1910-1918 Lincoln Ave - Apartments FOR SALE


Pasadena, CA 91103
$3,800,000 USD
818-212-2738
1910-1918 Lincoln Ave, Pasadena, CA for Sale
$3,800,000 USD
Apartments - FOR SALE
1/9
null | 5.43% Cap Rate

1910-1918 Lincoln Ave
Pasadena, CA 91103


HIGHLIGHTS

  • 16-Unit Value Add Opportunity in Pasadena: Excellent 16-unit value add opportunity in Pasadena with current rents approximately 12% under market rate
  • Excellent Metrics: $237,500 price per unit / 5.43% cap rate and 11.66 GRM on current rents
  • Favorable Unit Mix: Excellent unit mix consisting of (2) two-bedroom/one-bathroom units, (12) one-bedroom/one-bathroom units and (2) studios
  • Walk Score 80: Property has Walk Score of 80 (very walkable) and it is just down the street from Homestate & Stumptown Coffee Roasters
  • Proximity to 210, 134 and 110 Freeways: Residents have easy commute to Downtown LA, Eagle Rock, Highland Park, La Cañada Flintridge
  • Located Near Public Transit (A Line): close in proximity to several of Pasadena’s A Line Stations providing convenient westbound access to DTLA

OVERVIEW

Marcus & Millichap is pleased to present 1910-1918 Lincoln Ave - two separate, eight unit (16) value-add apartment buildings located in Pasadena. This property offers an investor the opportunity to renovate common areas / unit interiors to increase current rents which are approximately 12% under market. The property features an excellent unit mix of (12) one-bedroom/one-bathroom units, (2) two-bedroom/one-bathroom units and (2) studios. The two buildings total to 8,430 square feet and sit on a 14,307 square foot lot zoned PSR1. Located just a couple of miles north of Old Town Pasadena in the Lincoln-Villa neighborhood, 1910-1918 Lincoln Ave boasts a walk score of 80 (very walkable) and is close in proximity to a variety of local gyms, markets, schools and eateries. This Pasadena neighborhood sits just east of the Rose Bowl and is a short drive away to La Cañada Flintridge and Altadena. Conveniently positioned near the 210, 134 and 110 freeways, residents have an easy commute to Downtown LA, Eagle Rock, Highland Park and the rest of the San Gabriel Valley. The property is also nearby several of Pasadena’s A Line Stations providing convenient westbound access to DTLA, Hollywood, Koreatown and LAX.

FOR SALE DETAILS

PRICE

$3,800,000 USD

PRICE/SF

$451 USD /SF

# OF UNITS

16

PRICE/UNIT

$237,500

CAP RATE

5.43%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1949

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.33 AC

LAND SF

14,375 SF

ZONING

PSR1

APN/PARCEL ID

5825-014-002,5825-014-003

ASK ABOUT THIS PROPERTY

Matt ZieglerMarcus & MillichapMore Info
818-212-2738

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Matt ZieglerMarcus & MillichapMore Info
818-212-2738

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