Homes for sale - 425 North Raymond Avenue, Pasadena, CA 91103

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Cris Epstein

[email protected] +1(818) 269-4377

Listed by Han Chen • Growth Investment Group Pasade

$ 3,265,000

Est. payment -/mo

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Active

425 North Raymond Avenue Pasadena, CA 91103

5,001 SqFt

UPDATED:

12/11/2024 01:47 AM

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 5,001 sqft

Price per Sqft $652

MLS Listing ID AR-24210715

Style Mid Century Modern

Year Built 1947

Lot Size 9,905 Sqft

Property Description

RAYMOND SEVEN, a 7-unit Turnkey Garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. With full renovation recently completed and full occupancy with market rents, this offering provides a highly cash flowing building without doing any work. Offered at a very attractive 5.32% CAP Rate and low 13.88x GRM, this offering provides an excellent Cash-on-cash return (over 5%) on a full Turnkey building where owner does not have to worry about renovating units, dealing with low-rent tenants, or any deferred maintenance. Current owner has spent enormous time and capital in fully upgrading the building including replacing the mechanical, electrical, plumbing, and roof. They have upgraded the building with new railings, stucco changes, stairway & walkway repair, exterior painting, landscaping, new windows, structural and foundation support, and all units upgraded. The building is fully occupied with market rate tenants and providing excellent rental income close to market. The property is in a quiet and mature residential area surrounded by SFR houses across the street and duplex/fourplex on each side. It is only 2 blocks north of the Old Town Pasadena and minutes away from most of the major attractions in the City of Pasadena including Rose Bowl area. FWY 210 and FWY 134 is less than a minute away from the property. The property was built in 1947, has ?5,001 SF building size and is situated on a ?9,902 SF lot size. It has a superb curb appeal with a large lawn and parking area in the front with the main building sits in the back part of the lot - providing extra sound barrier and privacy to tenants. It offers an attractive unit mix of four (4) x 2bed+1bath, 1 x Penthouse 1bed+1bath, and two (2) x 1bed+1bath units. The Penthouse unit occupies the entire 3rd floor with excellent view of Pasadena area. Each unit has been fully upgraded from top to bottom with brand-new everything (flooring, lighting, kitchen, and bathroom). It has in-unit laundry machines and stainless-steel kitchen appliances. Two of the 2nd floor units have private balcony, and the Penthouse has private balcony with views. Several units have large bedrooms and/or kitchens, and some units have had some upgrades which include updated vinyl wood plank/flooring. All units have smooth ceilings. The property is separately metered for electricity and serviced by a master water heater. Parking is provided by an open space parking in front.

Location

State CA

County Los Angeles

Zoning PSR1

Interior

Interior Features Balcony

Heating Wall Furnace, ENERGY STAR Qualified Equipment, High Efficiency

Cooling High Efficiency, Wall/Window Unit(s)

Flooring Vinyl, Wood

Fireplaces Type None

Laundry Dryer Included, Inside, Washer Included

Exterior

Parking Features Asphalt, Driveway

Pool None

Community Features Suburban, Valley

Utilities Available Sewer Connected, Water Connected, Cable Available, Electricity Connected, Natural Gas Connected, Phone Available

Building

Lot Description Landscaped, Lawn, Level, Level with Street, Lot 6500-9999, Near Public Transit, Rectangular Lot

Sewer Public Sewer

Cris Epstein

Advisor | License ID: 01385089

+1(818) 269-4377

Cris Epstein

425 North Raymond Avenue Pasadena, CA 91103

Key Details

Location

Interior

Exterior

Building

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425 North Raymond Avenue