Rare 4 unit residential income property in desirable north Pasadena. Long time owner. First time on market since 1996!!

Property Details

Address
1562 N Lake Avenue, Pasadena, CA 91104
Price
$1,295,000
# of Units
4
Status
Under Contract
Building Size
3,793 SF
Price/Unit
$323,750
CAP Rate
4.19%
Year Built
1907
GRM
16.23
Type
Apartment
Lot Size
11,936 SF
Price/SF
$341

Property Information

Rare 4 unit residential income property in desirable north Pasadena. Long time owner (Property has not been on the market since 1996!!) Owner is currently living in front 2B+2B unit which can be delivered vacant. Ideal mix of 2 bedroom and 1 bedroom units. Building Size is 3,793 SF with oversized lot of 11,936 SF. Recent improvements have been made to the property: new paint on 1562, new landscaping, new roof on front porch and 2 window sections. Past upgrades: complete interior remodel, cooper plumbing, new electrical wiring, recess lighting, new windows, remodeled kitchen open floor plan, granite countertops, new cabinets and appliances, remodeled bathrooms, wood floors throughout, added rear patio room. Storage room can be converted to laundry room for 1st floor tenants by adding laundry machines to collect additional income.

City of Pasadena North Lake Specific Plan:

“Transform N. Lake Avenue from its automobile-oriented character with pockets of commercial & residential uses into a well-designed & attractive corridor supporting multiple travel models including transit, bicycling, & walking with clusters of distinctive places for shopping, dining & living. Support existing eclectic historic & residential characters found throughout the Plan Area.

Establish minimum sidewalk widths of 10 ft. to ensure adequate sidewalk space for pedestrians, street trees, parkways and amenities.

Add landscaped parkway requirements on N. Lake Avenue, Washington Boulevard, Orange Grove Boulevard and Villa Street to improve pedestrian comfort and stormwater capture.”

https://ourpasadena.consultation.ai/northlake/

https://www.ourpasadena.org/north-lake

Unit Breakdowns:

Unit 1562: 1645 SF, 2B+2B, owner occupied, $2,500 per month, month to month.

Unit 1564A: 380 SF, 1B+1B, $850.00 per month, month to month.

Unit 1564B: 1211 SF, 2B+2B, $1800.00 per month, month to month.

Unit 1566: 616 SF, 2B+1B, $1500.00 per month, 1 year lease (08/01/2020 to 07/31/2021).

Monthly Expenses

Monthly Expenses:

Property Taxes – $342.33 per month

Property Insurance – $243.23 per month

Business License – $21.15 per month

Electric & Trash (for owner occupied unit 1562) – $68.83 per month

Water – $100.90 per month

Gardener – $170 per month

Repairs & Maintenance – $300 per month

Upgrades:

Unit 1562 – recent improvements: new paint on unit 1562, new landscaping, new roof on front porch and 2 window sections.

Past upgrades: complete interior remodel, cooper plumbing, new electrical wiring, recess lighting, new windows, remodeled kitchen open floor plan, granite countertops, new cabinets and appliances, remodeled bathrooms, wood floors throughout, added rear patio room.

Unit 1564A – past upgrades: kitchen and bathroom remodel, granite countertops, new cabinets, wood floors

Unit 1564B – past upgrades: kitchen remodel, granite countertops, new cabinets, wood floors.

Unit 1566 – past upgrades: kitchen and bathroom remodel, granite countertops, new cabinets, wood floors

Roofing of rear building done in 2015.

Other Notes:

Storage room can be converted to laundry room for 1st floor tenants by adding laundry machines.

Electric is 3 meters- 1) unit 1562, 2) units 1564A & 1564B combined, and 3) unit 1566

Gas is 2 meters- 1) unit 1562, and 2) units 1564A, 1564B, 1566 combined

Water is 1 meter for whole property

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