926 N Summit Ave
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926 N Summit Ave
4 Unit Apartment Building $2,295,000 ($573,750/Unit) 3.86% Cap Rate Pasadena, CA 91103
Investment Highlights
- Located in a very low-density neighborhood of Pasadena
- Major Renovations have been Completed
- Capital Improvements Include New Roofs, New Electrical, New Plumbing
- Average House Value is $1MM Plus (within .3 miles
- New Interiors and quality upgrades to the entire unit
- Potential to Add Additional Units- Maximum of 4 (1 Bedroom 1 Bath) units or 1,600 RSF
Executive Summary
A Rare Investment Opportunity in Vibrant Pasadena
Nestled in the heart of Pasadena, this property captures the essence of the city’s rich cultural heritage, celebrated architecture, and dynamic arts scene. Renowned for its diverse community, world-class museums, and commitment to sustainability, Pasadena offers an exceptional lifestyle that attracts both residents and visitors year-round.
Originally constructed in 1896, this historic building has been meticulously renovated to seamlessly blend classic charm with modern convenience. Recent upgrades completed in 2024 include:
Brand-new plumbing systems
Enhanced electrical infrastructure
Freshly painted exteriors
New vinyl fencing
Reconstructed roofs throughout
These enhancements provide a contemporary living experience while preserving the property’s timeless character.
The property features a versatile unit mix designed to meet various tenant needs:
1 x 1-Bedroom, 1-Bathroom unit
1 x 2-Bedroom, 1-Bathroom unit
2 x 3-Bedroom, 1-Bathroom units
This diversity appeals to singles, couples, and families alike, ensuring robust rental demand and strong cash flow potential.
Situated on an expansive 10,014-square-foot lot, the property offers significant development potential. Zoning allows for the addition of four 1-Bedroom, 1-Bathroom units, adding approximately 1,600 square feet of rentable space. This opportunity for expansion enhances both revenue streams and long-term investment value.
Pasadena’s strategic location near Los Angeles, combined with its unparalleled amenities, supports a thriving rental market. With a steady influx of residents seeking high-quality housing in a vibrant community, this property is positioned for strong occupancy rates and consistent rental income.
This newly renovated multifamily property presents a rare chance to invest in a sought-after Pasadena neighborhood. With its blend of historic elegance, modern upgrades, and potential for future growth, it offers a compelling opportunity for appreciation and sustained cash flow.
Don’t miss out on this prime investment opportunity in one of Southern California’s most desirable cities.
Nestled in the heart of Pasadena, this property captures the essence of the city’s rich cultural heritage, celebrated architecture, and dynamic arts scene. Renowned for its diverse community, world-class museums, and commitment to sustainability, Pasadena offers an exceptional lifestyle that attracts both residents and visitors year-round.
Originally constructed in 1896, this historic building has been meticulously renovated to seamlessly blend classic charm with modern convenience. Recent upgrades completed in 2024 include:
Brand-new plumbing systems
Enhanced electrical infrastructure
Freshly painted exteriors
New vinyl fencing
Reconstructed roofs throughout
These enhancements provide a contemporary living experience while preserving the property’s timeless character.
The property features a versatile unit mix designed to meet various tenant needs:
1 x 1-Bedroom, 1-Bathroom unit
1 x 2-Bedroom, 1-Bathroom unit
2 x 3-Bedroom, 1-Bathroom units
This diversity appeals to singles, couples, and families alike, ensuring robust rental demand and strong cash flow potential.
Situated on an expansive 10,014-square-foot lot, the property offers significant development potential. Zoning allows for the addition of four 1-Bedroom, 1-Bathroom units, adding approximately 1,600 square feet of rentable space. This opportunity for expansion enhances both revenue streams and long-term investment value.
Pasadena’s strategic location near Los Angeles, combined with its unparalleled amenities, supports a thriving rental market. With a steady influx of residents seeking high-quality housing in a vibrant community, this property is positioned for strong occupancy rates and consistent rental income.
This newly renovated multifamily property presents a rare chance to invest in a sought-after Pasadena neighborhood. With its blend of historic elegance, modern upgrades, and potential for future growth, it offers a compelling opportunity for appreciation and sustained cash flow.
Don’t miss out on this prime investment opportunity in one of Southern California’s most desirable cities.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,295,000 | Property Subtype | Apartment |
| Price Per Unit | $573,750 | Apartment Style | Low Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 3.86% | Lot Size | 0.23 AC |
| Sale Conditions | 1031 Exchange | Building Size | 5,811 SF |
| Gross Rent Multiplier | 17.6 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1896/2021 |
| Price | $2,295,000 |
| Price Per Unit | $573,750 |
| Sale Type | Investment |
| Cap Rate | 3.86% |
| Sale Conditions | 1031 Exchange |
| Gross Rent Multiplier | 17.6 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.23 AC |
| Building Size | 5,811 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1896/2021 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,695 | - |
| 2+1 | 1 | $2,695 | - |
| 3+1 | 2 | $3,233 | - |
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Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (86)
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926 N Summit Ave
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