481 Lincoln Ave, Pasadena, CA 91103
7 Unit Apartment Building | $2,659,000 ($379,857/Unit) | 4.76% Cap Rate | Pasadena, CA 91103
For Sale
Active
Asking Price $2,659,000
- Property Type
-
Multifamily
- Square Feet
- 5,061 SF
Listing Contacts
Kevin Lee
- Property Info
Property Overview
481 Lincoln Ave., Pasadena is a turnkey and upgraded 7 units apartment complex (Unit mix: 4x 1 Bed+1 Bath, 1x 2 Bed+1 Bath, 2x 2 Bed+2 Baths). With CAP Rate Close to 5% in a Class-A Location, and 100% OCCUPIED. 2 story building was built in 1903 and single story building was built in 1952. BOTH BUILDINGS EXTERIOR FAÇADE WERE FULLY RENOVATED AND UPGRADED IN 2022. 5 out of 7 units were also upgraded with New Paint, Kitchen, Bathroom, Flooring. Updated Roof, New Electrical Main Panels and Subpanels. New Plumbing. New Windows. New Driveway Entrance. Each unit is individually metered for electricity and gas. Parking is provided by 5 open spaces between 2 buildings. The property is situated on a large corner lot of approximately 12,011 SF lot size. Great value-add opportunity for a short or long-term investment. The property is in a highly desirable centrally located neighborhood and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
Property Details
- Class
- C
- Year Built/Renovated
- 1903/2022
- Stories
- 2
- Lot Size (sq. ft)
- 12,197 SF
- Units
- 7
Highlights
- 7 Units with 2 Buildings (4 Units: 1 Bed/ 1 Bath, 1 Unit: 2 Bed/ 1 Bath, 2 Units: 2 Bed/ 1 Bath).
- All Building Exterior and 5 of 7 Units were fully renovated in 2022.
- Monthly Gross Income $14,822.00 (100% occupied).
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