$2.40M
827 E Washington, Pasadena
Sale Price
$2.40M
Cap Rate
5.79%
Type
O
Closed
July 2020
8 Units | Pasadena | $544.22 Per SF | $300k Per Unit
The LAAA Team of Marcus & Millichap are proud to announce the successful sale of these 8-units (plus 1-non-conforming studio) located at 827 E Washington Boulevard in Pasadena, California. The property is comprised of four separate bungalow-style buildings with an excellent unit mix of 7- 1 bedroom/1 bathroom, 1- 2 bedroom/1 bathroom and 1- non-conforming studio units. The offering is situated on a large 16,401 square foot lot with 4,410 square feet of gross rentable area and has been extensively remodeled throughout in 2018.
Through our superior marketing platform we were able to generate over 10 offers and successfully close escrow during the COVID-19 pandemic. This sale was at a near record breaking $544.22 per square foot, the second highest price per square foot ever recorded in the 91104 zip code for a 5+ unit multifamily sale, according to Costar. In addition, Marcus & Millichap Capital Corporation (MMCC) was able to secure attractive financing for the Buyer’s loan & actively keep the deal together after the Buyer’s original lender cancelled financing due to COVID-19.
For more information about this transaction or a complimentary evaluation for your property, give us a call today!
Closing