The Washington Courtyard Apartments 518 E Washington Blvd 9 Unit Apartment Building $4,237,514 CAD ($470,835 CAD/Unit) 6.08% Cap Rate Pasadena, CA 91104

The Washington Courtyard Apartments present a well-maintained, 9-unit garden-style property comprised of a two-story building constructed in 1961, featuring a pitched composition shingle roof and slab foundation. The property offers both gated entry and parking, with a total of nine spaces including eight detached carports and one tuck-under space. Situated on a 15,442 SF lot, the property encompasses approximately 8,406 SF with a unit mix of five 2-bedroom/1-bath units, three townhouse-style 2-bedroom/1.5-bath units, and one 3-bedroom/1-bath unit (originally a 2-bedroom unit converted without permits). The property has benefited from extensive capital improvements, including copper re-piping of all units in 2020 and comprehensive sewer line upgrades with Perma-Liner technology. Interior upgrades across units include vinyl flooring, stone kitchen countertops, updated appliances, recessed lighting, modern fixtures, ceiling fans, and select mirrored closet doors, with units 3, 6, and 8 featuring fully renovated kitchens with new cabinetry. Additional improvements include the replacement of 56% of windows and 60% of sliding doors with vinyl in 2021, upgraded electrical sub-panels and main panels, and recently installed tankless water heaters (2026). Residents benefit from individually metered gas and electricity, central heating in all units, and a mix of wall A/C units and mini-splits, with one unit featuring full central HVAC. The property also includes an on-site laundry facility with owned machines. Exterior upgrades include a replaced second-floor walkway decking and railing baseplates (2018), as well as a newly replaced carport roof (2025). The main building roof, approximately 20 years old, has been consistently maintained. The property is subject to Pasadena’s Measure H rent control ordinance and has completed its SB 721 inspection, with only minor maintenance recommended, which will be completed by the seller—making this a turnkey investment opportunity with strong in-place improvements and long-term upside potential.