Views
Address
303 N Oakland Avenue Pasadena, CA
Price
$ 6,600,000
Property Attributes
  • MLS#AR21105662
  • TypePending
  • CountyLOS ANGELES
  • CityPasadena
  • AreaPasadena
  • Zip91101
  • StyleApartment
  • Price$ 6,600,000
  • Bedrooms19
  • Full Bathrooms13
  • Half Bathrooms0
  • Lot Size10,933 SqFt
Listing Provided Courtesy Of:
Handoko Chen with GIG Real Estate Inc..
Data Source:
CRMLS
Property Description

303 N Oakland Ave, a turnkey is a fully upgraded, and 100% occupied 13 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). The property, which has been completely renovated, was built in 1958. It is a two-story garden style apartment with an excellent curb appeal. It offers an excellent unit mix of six (6) large 2-bedroom+1-bathroom, and seven (7) 1-bedroom+1-bathroom units. 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 13 parking spaces and in the back. The soft-story parking area has been seismically retrofitted. Several 2nd floor units have private patio with views of San Gabriel Mountains. 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. The property 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.

Price History
5/18/2021 Listed $6,600,000

General Features

Appliances Dryer, Washer
Carport Spaces 13
Carport Y/N Yes
Community Features Suburban, Valley, Gated
Cooling High Efficiency, Wall/Window Unit(s)
Electric Standard
Facing Direction East
Flooring Vinyl, Wood
Heating Combination, High Efficiency
Levels Two
Listing Agent Handoko Chen - BRE#01749321
Listing Agent State License 01749321
MLS Area 647 - Pasadena (SW)
Parking Features Attached Carport, Assigned, Controlled Entrance, Carport, Detached Carport
Pool Features None
Property Attached Y/N Yes
Property Sub Type Additional Apartment
Property SubType Apartment
Property Type Residential Income
Security Features Closed Circuit Camera(s), Fire Detection System, Security Gate, Gated Community, Smoke Detector(s), Security Lights
Sewer Public Sewer
Spa Features None
Special Listing Conditions Standard
Status Pending
Stories 2
Terms Cash, Cash to New Loan
Total Actual Rent 34513
Total Units 13
Utilities Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
View Mountain(s)
Water Sewer Expense 4206
Zoning PSC-

Interior Features

Air Conditioning Y/N Yes
Common Walls 2+ Common Walls
Fireplace Features None
Heating Y/N Yes
Laundry Features Inside

Exterior Features

Lot Features Level, Near Public Transit, Rectangular Lot
Lot Size Acres 0.25
Lot Size Area 10933
Lot Size Source Assessor
Lot Size Square Feet 10933
Lot Size Units Square Feet
Number of Buildings 1
Number of Separate Electric Meters 14
Number of Separate Gas Meters 14
Number of Separate Water Meters 1
Total Parking 13
View Y/N Yes
Water Source Public

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 91101

Price
AVG $2.59M
$6.6M
Visits
AVG 30
15
Year Built
AVG 1980
1958
Walkscore
AVG 92
90
Data Provided by Walkscore ® not using MLS data

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