285 East Del Mar Boulevard

Pasadena, CA 91101

$3,250,000
Price
13
Beds
9
Baths
6,048 Sq. Ft.
$537 / Sq. Ft.
6,048
Sq. Ft.
$537
per Sq. Ft.

Description

First time on the market in over 20 years! An opportunity to acquire a turn-key, 7 unit property with a 4.70% Cap on EXISTING RENTS in one of the most sought after parts of Pasadena. The meticulously maintained building shows no signs of deferred maintenance and boasts as a WALKER'S PARADISE with its prime location. It offers an array of desirable features such as full copper plumbing, a pitched roof that was recently replaced and updated windows to name a few. There are Two 2 Bed +1.5 bath townhouse...First time on the market in over 20 years! An opportunity to acquire a turn-key, 7 unit property with a 4.70% Cap on EXISTING RENTS in one of the most sought after parts of Pasadena. The meticulously maintained building shows no signs of deferred maintenance and boasts as a WALKER'S PARADISE with its prime location. It offers an array of desirable features such as full copper plumbing, a pitched roof that was recently replaced and updated windows to name a few. There are Two 2 Bed +1.5 bath townhouse style units, Four 2 Bed + 1 bath units and One 1 Bed + 1 bath unit and ALL have washers and dryers inside. The two-story units are about ~900 SF, the 2Bed units are about ~850-875 SF and the 1Bed is over 600 SF, making these units generous in space and rental desirability. Almost all of them have been remodeled to include newer cabinets in kitchens and hallways, Quartz countertops, Vinyl plank flooring and updated appliances including dishwashers. These apartments have a history of quickly renting, further adding to the stability of this investment. Offering on-site, gated parking for 8 cars with a secured entrance helps limit property access only to tenants. The former laundry room can be utilized to potentially increase rental income as a value-add opportunity for the next owner. The units are separately metered for electricity and gas and each with their own water heater. Properties in this condition and this part of the city rarely come up for sale, so don't miss out on buying this prime piece of real estate. Please do not disturb the tenants.
  1. Listed by Alexander Metaxas • DRE #01784652 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
  2. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 285 East Del Mar Boulevard

Zoning
PSR4
Parcel Number
5722024009
Total Units
7.0
Living Area
6048
Source Living Area
Assessor
Area
Pasadena SE (648)
Vacancy Rate
0
Lot Size Area
8534

Location

Listing Courtesy of Realty Investment Advisors, Inc., Alexander Metaxas, DRE #01784652; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644
Add your commute
LISTING UPDATED: 04/12/2024 02:13 PM

Property Details for 285 East Del Mar Boulevard

StatusActive Under Contract
MLS #24-371155
Days on Market23
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1964
Lot Size0.20 AC / 8,534 SF
CountyLos Angeles County

Location

Listing Courtesy of Realty Investment Advisors, Inc., Alexander Metaxas, DRE #01784652; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644
Add your commute

Building Information for 285 East Del Mar Boulevard

Stories2Residences-Year Built1964Building Size-Lot Size0.20 AC / 8,534 SF

Payment Calculator

$17,737 per month

30 year fixed, 7.25% Interest

Principal and Interest

$17,737

Property Taxes

—

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 285 East Del Mar Boulevard

Community / Development
Community / Development
  • Number Of Units: 7
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: Apartments
  • Security Features: Gated
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $213,233
  • Net Operating Income: $152,661.00
  • Gross Income: $219,828
  • Cap Rate: 4.70%
  • Gross Rent Multiplier: $14.78
  • Total Annual Expense: 60572
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.1959
  • Lot Size Square Feet: 8534
  • Lot Size Dimensions: 68x125
  • Source Lot Size Dimensions: Vendor Enhanced
Parking Details
Parking Details
  • Parking Garage: Gated
  • Total Parking: 8
  • Parking Features: Gated
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Wall Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: None
  • Laundry: In Unit, Inside
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 03-21-2024
  • Rent Control: Yes
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,885.00
  • Unit Actual Rent: $5,770.00
  • Unit Projected Rent: $5,990.00
  • Like Units: 2
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,542.00
  • Unit Actual Rent: $10,171.00
  • Unit Projected Rent: $11,200.00
  • Like Units: 4
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,358.00
  • Unit Actual Rent: $2,358.00
  • Unit Projected Rent: $2,395.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $496,970.00
  • Assessed Improvement Percent: 53.85
  • Assessed Land Value: $425,973.00
  • Assessed Land Percent: 46.15
  • Assessed Total Value: $922,943.00

Property History for 285 East Del Mar Boulevard

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 285 East Del Mar Boulevard

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
Charter - K to 8
Rating
School
Distance
McKinley School
PublicK to 8

Blair High School
Public6 to 12

Rose City High (Continuation) School
Public9 to 12

Odyssey Charter School - South
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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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 Realty Investment Advisors, Inc., Alexander Metaxas, DRE #01784652; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644

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.