989 N Summit Avenue, Pasadena, CA 91103
Property · 2 recorded sales since 2016
Sold April 2022
Listing Agent: Mike Vachani (DRE #01279002) · Listing Office: Provenio Realty and Investment · Contact: 626-303-7936 · Bought with: Mike Vachani · Provenio Realty and Investment · MLS #AR22025320 · Source: CRMLS
About this property
Attention all Investors! We are proud to present a well priced 4 Unit Multi Family Property in world famous Pasadena, CA. The official address is 989 N Summit but also has the address 991 & 993. The Property features a 3 bedroom 2 bath Single Family Home in the front with a private front & back yard, a Duplex in the middle with two 2 Bedroom 1 Bath units & a yard, and another 3 Bedroom 1.5 Bath Single Family Home in the back. These homes add up to almost 3500 square feet of living space & sit on a large quarter acre lot. Great cash cow with development opportunities & upside in rents. Per the city of Pasadena, the size of this lot will also allow the ability to add an additional 2 Bedroom 1 bath ADU. This is perfect for an Investor, 1031 Exchange, or a Owner-User. Imagine living in one unit & collecting rent on the other 3 units. Depending on your situation, you may be able to cover your whole mortgage just from the rent collected! Seller has spent over $200,00 in upgrades to the homes. Some of the upgrades included new electrical boxes & private sub panels for each unit, new drain line to the middle duplex, new roof on the front house, and roof coating on the back house. The back unit was also recently rented out and remodeled. This property has great long term stable tenants. Proforma Rents range between $2,400-$3200 per unit per month allowing a Landlord to collect over $11,000 a month or $132,000 a year in gross income. All Tenants are on a month to month lease. This is a perfect property to hedge against inflation & allow a Landlord a lot of upside in rents. This Multi-Family Opportunity already has an actual Cap Rate around 4.27% or just under $100,000 Annual Gross Income. However , once the property rents are stabilized, you will jump up to over 6%. This is almost impossible to find in Pasadena. If you built the additional ADU, your potential income could hit $14,000 Monthly or $168,000 Annually. This would take you to a Cap Rate over 8%. 989 N Summit is one of the best priced multi-family properties in Pasadena & is conveniently located near the Rose Bowl, Jet Propulsion Laboratory, Old Town Pasadena, Art Center, Pasadena City College, Cal Tech & Huntington Memorial Hospital. It is also just minutes to the 110, 134 & 210 Freeways. Enjoy the views of the Foothill & amazing amenities Pasadena has to offer. Don't miss your opportunity to purchase one of the best priced 4 Unit properties in Pasadena. This will not last long!
Listing description from the April 2022 sale, as reported to CRMLS.
Sale history
