Sharlotte Apartments | 780 Earlham St
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Sharlotte Apartments 780 Earlham St
16 Unit Apartment Building $5,600,000 ($350,000/Unit) 5.67% Cap Rate Pasadena, CA 91101
Investment Highlights
- Multi-Generational Asset, First Time on The Market In 48 Years
- 5.7% Cap on Current, 7.1% Cap on Market
- New Roof Installed in 2021, Seismic Retrofit Completed, Electric Panels Replaced, All Balconies and Decks Have Been Reinforced
- Excellent Unit Mix Consisting of Majority 2-Bedroom 2-Bath Units
- Meticulously Maintained and in Turnkey Condition
Executive Summary
We are pleased to present Sharlotte Apartments, a 16-unit apartment community in Pasadena, CA. This property features an excellent unit mix consisting of majority 2-bedroom 2-bath units with balconies/patios, gated entry, covered parking, individual gas and electric meters, and a sparkling pool. The building has undergone several exterior upgrades such as soft story retrofitting, reinforced balconies & decks, all new windows, new electric panels, and a new roof (2021). The interiors have been tastefully renovated with granite countertops, new cabinetry, stainless steel appliances, recessed LED lighting, laminate wood flooring or new carpet, and upgraded bathrooms. This multigenerational asset has been meticulously maintained throughout ownership and is on the market for the first time in 48 years. With strong in-place rents, the property generates a current cap rate of 5.7%, 7.1% with market rents, offering an investor roughly 20% upside in rental income. This trophy asset is ideal for investors seeking a well-maintained, well-located turnkey asset with upside potential and no differed maintenance.
Property Facts
| Price | $5,600,000 | Apartment Style | Low Rise |
| Price Per Unit | $350,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.38 AC |
| Cap Rate | 5.67% | Building Size | 14,468 SF |
| Gross Rent Multiplier | 11.66 | No. Stories | 2 |
| No. Units | 16 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.45/1,000 SF |
| Property Subtype | Apartment |
| Price | $5,600,000 |
| Price Per Unit | $350,000 |
| Sale Type | Investment |
| Cap Rate | 5.67% |
| Gross Rent Multiplier | 11.66 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.38 AC |
| Building Size | 14,468 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.45/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $2,084 | 650 |
| 2+2 | 12 | $2,576 | 950 |
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 5731-016-019 | Improvements Assessment | $3,216,605 |
| Land Assessment | $1,769,131 | Total Assessment | $4,985,736 |
PROPERTY TAXES
Parcel Number
5731-016-019
Land Assessment
$1,769,131
Improvements Assessment
$3,216,605
Total Assessment
$4,985,736
zoning
| Zoning Code | PSR1 |
| PSR1 |
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Sharlotte Apartments | 780 Earlham St
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