Homes for sale - 265 N Oakland AVE, Pasadena, CA 91101

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR24108024

Construction Status Turnkey

HOA Y/N No

Year Built 1962

Lot Size 0.459 Acres

Property Description

Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses.

This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each ±800SF - Buyer to verify).

The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electricity, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces at the back. The soft-story parking area has been seismically retrofitted.

All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.

Location

State CA

County Los Angeles

Area 647 - Pasadena (Sw)

Zoning PSC-

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Wood

Fireplaces Type None

Fireplace No

Appliance Dishwasher,Disposal,Gas Range,Refrigerator,Water Heater,Dryer,Washer

Laundry Washer Hookup,Gas Dryer Hookup

Exterior

Parking Features Assigned,Carport

Carport Spaces 19

Pool None

Community Features Valley

Utilities Available Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected

View Y/N Yes

View Neighborhood

Roof Type Flat

Total Parking Spaces 19

Private Pool No

Building

Lot Description Landscaped,Street Level

Faces East

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Mid-Century Modern

Level or Stories Two

New Construction No

Construction Status Turnkey

Others

Senior Community No

Tax ID 5723005036

Acceptable Financing Cash,Cash to New Loan

Listing Terms Cash,Cash to New Loan

Special Listing Condition Standard