
CRAR24119082
MLS Source
California Regional MLS
Days on Site
164
Interior Features
Appliances
Hood Over Range, 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 |
|---|---|---|
| 2 | 24 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
278 E Washington Bld is a Residential Income in Pasadena, CA 91104. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $10,900,000 and was built in 1964. This address can also be written as 278 E Washington Bld, Pasadena, CA 91104.
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This listing information is up-to-date as of October 25, 2024. For the most current information, please contact Han Chen
