6 Units Pasadena - High Upside Potential
Property Details
Property Information
Investment Highlights
- Single-story bungalow style apartments located conveniently between Lake Ave and Allen Ave
- Close proximity to restaurants, grocery stores, banks, post office, parks, schools and public transportation
- Huge upside potential in a gentrifying area with many new developments nearby
- Current rents are significantly below market; Proforma CAP Rate: 5.62%
- Less than 1 mile away from Golf Course and Country Club
- Good demographics of ±$115,372 average household income within a three-mile radius
- Walking distance to William Carey International University
Property Highlights
- Electricity and gas separately metered
- First time on the market in over 19 years
- All 6-units Fully occupied
- Large lot size: 13,272 SF
- New pavement laid on driveway
- Easy access to 210 FWY and 134 FWY
Executive Summary
Growth Investment Group is proud to present 1806 N Sierra Bonita Ave, a 3,744 square feet apartment building in the desirable city of Pasadena CA. This is the first time this property has been on the market in over 19 years! This property consists of 3,744 square feet building on large 13,272 square feet of land. The property is zoned LCR2YY and is ideal for a value-add investor looking to acquire and take advantage of the significant rental upside potential. This property offers a very attractive unit mix of six (6) x 2bedroom + 1bathroom units spread out between 3 one story buildings. Owner recently laid new asphalt on the driveway.
Location, Access and Amenities
The property is located in an amenity rich area including restaurants, shops, tea houses, and entertainment. The area has undergone major gentrifications in the past several years with many new developments completed. The area also has good demographics of ±$115,372 average household income within a three-mile radius. The property is only three miles away from the Pasadena Playhouse District, Old Town Pasadena, and South Lake Ave District.
