106 N Allen Ave Pasadena, CA
The LA Apartment Advisors are pleased to present this unique 2-building portfolio offering in prime Pasadena. These properties can be sold together or separate. Both of these properties have been in the seller's family for over 30 years, and they both present an excellent opportunity for value-add in a non-rent controlled city.
Situated in one of the most sought after pockets of Pasadena, the properties are within walking distance to Pasadena City College and minutes away from the premier dining, shopping & entertainment destination of Old Town Pasadena.
This 5 unit apartment building is located at 106 N Allen Avenue in Pasadena, California. Built in 1920, the offering consists of one Studio unit, three 2-bed/1-bath units and a one 2-bed/1-bath house. The property is situated on a 8,029-square foot lot with 3,834-square feet of gross rent-able area.
This property has been in the seller's family for over 30 years, and has been very well maintained. Throughout the decades of ownership, the seller has rarely, if ever, given the tenants a rent increase; however, prior to listing the property, the seller gave significant rent increases to all of the tenants through a 60 day notice. With these new rents being effective September 1, 2019, a new buyer can enjoy an extremely high CAP rate of 5.24%, which is unmatched in today's Pasadena market.