537 N Catalina Avenue

Description

537 N Catalina Ave is a value-add 5-unit apartment in the highly desirable location in the City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire an attractive apartment community in one of most desirable sub-market throughout San Gabriel Valley. There is NO LOCAL rent control in Pasadena which allows maximum rent increase of 5% + CPI per AB1482. The property has been in the same ownership since 2012 which translates to a significant rental upside potential (31% - buyer to verify). It was built in 1954 and has 3696sf building size on a R3 zoned 7654sf lot. It has an excellent curb appeal with well-manicured landscaping in the front. It offers an excellent unit mix of ALL 2-bedroom units with each unit has around 739sf in size. One unit has been completely upgraded from top to bottom with attention to detail. This unit has new flooring throughout, new kitchen with shakers cabinets, quartz countertops and stainless-steel kitchen appliances, new tiled bathroom with new vanities. The remaining 4 units are on month-to-month rental agreement. Each unit has individual water heater and separately metered for electricity and gas and there is a shared laundry room (sellers own machines). Parking is provided by a detached garage in the back; this property DOES NOT require any soft-story parking retrofit. Some of the recent capital improvements are new exterior paint and new rain gutters (less than 5 years ago). The property is located just a block away from Lake Ave and within walking distance to myriad of shopping and other amenities on La 537 N Catalina Ave is a value-add 5-unit apartment in the highly desirable location in the City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire an attractive apartment community in one of most desirable sub-market throughout San Gabriel Valley. There is NO LOCAL rent control in Pasadena which allows maximum rent increase of 5% + CPI per AB1482. The property has been in the same ownership since 2012 which translates to a significant rental upside potential (31% - buyer to verify). It was built in 1954 and has 3696sf building size on a R3 zoned 7654sf lot. It has an excellent curb appeal with well-manicured landscaping in the front. It offers an excellent unit mix of ALL 2-bedroom units with each unit has around 739sf in size. One unit has been completely upgraded from top to bottom with attention to detail. This unit has new flooring throughout, new kitchen with shakers cabinets, quartz countertops and stainless-steel kitchen appliances, new tiled bathroom with new vanities. The remaining 4 units are on month-to-month rental agreement. Each unit has individual water heater and separately metered for electricity and gas and there is a shared laundry room (sellers own machines). Parking is provided by a detached garage in the back; this property DOES NOT require any soft-story parking retrofit. Some of the recent capital improvements are new exterior paint and new rain gutters (less than 5 years ago). The property is located just a block away from Lake Ave and within walking distance to myriad of shopping and other amenities on Lake Ave and Colorado Blvd. It is within minutes from Old Town Pasadena, Rose Bowl, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has a good demographics of $96,409 average household income within a 1-mile radius. The property has superb access to FWY 210 and 110 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connect to Downtown Los Angeles.