260 Linda Rosa Ave, Pasadena

The LAAA Team of Marcus & Millichap is proud to announce the successful sale of a 7-unit multifamily property located at 260 Linda Rosa Ave in Pasadena, California.

Benchmark Achieved by LAAA Team

With this closing today, our 53rd this year, we have surpassed $200M in sales volume for the 2021 calendar year, marking the first time we have achieved this annual sales level in our 9 year career. Thank you to all of our clients and colleagues who have helped our team reach new heights, and we cannot wait to continue to grow with you in 2022!

For a breakdown of our 9 years' annual sales volume, please

Property Description

The property is in a good pocket of Pasadena, California, south of the 210 freeway and a very short distance from Old Pasadena and the Playhouse District. The building area is 6,068 SqFt, meaning the average unit size is about 866 SqFt., and it sits on a lot size of 7,524 SqFt. (0.17 acres). This well designed, 7-unit property has an excellent unit mix of all townhouse style units comprised of (6) 2-Bed / 1.5-Bath units and (1) 3-Bed / 2.5-Bath unit, and each unit comes with its own private patio and at least one designated tuck-under parking spot on site.

Seller Exchanging into Triple-Net (NNN)

The seller is using the sale proceeds to 1031-exchange into a very well located, out of state Wendy's restaurant with a drive through that has 19 years left on the original 20-year lease and (5) 5-year options after that. This particular Wendy's that he is buying has been in operation for 20 years already, and they just renewed another 20-year lease last year, making it clear to our client that Wendy's likes this location and plans on staying there long term, which adds security to our client's investment. Another strong attribute that attracted our client to this Wendy's is the store's very strong historical sales of over $1.2M per year, proving to our client that his tenant makes plenty of money to afford the rent payments for the entirety of the lease. Furthermore, the Wendy's operator just finished a full remodel on this store in 2021 which is expected to increase their revenue each year by 5% or more.

By selling his apartment building and exchanging into this true triple-net (NNN) lease Wendy's, our client will receive increased cash flow each month, get rid of all management and expense responsibilities, and is locked in for at least 19 years of near-guaranteed income. Additionally, the lease has 10% rent increases built every five...