278 E Washington Boulevard

Pasadena, CA 91104

$11,300,000

List Price

N/A

bed Beds

N/A

shower Baths

N/A sqft

straighten / sqft

1964

calendar_month Built

Property Description

3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.05% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with ±46% LTV at 3.30% interest rates fixed until September 2026 – 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place ±6.05% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with ±19,002 SF building size and situated on a ±25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About ±70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows. The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.

Listing Information

List Price $11,300,000
Status Active
MLS AR24119082
HOA $0
Type Residential Income
Subtype Apartment
Year Built 1964
Lot Size 25,460
Structure Size N/A
DOM 63
Courtesy Of Growth Investment Group Pasade
Listing Agent Han Chen DRE#01749321

Interior Features

Laundry Information
Location(s) Washer Hookup, Gas Dryer Hookup
Total Bedroom
Bedrooms N/A
Total Bathroom
Bathrooms N/A
Flooring Information
Material Vinyl, Wood
Fireplace Information
Features None
Cooling Type
Cooling Type Wall/Window Unit(s)

Exterior Information

Maps

Listing information courtesy of: Han Chen, Growth Investment Group Pasade . *Based on information from the Association of REALTORS/Multiple Listing as of Jul 26th, 2024 at 10:48 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.