265 N Oakland Ave - Apartments FOR SALE


Pasadena, CA 91101- Playhouse Village
$10,500,000 USD
909-418-2071
265 N Oakland Ave, Pasadena, CA for Sale
$10,500,000 USD
Apartments - FOR SALE
1/65
null | 4.79% Cap Rate

265 N Oakland Ave
Pasadena, CA 91101
Playhouse Village


HIGHLIGHTS

  • Renovated Asset located in Pasadena’s Playhouse District
  • Excellent Walkability just Steps from All Retail Amenities along Colorado Blvd
  • Master Lease in Place – Offers 100% Collections, Zero Vacancies, and up to 5% Annual Rent Increases Until June 2026
  • 3, 1-Year Option Periods with Increases through 2029
  • Master Lease Allows for Minimized Management Responsibilities and Below Market Expenses
  • Ample On-Site Parking with ADU Possibilities via Vacant Carports

OVERVIEW

CBRE, Inc., As The Exclusive Advisor, is Proud To Present 265 N Oakland Ave – A 19-Unit Multifamily Community Located Just Steps From Colorado Blvd. In Pasadena, CA. The property is located south of the 210-fwy near the corner of Los Robles Ave and Walnut St, just 1-block away from Colorado Blvd where all of Pasadena’s retail and entertainment collide. The property has undergone extensive rehab in the last several years. Aside from all units being fully rehabbed, additional upgrades to the property like in-unit washer and dryers, soft-story retrofitting, and keyless entry locks have also been added. Tenants at the property also enjoy secured access, gated parking, and private balconies in select units. The property is currently leased to students at Providence Christian College, whom has master leased the property for the last 5 years. Throughout the lease, ownership benefits from 100% collections every month, zero vacancy, and up to 5% increases in monthly rent every year. The tenant assumes responsibilities that most landlords typically inherit, which allows for minimized landlord responsibilities with strong and reliable cash flow. Currently there is over 1 year remaining on the lease with 3 additional 1-year options with built-in rent increases. 265 N Oakland Ave is a 19-unit multifamily property with ±14,192 SF of rentable building space. The property sits on over ±20,000 SF of land and offers ample parking and community area. The units consist of 15, 1-Bedroom/1-Bathroom and 4, large 2-Bedroom/1-Bathroom units. Based on the master lease in-place, the units average over $3,000 per month. On average, these units will rent slightly below that if leased traditionally, which allows an investor to cash flow stronger than competing apartment communities nearby. There is additional revenue potential through the addition of 2 ADUs (buyer to verify with city). This opportunity can be an excellent fit for an exchange buyer entering the multifamily market in Pasadena and capitalizing on the benefits of the master lease in-place. The property is located south of the 210-fwy near the corner of Los Robles Ave and Walnut St, just 1-block away from Colorado Blvd where all of Pasadena’s retail and entertainment collide. The property has undergone extensive rehab in the last several years. Aside from all units being fully rehabbed, additional upgrades to the property like in-unit washer and dryers, soft-story retrofitting, and keyless entry locks have also been added. Tenants at the property also enjoy secured access, gated parking, and private balconies in select units. The property is currently leased to students at Providence Christian College, whom has master leased the property for the last 5 years. Throughout the lease, ownership benefits from 100% collections every month, zero vacancy, and up to 5% increases in monthly rent every year. The tenant assumes responsibilities that most landlords typically inherit, which allows for minimized landlord responsibilities with strong and reliable cash flow. Currently there is over 1 year remaining on the lease with 3 additional 1-year options with built-in rent increases. 265 N Oakland Ave is a 19-unit multifamily property with ±14,192 SF of rentable building space. The property sits on over ±20,000 SF of land and offers ample parking and community area. The units consist of 15, 1-Bedroom/1-Bathroom and 4, large 2-Bedroom/1-Bathroom units. Based on the master lease in-place, the units average over $3,000 per month. On average, these units will rent slightly below that if leased traditionally, which allows an investor to cash flow stronger than competing apartment communities nearby. There is additional revenue potential through the addition of 2 ADUs (buyer to verify with city). This opportunity can be an excellent fit for an exchange buyer entering the multifamily market in Pasadena and capitalizing on the benefits of the master lease in-place.

FOR SALE DETAILS

PRICE

$10,500,000 USD

PRICE/SF

$740 USD /SF

# OF UNITS

19

PRICE/UNIT

$552,632

CAP RATE

4.79%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

19

LAND DETAILS

LAND ACRES

0.46 AC

LAND SF

20,001 SF

ZONING

CD-3

APN/PARCEL ID

5723-005-036

ASK ABOUT THIS PROPERTY

Eric ChenCBRE, Inc.More Info
909-418-2071

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Eric ChenCBRE, Inc.More Info
909-418-2071

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