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3parcels- 26-turnkey Bungalows Single-story 1728 N Sierra Bonita Ave

26 Unit Apartment Building $10,980,000 ($422,308/Unit) 4.54% Cap Rate Pasadena, CA 91104

Investment Highlights

  • • 3 Separate properties adjacent to each other; can be purchased together or individually
  • • 15 separate buildings consisting combinations of single-story single-family houses and duplex bungalows, some have fenced front yard and attached ga
  • • Fantastic demographics area: ±$170,962 AHH income within a 1-mile radius, nearby multi-million dollars SFR properties
  • • PRIME LOCATION: Situated in the San Gabriel Mountain foothill area, walking distance to Altadena Golf Course and Altadena Country Club
  • • Several properties away from the world renown EF International Language Campus and EF Academy; Providing unique opportunities for short term rentals
  • • Completely renovated in 2022-2023 with excellent amenities: fenced units, electronic RFI unit locks, fully upgraded unit (with permits), private fro

Executive Summary

Growth Investment Group California is proud to offer SIERRA BONITA BUNGALOWS, a turnkey/fully upgraded 3 properties/parcels totaling 26 units (#1704 - 6units, #1710 - 12units, #1728 - 8units). Sierra Bonita Bungalows is an exceptional investment opportunity offering a turnkey solution for buyers seeking high-quality apartment units in the beautiful city of Pasadena. Situated in the prestigious San Gabriel Mountain foothill area, and within walking distance to Altadena Country Club and Altadena Golf Course, this exclusive property consists of 26 units that are spread over 15 buildings and meticulously designed and fully upgraded from top to bottom, providing an attractive proposition for investors looking for easy to operate, rent, and manage investment with minimum repairs in the near future. These 3 properties can be purchased together as a portfolio or individually.
It consists of 3 parcels with highly desirable layouts; a combination of single-story bungalow style single-family houses and duplexes, each unit provides serene and single-family house atmosphere to it, making each unit very easy to rent and highly desirable amongst renters. The large combined lots allow Five (5) ADUs or more (BUYER TO VERIFY).
It is in a quiet residential area surrounded by mostly multi-million dollars SFR. Located just several properties away from world renown EF International Language Campus (www.EF.com ), and EF Academy, this strategic location provides excellent location for international students, or short rentals. The area commands a fantastic demographic of $170,962 Average Household Income within a-mile-radius. This offering provides rare opportunity to investors who appreciates quality asset and location with multiple exit strategies such as: operate as apartments and enjoy cash-flow and tax benefit over time, operate as short-term rentals for nearby international students, condo conversions, TIC conversions, or operate as-is and add ADUs (Additional Dwelling Units) – BUYER TO VERIFY. Sierra Bonita Bungalows has 3 parcels/properties: address# 1704 consists of 6 units (and situated on ±11,254 SF lot, address# 1710 consists of 12 units and situated on ±10,474 SF lot, and address# 1728 consists of 8 units and situated on ±15,685 SF lot (BUYER TO VERIFY).
1704 N Sierra Bonita is 6 bungalow units with park like setting and large lot. All units are 1bed+1bath fully upgraded units. 1710 N Sierra Bonita is 12 bungalow units with 6 x 1bed+1bath bungalows, and 6 x Studio units. 1728 N Sierra Bonita is 8 bungalow units with 1 x 3bed+2bath front house, and 7 x 1bed+1bath bungalows. Each unit has been completely upgraded inside out with modern and attractive upgrades such as: in-unit laundry machines, new flooring, new kitchen with modern kitchen countertops + cabinets + kitchen appliances, new tiled bathroom, new mini-split HVAC systems. The exterior has been completely upgraded with new paint throughout, new landscaping, new fence + gate, new driveway, and so much more. Each unit is individually metered for electricity and gas, and any house electrical and gas bills are billed back to tenants.
Parking is provided by combination of private attached garage, attached carports, and shared attached garages. There are total of 28 parking spaces providing overparked benefit and 2 storage rooms, and all parking are single-story buildings which eliminates parking soft-story requirements (buyer to verify with City of Pasadena).
LOCATION AMENITIES AND ACCESS
Pasadena, known for its vibrant culture, stunning architecture, and thriving business environment, is a highly desirable location for residents and investors alike. The city's strong economy, excellent educational institutions, and proximity to major transportation hubs make it an ideal choice for professionals, families, and students seeking a convenient and comfortable living experience.
The property is in the highly desirable area of Pasadena by the foothill area of San Gabriel Mountains and just several blocks away from Altadena Country Club and Altadena Golf Course. It is situated on a quiet tree-lined street and several properties from the world renown EF International Language Campus and EF Academy. Minutes away from various hiking trails (Mt. Wilson, Eaton Canyon Trail, etc.) and short driving to Old Town Pasadena, CALTECH, Playhouse District, Lake Ave Business District, museums, Rose Bowl Area, and FWY 134, FWY 210, this property offers serene mountainlike atmosphere with easy access to other amenities city of Pasadena has to offer.

Property Facts

Price $10,980,000
Price Per Unit $422,308
Sale Type Investment
Cap Rate 4.54%
Gross Rent Multiplier 15.93
No. Units 26
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.86 AC
Building Size 16,148 SF
Average Occupancy 100%
No. Stories 1
Year Built/Renovated 1963/2024
Parking Ratio 2.54/1,000 SF

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Dishwasher
  • Washer/Dryer
  • Ceiling Fans
  • Kitchen
  • Granite Countertops
  • Stainless Steel Appliances
  • Yard
  • Double Pane Windows

Site Amenities

  • Courtyard
  • Fenced Lot
  • Gated

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 7 - -
1+1 18 - -
3+1 1 - -

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5851-003-006
Land Assessment
$1,269,288
Improvements Assessment
$1,911,214
Total Assessment
$3,180,502

zoning

Zoning Code RM16
RM16
  • Listing ID: 32203305

  • Date on Market: 6/20/2024

  • Last Updated:

  • Address: 1728 N Sierra Bonita Ave, Pasadena, CA 91104

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