26-Bedroom ResidentialIncome — 755 E Pine Street, Altadena, CA
$5,395,000
755 E Pine Street, Altadena, CA
About this property
The LAAA Team of Marcus & Millichap is pleased to present 755 E Pine St, a 19-unit garden-style community in Altadena, now offered at $5,395,000, reduced from $5,595,000. Four vacant units provide immediate lease-up upside in a supply-constrained foothill submarket directly north of Pasadena, where advertised rents run about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms. The new basis equates to $283,947 per unit with a 6.30% current cap rate and a 6.74% pro forma cap rate. Repriced to $5,395,000 from $5,595,000, a new basis of $283,947 per unit and $394.31 per square foot. Four vacant units, units 3, 9, 11, and 15, provide a day-one renovation and lease-up runway. Advertised area rents of about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms support mark-to-market upon renovation. $340,060 of current NOI delivers a 6.30% going-in cap rate and 10.86 GRM, with a 6.74% pro forma cap rate per the OM.
Property details
Location
755 E Pine Street • Altadena, CA 91001
Listed by
Filip Niculete · Marcus & Millichap