1135-1139 N Summit Ave
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1135-1139 N Summit Ave
2 Unit Apartment Building $1,499,000 ($749,500/Unit) 5.09% Cap Rate Pasadena, CA 91103
EXECUTIVE SUMMARY
Beautifully renovated 2 houses on a large 7500 SF corner lot with one car garage and additional on-site parking; potential to add ADU. Corner lot; houses sit side by side with frontage along Summit Ave and allow for completely independent living and privacy for both homes. Currently fully occupied. Corner building (1135 N. Summit) is a large one bedroom, loft work/live space with two onsite parking spaces in the rear. 1139 N. Summit is a classic California bungalow with 2 bedrooms and one bath and large deck in rear with a one car detached garage. Vintage details were maintained in the renovation. Both buildings separately metered. Currently a 5.09 cap, with the addition of an ADU, the cap jumps to 6.28. Please see pro-forma attached. 1135 N. Summit - signing new lease at $4,000 monthly. 1139 N. Summit - tenant will be vacating end of February, was rented for last 2 years at $4,550 monthly. Tenants pay all utilities. Landlord not responsible for any utilities.
PROPERTY FACTS
| Price | $1,499,000 | Building Class | C |
| Price Per Unit | $749,500 | Lot Size | 0.17 AC |
| Sale Type | Investment | Building Size | 2,100 SF |
| Cap Rate | 5.09% | No. Stories | 1 |
| No. Units | 2 | Year Built/Renovated | 1912/2024 |
| Property Type | Multifamily | Parking Ratio | 2.38/1,000 SF |
| Property Subtype | Apartment |
| Price | $1,499,000 |
| Price Per Unit | $749,500 |
| Sale Type | Investment |
| Cap Rate | 5.09% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 2,100 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1912/2024 |
| Parking Ratio | 2.38/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Storage Space
SITE AMENITIES
- Courtyard
- Fenced Lot
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 1 | - | 1,490 |
| 1+1 | 1 | - | 1,230 |
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Walk Score®
Very Walkable (71)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 5728-002-015 | Improvements Assessment | $178,481 |
| Land Assessment | $557,758 | Total Assessment | $736,239 |
PROPERTY TAXES
Parcel Number
5728-002-015
Land Assessment
$557,758
Improvements Assessment
$178,481
Total Assessment
$736,239
ZONING
| Zoning Code | RM-12 (RM-12 zoning - Multi-Family Residential – Two Units Per Lot plus possibility to add additional ADU, Low-Medium Density Residential.) |
| RM-12 (RM-12 zoning - Multi-Family Residential – Two Units Per Lot plus possibility to add additional ADU, Low-Medium Density Residential.) |
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Presented by
The Avi-Ross Group, LLC
1135-1139 N Summit Ave
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