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485 E Washington Blvd
For Sale $4,998,000 ($360.63 per Sq Ft)
$4,998,000 ($360.63 per Sq Ft)
- 20 Units
- 13,859 Sq Ft
- 38,252 Sq Ft
- Unknown Cap Rate
Description
OVER 6% CAP RATE AND 10.93 GRM ON CURRENT RENTS! Great investment offering at under $250k per unit on almost 1 acre of land. A Buyer could be looking at over a 6% CASH ON CASH RETURN with this property even with today's interest rates. Cash cow opportunity in super strong rental location with bulletproof buildings on a large lot with BIG UPSIDE! Possibilities for ADU and great rent growth make this one of the best opportunities in Pasadena right now. With mostly single-story floor plans offering a unit mix of One 3Bed+2bath, Three 2Bed+2bath and 16 spacious 1Bed+1bath units. Each unit is equipped with wall-mounted air conditioning and heating, a mix of tile and carpet flooring, and expansive kitchens with gas oven/stove combinations. The property is well-maintained, showcasing an open grass courtyard, an on-site laundry facility that yields a steady flow of income with open and carport parking.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $4,998,000 |
| Property Type | Multi-Family |
| Usable Sqft | 13,859 |
| Number of Stories | 1 stories |
| Parking Spots | 0 spots |
| Year Built | 1948 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 5838040010 |
| MLS # | 24456721 |
| Property ID | 319444463 |
| Lot Sqft | 38,252 |
| Zoning | PSR3 |
| Total Units | 20 |
| Days on Market | 62 |
| Original List Price | $5,195,000 |
| Date Updated | December 17, 2024 |
| Date Created | October 24, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 3 | 2.00 | $3,200 | $3,200 |
| Unit #2 | 1 | 1.00 | $1,759 | $33,600 |
| Unit #3 | 2 | 2.00 | $2,126 | $7,500 |
| Gross Income (Yr) | $ 443,694 |
| Operating Expenses | $ 138,487 |
| Net Income (Yr) | $ 305,207 |
| Cap Rate | 6.11% |
Listing Provided By
Alexander Metaxas an agent of Realty Investment Advisors, Inc.. Lic #01784652
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