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$14,500,000
Est. payment /mo
1 Bed
1.18 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Pending
Purchase Type For Sale
MLS Listing ID AR25279872
Bedrooms 1
Lot Size 1.176 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
THE RAYMOND VILLA, a 50-unit value-add garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. The property is within walking distance (1mile) to Rose Bowl Area and Old Town Pasadena, and situated on a quiet tree-lined street on Raymond Ave and Painter St. This investment offers an ASSUMABLE LOAN with 57% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable 8.09% cash-on-cash return on year-1 and a whopping 14.39% return stabilized at proforma/market rent (Buyer to Verify). The property has brand new roofs (3 out of 4 buildings), upgraded electrical panel (each unit has 100amps breaker), and the parking soft story retrofit were recently completed. The Raymond Villa is an attractive two-story garden style community that was built in 1964 with 36,228 SF building size and situated on a large 51,227 SF / 1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secure entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids play area and other amenities. It offers an excellent unit mix of 30 x 2 bedrooms+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for e
Location
State CA
County Los Angeles
Zoning Assessor
Direction 1 block north of Orange Grove Blvd, 1 block east of Fair Oaks Ave
Interior
Cooling Wall/Window
Fireplace No
Exterior
Pool Community/Common
View Y/N No
Building
Story 3
Level or Stories 3
Others
Senior Community No
Tax ID 5725011023
Acceptable Financing Cash
Listing Terms Cash
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Listed by Handoko Chen Growth Investment Group Pasade
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Mary Ellen Haywood
Broker Associate | CA DRE#01264878
Broker Associate CA DRE#01264878