175 N Catalina Avenue, Pasadena, CA 91106
Property
Sold October 2023
Listing Agent: Alexander Metaxas (DRE #01784652) · Listing Office: Realty Investment Advisors, Inc. · Contact: 424-377-6001 · Bought with: Subscriber Non · Non-Participant Office · MLS #23270989 · Source: CRMLS
About this property
LOWEST PRICE PER SQ. FT. OF ANY APARTMENT BUILDING IN PASADENA! This 5 unit apartment property offers an excellent value-add opportunity for any investor or even an owner user as the property consists of four spacious units in front with a detached bungalow house in back. This tremendous location is situated just one-half mile (0.5 mi) from the Metro Gold Line station to the North and the restaurants of S. Lake Ave and famous Shoppers Lane to the South. The four spacious units in front feature a great unit mix of a two-story 4 bedroom + 2 bath townhouse unit and three 2 bedroom + 1.5 bath units. The detached 1 bedroom + 1 bath bungalow in back is close to 700 SF (Buyer to verify) with its own dedicated carport and private back yard. There are 4 covered parking spaces that can park 2 cars tandem for the front units and two more spaces for detached house, so 10 on-site parking spaces. Enclosed storage rooms and two units have private, fenced patio area. The property is separately metered for gas and electricity with a community laundry room and central water heater. Situated on a 9,948 SF lot with a high-density zoning of RM-48, the property directly across the street with a similar lot size currently has 9 Townhome units being developed. There is potential to create an ADU within the property (Buyer to verify with City). For an investor, this property presents the opportunity to achieve a much higher rental income as units become vacant since the property is under Pasadena Rent Control laws. Given the location, property features and incredibly strong rental demand of Pasadena, this multifamily property is a very strong long-term investment and hedge against inflation.
Listing description from the October 2023 sale, as reported to CRMLS.
Sale history