SELLING at A LOSS! 6.3% CAP Rate by PCC 31 N Parkwood Ave 20 Unit Apartment Building $6,985,062 CAD ($349,253 CAD/Unit) 6.30% Cap Rate Pasadena, CA 91107

Priced at a LOSS for FAST CLOSE (Seller Retiring)! Rare 6.30% CAP 20-Unit Turnkey Portfolio in Prime Central Pasadena – Steps from PCC & Caltech, Fully Upgraded, In-Unit Laundry, Zero Relocation Hassles, Built-In Tenant Demand.
Growth Investment Group California is proud to offer the exclusive listing of 31 N Parkwood and 1837 E Colorado Blvd, a premier 20-unit apartment portfolio located in the heart of Pasadena, CA. Situated just steps from Pasadena City College (PCC) and blocks from the California Institute of Technology (Caltech), this portfolio represents a rare convergence of Turnkey Condition and High Yield Returns (±6.30% Cap Rate) in a high-barrier-to-entry market.
The Seller is highly motivated and retiring, offering this asset at a price significantly below their acquisition cost. This is a unique chance for an investor to step into a stabilized, high-cash-flow asset immediately, bypassing the capital exposure and time delays of renovation. Combine that with fully upgraded units featuring in-unit laundry, market rents already in place, and zero relocation expense, and you get strong Day-1 cash flow plus long-term appreciation in a supply-constrained, high-demand submarket.
Both properties have been completely upgraded, and each unit has been beautifully upgraded - complete with in-unit laundry machines (seller own). Since this investment consists of 2 properties, new owner does not require an on-site manager. Due to its super strategic location, this investment has a built-in pool of renters (CALTECH students/workers, and PCC International students), making it an easy property to rent with minimum repairs needed.
31 N Parkwood is an 8-unit garden style 2-story apartment that was built in 1958. It has 5,322 SF living space, and situated on a 10,100 SF R3 zone lot. It has a good unit mix of 1 x 3bed+2bath, and 7 x 1bed+1bath units. All the units have been fully upgraded (brand new flooring, new kitchen – with dishwasher, new bathroom, stainless steel appliances, and in-unit laundry machines).
1837 E Colorado is a 12-unit highly desirable single-story apartment with lush drought tolerant landscaping in the front that was built in 1923. It has 4,608 SF living space, and situated on a 8,994 SF MU-C (Commercial) zone lot. It has a perfect unit mix ALL 1bed+1bath units – perfect for young professionals or PCC International Students or CALTECH students and/or workers/researchers. All the units have been fully upgraded (brand new flooring, new kitchen – with dishwasher, new bathroom, stainless steel appliances, and in-unit laundry machines).
Both properties have secured gate entrance, security cameras installed in common area, all the parking spaces are located on the 31 N Parkwood lot complete with parking gate. All the windows have been upgraded with double pane windows; 1837 E Colorado has brand new drought-tolerant landscaping in the front. Parking is provided by 22 spaces (2 garage + 8 carport + 12 open space – 2 are tandem) – buyer to verify. Each unit is individually metered for electricity and gas, 1837 Colorado units have individual water heaters (7 recently replaced), and 31 N Parkwood has master water heaters.

LOCATION AMENITIES AND ACCESS
Both properties are located steps away from Pasadena City College and only several blocks north of CALTECH. It crosses Allen Ave and south of 210 FWY, making this a very desirable location. Old Town Pasadena and Lake Ave Shopping District are only minutes away. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographic of $128,929 average household income within a 1-mile radius. The property has superb access to FWY 210 and FWY 134 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connects to Downtown Los Angeles.