6 Unit Apartment Building For Sale
315 Pleasant St, Pasadena, CA 91101

Value Add 6-Units Pasadena - PRIME Location Walking Distance to Caltech and PCC

Property Details

Address
315 Pleasant St, Pasadena, CA 91101
Price
$2,100,000
# of Units
6
Status
Under Contract
Building Size
4,502
Price/Unit
$350,000
CAP Rate
2.79%
Year Built
1954
GRM
22.12
Type
Apartment
Lot Size
10,992
Price/SF
466

Property Information

INVESTMENT HIGHLIGHTS:

• PRIME LOCATION – Walking distance to California Institute of Technology, Pasadena City College (PCC), Old Town Pasadena, Pasadena Playhouse District, Shops on Lake Avenue
• CONVENIENT LOCATION – Walking distance to supermarkets, restaurants, coffee/tea shops, retail shops, department stores, entertainment, parks, libraries, and schools
• Easy access to 210 FWY, 134 FWY and 110 FWY
• Walking distance to Metro Gold Line (Fillmore Station)
• Value-add opportunity with long time tenants and estimated ±64% rental upside
• Very low vacancy rates due to its convenient location

PROPERTY HIGHLIGHTS:

• Excellent unit mix with (2) x 2bedroom + 1 bathroom and (4) x 1bedroom + 1 bathroom
• Very well-maintained property with excellent curb appeal
• Large lot size with 6 carport parking spaces
• Walking distance to Trader Joe’s and Whole Foods Market
• First time on the market since 1974 (over 43 years)!

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present 315 Pleasant Street, a 6-unit multifamily property located in the highly desirable city of Pasadena, California. This property consists of ±4,502 sqft of living space situated on a large ±10,992 sqft lot. It offers a superb unit mix consisting of (2) x 2bedroom + 1bathroom and (4) x 1bedroom + 1 bathroom. The property was built in 1954 and this is the first time this property has been offered for sale since 1974 which is over 43 years! 315 Pleasant rarely has any vacancies because of the of its superb location which makes it convenient to walk to supermarkets, restaurants, coffee/tea shops, retail shops, department stores, entertainment, parks, libraries, and schools. This offering provides an excellent value-add opportunity for investors by adjusting rents to market.

LOCATION, ACCESS AND AMENTITIES
The property is located on the north west side of California Blvd and Los Robles Ave. Lake Ave retail corridor is within walking distance from the property, providing superb amenities for tenants. It has a good demographics of ±$115,372 average household income within a 3-mile radius. The property is within minutes to South Lake Ave business district, Old Town Pasadena, and Pasadena Playhouse area. If offers easy access to 210 FWY, 134 FWY, and 110 FWY.
Known as a gateway to the San Gabriel Valley area, Pasadena is a city in California, northeast of downtown Los Angeles. The city of Pasadena is world-renowned for hosting the annual Rose Bowl football game and Tournament of Roses Parade. In addition, Pasadena is also home to many scientific and cultural institutions, including Caltech, JPL, Pasadena City College, Fuller Theological Seminary, ArtCenter College of Design, the Pasadena Playhouse, the Ambassador Auditorium, the Norton Simon Museum, and the USC Pacific Asia Museum.

The strikingly modern Norton Simon Museum houses notable European and Asian art, plus a sculpture garden. The Rose Bowl is a sports stadium known for hosting the Rose Bowl Game, an annual college football clash usually held on January 1. The Rose Bowl Game is part of Pasadena’s famed Tournament of Roses, also featuring a New Year’s parade with floats, marching bands and equestrian shows. Built in the early 20th century, the Gamble House is known for its elegant wooden interiors. The Pasadena Museum of California Art showcases regional artworks. The Pasadena Playhouse stages acclaimed dramas and musicals. Renowned for its science and engineering programs, the California Institute of Technology (Caltech) is set in a verdant campus.

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