251 North Oakland Avenue

Pasadena, CA 91101

$6,225,000
Last Sold Price
1
Beds
14
Baths
Sq. Ft.
/ Sq. Ft.
Sq. Ft.
per Sq. Ft.

Description

251 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. 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. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate...251 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. 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. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate for the area, combined with low interest rates offer investor over 7% cash on cash return with proper financing. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI). It has been completely renovated, and offers an attractive mix of courtyard layouts, and in-unit laundry (laundry machines belong to seller and comes with the property). It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 12 subterranean parking spaces and a common area in the back. All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. Given its excellent real estate fundamentals, complete renovation, full seismic retrofitting, and an unbeatable location, the 251 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation. It is in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. Boasting a Walk Score of 87 in the most walkable zip code in all of Pasadena, the Arroyo Collection is conveniently located just a few blocks from Old Town Pasadena, the Paseo Colorado, and the Pasadena Playhouse. The properties are also a quick walk from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue.
  1. Listed by Handoko Chen • DRE #01749321 • Brokerage DRE #02021933 • GIG Real Estate Inc.

Property Details for 251 North Oakland Avenue

Parking Spaces Total
12
Private Pool
No
Cooling Type
Central Forced Air
Total Units
14.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
0
Assessor Parcel Number
5723-005-043

Location

Listing Courtesy of GIG Real Estate Inc., Handoko Chen, DRE #01749321

Sold By NONMEMBER MRML, General NONMEMBER, DRE #01477869

Add your commute
LISTING UPDATED: 10/01/2021 09:17 AM

Property Details for 251 North Oakland Avenue

StatusClosed
MLS #AR21102436
Days on Market51
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1954
CountyLos Angeles County

Location

Listing Courtesy of GIG Real Estate Inc., Handoko Chen, DRE #01749321

Sold By NONMEMBER MRML, General NONMEMBER, DRE #01477869

Add your commute

Building Information for 251 North Oakland Avenue

Building/Complex251 N Oakland AveFloor-Stories2Residences-Pet Policy-Year Built1954Building Size-

Payment Calculator

$34,172 per month

30 year fixed, 7.25% Interest

Principal and Interest

$33,972

Property Taxes

$200

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 251 North Oakland Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $0
  • Gross Scheduled Income: $0
  • Vacancy Allowance: 0
  • Vacancy Allowance Rate: 0
  • Gross Operating Income: $0
  • Net Operating Income: $0
  • Other Income Description: 0
  • Gross Multiplier: 0.0
  • Cap Rate: 0.0
  • Current Financing: Conventional
  • Financing: Cash To New Loan
Expense Details
  • Operating Expense: $0
  • Operating Expense Percent: .00%
  • New Taxes Expense: $0
  • Gardener Expense: $0
  • Fuel Expense: $0
  • Electric Expense: $0
  • Insurance Expense: $0
  • Maintenance Percent: .00%
  • Professional Management Expense: $0
  • Workmans Compensation Expense: $0
  • Trash Expense: $0
  • Water Sewer Expense: $0
  • Total Expenses: $0
Tax / Assessment Info
  • Tax Tract Number: 0
  • Tax Census Tract: 4622.02
  • Tax Lot: 2
Community / Development
Community / Development
  • Assessments YN: Yes
  • Assessments: Buyer to Verify
  • Community Features: Suburban, Valley
Property / Structure Info
Interior Features
  • Appliances: Gas & Electric Range
  • Equipment: Dryer, Gas Dryer Hookup, Inside, Washer
  • Laundry: Yes
  • Laundry Features: Dryer Included, Gas Dryer Hookup, Inside, Washer Hookup, Washer Included
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Central Air
  • Heating Type: Central
  • Heating: Central
  • Flooring: Wood
Exterior Features
  • Miscellaneous: Value in Land
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Additional Parcels Description: 5723005038
  • Lot Features: Level with Street, Rectangular Lot, Near Public Transit, Sprinkler System, Value In Land
  • Number Of Units: 14
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Levels: Two
  • Sewer: Public Sewer
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
  • Electric: Standard
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Assigned, Carport
  • Uncovered Spaces: 0
  • Open Other Spaces Total: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 12
  • Parking Features: Assigned, Carport
Unit Information
Unit 1
  • Unit Type Units Total: 14
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 12
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,443
  • Unit Type Total Rent: $34,202
  • Unit Type Pro Forma: 38000
  • Unit Type Type: 1
Unit Information
  • Number Of Units Leased: 14
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 15
  • Number Of Separate Gas Meters: 15
  • Number Of Separate Water Meters: 1
  • Number With Dishwasher: 14
  • Number With Range: 14
  • Number With Refrigerator: 14
  • Number With Carpet: 0
  • Number With Disposal: 14
  • Number With Drapes: 0
  • Number With Patio: 0
  • Number Wall AC: 0

Property History for 251 North Oakland Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 251 North Oakland Avenue

Taxable ValueLand$3,005,338Additions$1,358,957Total$4,364,295
Tax Record2023$2,406 ($200 / month)
Home Facts
Total Finished SqFt7,712 SqFtAbove Grade Finished SqFt7,712 SqFtLot Size9,785 SqFtStyleMulti-Family Res (5+ Units)Year Built1954ZoningPSC-CountyLOS ANGELESAPN5723-005-043

Schools near 251 North Oakland Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 8
Public - 6 to 12
Public - 9 to 12
Public - 6 to 12
Rating
School
Distance
McKinley School
PublicK to 8

Blair High School
Public6 to 12

Rose City High (Continuation) School
Public9 to 12

Marshall Fundamental School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of GIG Real Estate Inc., Handoko Chen, DRE #01749321

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.