89 Hurlbut Street, Pasadena, CA 91105
Property · 2 recorded sales since 2020
Sold July 2022
Listing Agent: Handoko Chen (DRE #01749321) · Listing Office: GIG Real Estate Inc. · Contact: 626-594-4901 · Bought with: William Lewis · Assurance Realty, Inc. · MLS #AR22124919 · Source: CRMLS
About this property
89 Hurlbut St is a Pride-of-Ownership, turnkey/fully upgraded 9 units luxury apartment in the City of Pasadena. The property is located just steps away from Huntington Hospital Pasadena on Fair Oaks Ave, and within walking distance to Old Town Pasadena. The properties offer an investor the rare opportunity to own a high cash flowing apartment property in one of the most desirable locations in Pasadena. This prime & irreplaceable location, turn-key condition, combined with higher cap rate (compared to other properties in this area) offer investors attractive investment vehicle to combat raging inflation. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI). The property has been completely renovated from top to bottom, and offers an attractive mix of one 2bedroom, and eight 1bedroom units. The community is gated and has secured entrance with community swimming pool and art mural in the pool area. The property was built in 1961 and situated on a large ±10,493sf R3 lot. All the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring in bathroom, new windows throughout, in-unit combo washer/dryer, state of the art mini-split HVAC systems, new kitchen with quartz kitchen countertop and new kitchen cabinets and stainless-steel kitchen appliances (gas range, dishwasher, and refrigerator), and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. The exterior upgrades include new entry gate, new parking gate, new exterior paint and signage, completely redone landscaping, updated electrical, and much more! The ownership spent significant amount of time (±12 months) and capital in relocating the previous tenants and completely upgraded the exterior and interior of the property, making this a completely turnkey investment for new owner. The property is separately metered for electricity and gas. Parking is provided by 9 carports in the back – there is no soft-story parking required. Given its excellent real estate fundamentals, complete renovation, and an irreplaceable location, the 89 Hurlbut St is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation.
Listing description from the July 2022 sale, as reported to CRMLS.
Sale history
