1823 Ramona Ave - Apartments FOR SALE


South Pasadena, CA 91030
$2,625,000 USD
626-429-0685
1823 Ramona Ave, South Pasadena, CA for Sale
$2,625,000 USD
Apartments - FOR SALE
1/15
null | 3.77% Cap Rate

1823 Ramona Ave
South Pasadena, CA 91030


OVERVIEW

Ramona Gardens is a true pride of ownership, 4-unit, 2-story multifamily building located at 1823-1829 Ramona Avenue in South Pasadena, CA. Built in 1922, the property is 5,612 SF on a 12,026 SF lot. The unit mix consists of three 2-bedroom, 1-bathroom units and one 2-bedroom, 1.5-bathroom unit. Each unit is oversized, featuring original hardwood floors or vinyl plank flooring, fireplaces, large dining rooms, and in-unit laundry rooms with washer/dryer hookups. The kitchens have had various upgrades with granite counters, dishwashers, gas stoves, ovens, and tile floors, while the bathrooms have been similarly upgraded. All units are equipped with central A/C and heat, and have been fitted with updated fixtures, hardware, and lighting. Units 1825 & 1827 have older upgrades since tenants have been there longer. The property is individually metered utilities for gas, electricity, and hot water, with the owner covering water, sewer, and trash expenses. There are 4 single-car garages, a storage room, and a concrete driveway and parking area. The electrical sub-panels have been upgraded, and the roof is a slightly pitched rolled composition roof. The property is subject to statewide rent control under AB 1482, and South Pasadena has a "Just Cause for Eviction Ordinance" that became permanent in December 2023. This building offers modern upgrades while preserving its original charm, making it a promising investment opportunity. Property is fully occupied, tenants do not know the property is for sale. Contact listing agent directly for showings. Drive by only.

FOR SALE DETAILS

PRICE

$2,625,000 USD

PRICE/SF

$468 USD /SF

# OF UNITS

4

PRICE/UNIT

$656,250

CAP RATE

3.77%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Ramona Gardens

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1922

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

12,026 SF

ZONING

SPR310000*

APN/PARCEL ID

5319-021-007

ASK ABOUT THIS PROPERTY

Kevin LutzKW CommercialMore Info
626-429-0685

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Kevin LutzKW CommercialMore Info
626-429-0685

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.