261 N Oak Ave - TURNKEY 2 Mid-Century-Modern Houses - Vacant 2 Unit Apartment Building Offered at $1,938,727 CAD at a 7.35% Cap Rate Pasadena, CA 91107

2 TURNKEY MID-CENTURY-MODERN HOUSES (VACANT) on Large Lot –Brand New Back House RE-Built in 2025, Front Houses Beautifully Upgraded - Allows Additional 2 ADUs. Extremely High Proforma CAP Rate 7.35%! Perfect Blank Canvas for Owner User or Investors.
Growth Investment Group Pasadena is proud to offer 261-263 N Oak Ave, a 2 Mid-Century-Modern designer house situated on a large lot within the central Pasadena area - south of the 210 Freeway and minutes to Old Pasadena. This offering currently includes two distinct residences totaling ±2,057 SF on a deep ±8,737 lot, with clear upside to add 2 ADUs. With excellent high-proforma CAP Rate of 7.35%, this extremely rare offering provides new owner with perfect blank canvas to either use this as an investment or owner-user.
The property is situated on a quiet residential area close to almost all amenities city of Pasadena has to offer. It offers excellent curb appeal with very attractive and low maintenance drought-tolerant landscaping. The back house was completed in March 2025 (BUYER TO VERIFY) and re-built with excellent taste and designer finishes. Built with modern architecture techniques, it features multiple decks for tenants to use, providing a cozy living atmosphere. The unit also has hard wood floors, a wide-open living room layout, a spacious kitchen setup, and a bedroom that has doors leading directly to the backyard patio area. It is a 2 bedroom + 2 bathroom ±1300SF (BUYER TO VERIFY) house complete with entry foyer, open floor design, in-unit laundry, a private backyard deck, and so much more! The living area has attractive designer lighting, wood slate wall paneling in the dining area, farmhouse style kitchen sink, and stainless-steel kitchen appliances. The 2 bathrooms have high-end finishes with freestanding tub, bidet toilet seats, shower stall, and tiled shower/tub.
The front house is a 2bedroom + 1bathroom that was built in 1913 and was completely renovated with permits in 2023. It has about ±760SF (BUYER TO VERIFY) living space, wood covered ceiling, wood paneled wall covering, barnyard door that leads to fully upgraded kitchen, and beautifully upgraded high-end bathroom complete with freestanding bathtub and shower. It has a private backyard area tiled with beautiful outdoor tiles and fenced off with privacy screens. Other features include hard wood flooring, vintage kitchen layout, an open living room setup, a gravel yard with native plants and a clean stone path to the front door. Both units are separately metered for gas and electricity.
LOCATION AMENITIES & ACCESS
The property is located within the Lamanda park area (near Pasadena City College and California Institute of Technology), south of the 210 Freeway, and only minutes to Hastings Ranch. Boasting a Walk Score of 81 with SUPERB demographics, 261 N Oak Ave offers a superior location with easy access to FWY 210 and FWY 134. It is approximately 2 miles away from the Pasadena Playhouse District, and around ±2.9miles from Old Town Pasadena. It is also just minutes from The Huntington Library, The Pasadena Convention Center, Norton Simon Museum, Pacific Asia Museum, and all shopping and dining in the area. With its superb access to the 210 FWY, it offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via the 134 Freeway. 261 N Oak Ave provides immediately livability with future upside, a rare, flexible opportunity to invest in one of Pasadena’s highly sought-after areas.