485 E Washington Blvd
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485 E Washington Blvd
20 Unit Apartment Building $4,998,000 ($249,900/Unit) 6.11% Cap Rate Pasadena, CA 91104
Investment Highlights
- OVER 6% CAP RATE
- EXCELLENT UNIT MIX | AVERAGE UNIT SIZE OF 693 SQ FT
- REALLY STRONG RENTAL LOCATION
- GREAT IN PLACE RENTS WITH BIG UPSIDE
- LARGE 38k SF LOT SIZE
- CASH COW TYPE OF PROPERTY
Executive Summary
OVER 6% CAP RATE AND 10.93 GRM ON CURRENT RENTS! Great investment offering at under $250k per unit on almost 1 acre of land. A Buyer could be looking at over a 6% CASH ON CASH RETURN with this property even with today’s interest rates. Cash cow opportunity in super strong rental location with bulletproof buildings on a large lot with BIG UPSIDE! Possibilities for ADU and great rent growth make this one of the best opportunities in Pasadena right now. With mostly single-story floor plans offering a unit mix of One 3Bed+2bath, Three 2Bed+2bath and 16 spacious 1Bed+1bath units. Each unit is equipped with wall-mounted air conditioning and heating, a mix of tile and carpet flooring, and expansive kitchens with gas oven/stove combinations. The property is well-maintained, showcasing an open grass courtyard, an on-site laundry facility that yields a steady flow of income with open and carport parking.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$457,416
|
$33.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$13,722
|
$0.99
|
| Effective Gross Income |
$443,694
|
$32.01
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$138,487
|
$9.99
|
| Net Operating Income |
$305,207
|
$22.02
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $457,416 |
| Annual Per SF | $33.00 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $13,722 |
| Annual Per SF | $0.99 |
| Effective Gross Income | |
|---|---|
| Annual | $443,694 |
| Annual Per SF | $32.01 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $138,487 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $305,207 |
| Annual Per SF | $22.02 |
Property Facts
| Price | $4,998,000 | Apartment Style | Garden |
| Price Per Unit | $249,900 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.88 AC |
| Cap Rate | 6.11% | Building Size | 13,859 SF |
| Gross Rent Multiplier | 10.93 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1950 |
| Property Subtype | Apartment | Parking Ratio | 1.2/1,000 SF |
| Price | $4,998,000 |
| Price Per Unit | $249,900 |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| Gross Rent Multiplier | 10.93 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.88 AC |
| Building Size | 13,859 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1950 |
| Parking Ratio | 1.2/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Range
- Tub/Shower
Site Amenities
- Courtyard
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $1,759 | 600 |
| 2+2 | 3 | $2,126 | 1,000 |
| 3+2 | 1 | $3,200 | 1,250 |
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Bike Score ®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 5838-040-010 | Improvements Assessment | $602,732 |
| Land Assessment | $557,521 | Total Assessment | $1,160,253 |
PROPERTY TAXES
Parcel Number
5838-040-010
Land Assessment
$557,521
Improvements Assessment
$602,732
Total Assessment
$1,160,253
zoning
| Zoning Code | RM32, Pasadena |
| RM32, Pasadena |
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485 E Washington Blvd
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