679 Earlham St
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679 Earlham St
8 Unit Apartment Building $2,380,000 ($297,500/Unit) 5.94% Cap Rate Pasadena, CA 91101
Investment Highlights
- First Time on the Market in Over 16 Years
- High In-Place Cap Rate of 5.9%, 7.9% with Market Rents
- Desirable Unit Mix Consisting of Spacious 1, 2, and 3-Bedroom Units
- Value-Add Opportunity with Approximately 22% Upside
Executive Summary
We are pleased to present Earlham Apartments, an excellent value-add, 8-unit apartment complex in Pasadena, CA. The property offers a desirable unit mix of spacious 1, 2, and 3-Bedroom units with amenities such as laminate wood flooring, stainless steel sinks, quartz countertops, electric stoves, and upgraded bathrooms. The apartment building is a gated community on a palm tree lined road and features covered parking spaces, one garage, individual gas and electric meters, copper plumbing, and a shared laundry facility. The property offers an investor the opportunity to acquire a value-add property with 22% upside, generating a 5.9% cap rate with current rents, 7.9% with market rents.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$197,519
|
$31.40
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$56,083
|
$8.91
|
| Net Operating Income |
$141,436
|
$22.48
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $197,519 |
| Annual Per SF | $31.40 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $56,083 |
| Annual Per SF | $8.91 |
| Net Operating Income | |
|---|---|
| Annual | $141,436 |
| Annual Per SF | $22.48 |
Property Facts
| Price | $2,380,000 | Apartment Style | Low Rise |
| Price Per Unit | $297,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 5.94% | Building Size | 6,291 SF |
| Gross Rent Multiplier | 11.69 | Average Occupancy | 97% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.75/1,000 SF |
| Price | $2,380,000 |
| Price Per Unit | $297,500 |
| Sale Type | Investment |
| Cap Rate | 5.94% |
| Gross Rent Multiplier | 11.69 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 6,291 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.75/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | $1,729 | 650 |
| 2+1 | 4 | $2,000 | 850 |
| 3+2 | 1 | $2,550 | 1,000 |
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Walk Score®
Very Walkable (84)
Bike Score®
Very Bikeable (89)
PROPERTY TAXES
| Parcel Number | 5731-014-006 | Improvements Assessment | $510,047 (2024) |
| Land Assessment | $1,147,619 (2024) | Total Assessment | $1,657,666 (2024) |
PROPERTY TAXES
Parcel Number
5731-014-006
Land Assessment
$1,147,619 (2024)
Improvements Assessment
$510,047 (2024)
Total Assessment
$1,657,666 (2024)
zoning
| Zoning Code | RM12, Pasadena |
| RM12, Pasadena |
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679 Earlham St
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