518 S Sierra Madre Blvd 11 Unit Apartment Building $3,823,848 CAD ($347,623 CAD/Unit) 5.65% Cap Rate Pasadena, CA 91107

Located within the Unincorporated Los Angeles section of Pasadena at the border of San Marino, situated between San Pasqual Ave and California Blvd, 518 S Sierra Madre Blvd, Pasadena, CA 91107 is a charming 1950 built well maintained eleven (11) unit apartment building.
Situated on 0.26 acres of land with an approximate rentable square feet of 8,091, the eleven (11) units consists of eight (8) 1+1 units and three (3) 2+1 units. The units feature open floor plans with great natural light, wood and/or wood like flooring, ample closet space, wall a/c and gas heaters.
The building has a charming curb appeal with a lush courtyard that has fruit trees and mature landscaping which add to the quiet and picturesque environment. The property features a laundry room with two (2) washers and two (2) dryers. Adjacent to the laundry room is an outdoor sitting area with fruit trees and succulent plants. There are six (6) garages that will be delivered vacant at the close of escrow. The new owner has the opportunity to rent as storage or parking to existing and/or future tenants.
Recent upgrades to the property include but are not limited to a new roof (approximately 1 year old), copper plumbing (vertical/horizontal), new windows (Southside of property), partial upgraded electrical, and new paint.
Current rents are approximately 15% below market, providing the owner an opportunity to improve the income over time as the opportunity presents itself. 518 S. Sierra Madre is a rare opportunity for an investor to acquire a very well maintained, upgraded apartment building in a desirable and historically sought after rental market.