221 Raymond Ave - Apartments FOR SALE


Pasadena, CA 91103
$5,120,000 USD
714-423-3819
221 Raymond Ave, Pasadena, CA for Sale
$5,120,000 USD
Apartments - FOR SALE
1/37
null | 5.27% Cap Rate

221 Raymond Ave
Pasadena, CA 91103


HIGHLIGHTS

  • The property is protected from auto-reassessment after sale under the Mills Act. Property tax are currently set at just $22,325 per year
  • Estimated saving under the Mills Act are $30,000 annually. In essence adding the income of an additional one-bedroom unit, with no expenses.
  • Attractive in-place offering actual CAP Rate of 4.63% With a ProForma CAP Rate of 5.27% / 2017 Historic Preservation Award
  • Three (3) two-story, two-bedroom, two-and-one half bathroom units (2B2.5B) + bonus room in master bedroom.
  • Tenants have access to offsite parking at the Marriott, with several additional local options available for more affordable solutions
  • Individually metered for all utilities. Water submetering is in place. Currently master-metered for water, 9 individual water meters in place.

OVERVIEW

(MILLS ACT PROTECTED PROPERTY) The Historic Fannie Bonham Row House at 221 N Raymond Ave, Pasadena, CA, is a meticulously restored property and the only remaining example of rowhouse construction in the city! The property features a desirable unit mix, including six (6) single-story, 1-bedroom, 1-bathroom units, and three (3) townhouse-style, 2-bedroom, 2.5-bathroom units. Each townhouse unit also includes a bonus room in the master bedroom, offering flexible space ideal for a nursery, home office, or additional bedroom. This historic building underwent an extensive restoration to preserve its original architectural details while modernizing essential key building systems. Jackson Milling & Lumber, Inc. contributed significantly to this effort, utilizing custom-milled Douglas fir to replace wood siding & replicate intricate crown moldings true to the materials used in the original construction. Additionally, American Window Restoration repaired or replaced all windows to maintain historical accuracy. This dedication to preserving the building's heritage earned it a Historic Preservation Award from the City of Pasadena and recognition from then-Senator Anthony Portantino.

FOR SALE DETAILS

PRICE

$5,120,000 USD

PRICE/SF

$598 USD /SF

# OF UNITS

9

PRICE/UNIT

$568,889

CAP RATE

5.27%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1898

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.17 AC

LAND SF

7,405 SF

ZONING

PSC-

APN/PARCEL ID

5723-001-019

ASK ABOUT THIS PROPERTY

Anthony LeLe Investment GroupMore Info
714-423-3819

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Anthony LeLe Investment GroupMore Info
714-423-3819

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