Prime 7-unit near Old Town Pasadena, Positive Leverage Deal at 5.86% CAP, Penthouse can be delivered vacant, Adjacent to a future Large Redevelopment Project on Fair Oaks Ave. Garden style apartment investment opportunity located in the highly desirable City of Pasadena – Great location only 2 blocks north of Old Town Pasadena! 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 ±5.86% CAP Rate and low ±12.12x GRM, this offering provides an excellent Cash-on-cash return on a full Turnkey building.
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. ADU Upside on large lot!
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. ADU Upside on large lot!
Property Details
Price:
$2,850,000
MLS #:
AR25093075
Status:
Active
Baths:
0
Address:
425 N Raymond Avenue
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
647pasadenasw
City:
Pasadena
Listed Date:
Apr 28, 2025
State:
CA
ZIP:
91103
Lot Size:
9,905 sqft / 0.23 acres (approx)
Year Built:
1947
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Schools
Interior
Appliances
Dishwasher, Disposal, Gas Range, Range Hood, Refrigerator
Cooling
Wall/ Window Unit(s)
Flooring
Laminate, Wood
Heating
Wall Furnace
Laundry Features
Dryer Included, Gas Dryer Hookup, Washer Hookup, Washer Included
Exterior
Architectural Style
Mid Century Modern
Community Features
Suburban, Valley
Parking Features
Assigned, Driveway, Asphalt
Parking Spots
9.00
Roof
Flat
Financial
Map
Community
- Address425 N Raymond Avenue Pasadena CA
- Area647 – Pasadena (SW)
- CityPasadena
- CountyLos Angeles
- Zip Code91103
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425 N Raymond Avenue
Pasadena, CA
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