2548 El Molino Avenue

Altadena, CA 91001

$4,350,000
Price
4
Beds
10
Baths
6,448 Sq. Ft.
$675 / Sq. Ft.
6,448
Sq. Ft.
$675
per Sq. Ft.

Description

2548 El Molino Avenue is a 10-unit asset located in Altadena, California. Current ownership has spent over $400,000 to thoughtfully restore the asset, with $170,000 alone spent on electrical and plumbing ugrades and a new roof. New ownership can take advantage of current ownership's interior remodels and recognize 20% upside on current rents. The property is comprised of (2) 2BD/1BA units, (6) 1BD/1BA + Den units, and (2) 1BD/1BA units. Current ownership has implemented resident utility billing (RUBS)...2548 El Molino Avenue is a 10-unit asset located in Altadena, California. Current ownership has spent over $400,000 to thoughtfully restore the asset, with $170,000 alone spent on electrical and plumbing ugrades and a new roof. New ownership can take advantage of current ownership's interior remodels and recognize 20% upside on current rents. The property is comprised of (2) 2BD/1BA units, (6) 1BD/1BA + Den units, and (2) 1BD/1BA units. Current ownership has implemented resident utility billing (RUBS) across all units, allowing the asset to operate at a sub 30% expense ratio. The property is Mills Act eligible, which would allow new ownership to further drive down operating expenses . An existing storage space provides current income, and also has the potential to be converted into two (2) ADUs for additional rental revenue of approximately $84,000 annually. 2548 El Molino Avenue offers an assumable loan of $1,631,000 at 5.25% with 5 years of interest only payments remaining.
  1. Listed by Robert Stepp • DRE #01456379 • Brokerage DRE #01499010 • Keller Williams - Santa Monica • 310-463-2916

Property Details for 2548 El Molino Avenue

Parking Spaces Total
7
Private Pool
No
Total Units
10.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
6448
Assessor Parcel Number
5845-017-011
Property Attached YN
true

Location

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379
Add your commute
LISTING UPDATED: 12/18/2023 06:41 AM

Property Details for 2548 El Molino Avenue

StatusActive
MLS #PW23179293
Days on Market215
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMixed Use
MLS TypeResidential Income
Year Built1924
Lot Size0.36 AC / 15,810 SF
CountyLos Angeles County

Location

Listing Courtesy of Keller Williams - Santa Monica, Robert Stepp, DRE #01456379
Add your commute

Building Information for 2548 El Molino Avenue

Stories1Residences-Year Built1924Building Size-Lot Size0.36 AC / 15,810 SF

Payment Calculator

$25,624 per month

30 year fixed, 7.25% Interest

Principal and Interest

$23,740

Property Taxes

$1,884

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2548 El Molino Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $261,727
  • Gross Scheduled Income: $269,821
  • Net Operating Income: $183,630
  • Gross Multiplier: 16.12
  • Cap Rate: 4.22
Expense Details
  • Operating Expense: $78,097
  • New Taxes Expense: $50,928
  • Gardener Expense: $120
  • Fuel Expense: $197
  • Licenses Expense: $1,500
  • Pest Control Expense: $900
  • Electric Expense: $197
  • Insurance Expense: $2,026
  • Maintenance Expense: $6,500
  • Professional Management Expense: $13,086
  • Other Expense: $2,250
  • Other Expense Description: Reserves
  • Trash Expense: $197
  • Water Sewer Expense: $197
  • Total Expenses: $78,097
Tax / Assessment Info
  • Tax Block: 1
  • Tax Tract Number: 4602
  • Tax Census Tract: 4602.00
  • Tax Lot: 4
Community / Development
Community / Development
  • Community Features: Mountainous
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
Exterior Features
  • Entry Location: 1
  • Pool Features: None
  • Pool Description: None
Land/Lot Info
  • Lot Features: 6-10 Units/Acre
  • Number Of Units: 10
  • Land Lease: No
  • Land Lease Type: Fee
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 4
  • Uncovered Spaces: 3
  • Open Other Spaces Total: 3
  • Parking Garage Spaces: 4
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,620
  • Unit Type Total Rent: $5,240
  • Unit Type Pro Forma: 3300
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,132
  • Unit Type Total Rent: $12,792
  • Unit Type Pro Forma: 2595
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,900
  • Unit Type Total Rent: $3,800
  • Unit Type Pro Forma: 2595
  • Unit Type Type: 3
Unit Information
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 10
  • Number Of Separate Gas Meters: 10
  • Number Of Separate Water Meters: 1

Property History for 2548 El Molino 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 2548 El Molino Avenue

Taxable ValueLand$761,835Additions$932,993Total$1,694,828
Tax Record2023$22,610 ($1,884 / month)
Home Facts
Total Finished SqFt6,448 SqFtAbove Grade Finished SqFt6,448 SqFtLot Size15,810 SqFtStyleMulti-Family Res (5+ Units)Year Built1924ZoningLCC3*CountyLOS ANGELESAPN5845-017-011

Schools near 2548 El Molino Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 8
Rating
School
Distance
Altadena Elementary School
PublicK to 5

Charles W. Eliot Middle School
Public6 to 8

John Muir High School
Public9 to 12

Pasadena Rosebud Academy
CharterK to 8

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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2548 El Molino Avenue is a mixed use property for sale in Altadena, CA 91001. This property was listed for sale on September 29, 2023 by Keller Williams - Santa Monica, it's currently listed at $4,350,000. It has been on the market for a total of 215 days and was last sold on January 10, 2006. This listing's school district is Pasadena Unified School District. Nearby schools include Altadena Elementary School, Charles W. Eliot Middle School and John Muir High School. 2548 El Molino Avenue is a 4-bed, 10-bath, 6,448 sqft mixed use property built in 1924.

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 Keller Williams - Santa Monica, Robert Stepp, DRE #01456379

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.