517 E Washington BLVD, Pasadena, CA 91104 – AR25146336

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Patricia Beattie

patricia@brivio.com +1(415) 286-8292

$3,800,000

Est. payment - /mo

0.48 Acres Lot

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Key Details

Property Type Apartment

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR25146336

HOA Y/N No

Year Built 1949

Lot Size 0.480 Acres

Property Sub-Type Apartment

Property Description

Pride-of-Ownership 10-unit (4 Houses & 2 Triplexes) on a large 21k SF R3 Zoned Lot, Excellent Unit Mix, Gated, Garage Parking, 1 House can be delivered vacant, 2 ADUs Upside. MONTANO VILLAS, a 10-unit garden style apartment investment opportunity located in the City of Pasadena, CA. This exceptional property comprises 4 bungalows/houses and 2 triplexes and is situated on a large ±20,911sf R3 lot. This value-add investment opportunity provides savvy investors with high-quality assets in a strong Pasadena submarket with significant rental upside potential and future expansion opportunities. The ownership had completed many significant capital improvements: Some of the major improvements are recently replaced roofs, new Central A/C and heating in each unit, new double pane windows throughout. An initial drawing for 2 ADU units would be included in the sale.

MONTANO VILLAS is a pride-of-ownership attractive two-story garden style gated community that was built in 1949. It has a total of 8,340 SF building size and is situated on a ±20,911 SF R3 lot size. It offers excellent curb appeal with manicured landscaping. The property has 4 patio homes with a semi-private porch and side yard. The 4 patio homes are all 2 bedrooms+1bathroom units complete with laundry hookups. Each patio home has a tiled shower + bathtub. 1 house is vacant and can be delivered vacant.

The remaining 6 units consist of four (4) 2bedroom+1bathroom, and two (2) 1bedroom+1bathroom units. Each unit has central A/C and heating (installed in 2009), double pane windows, original hardwood flooring, stove, and refrigerator. Each of the 4 patio homes have a dishwasher. Each unit has an individual water heater and separately metered for electricity and gas.

The property has two shared laundry rooms (machines are seller owned) and a large storage room. Parking is provided by a combination of 9 parking garages (with storage spaces) and several open space parking. Most tenants in this community are long time tenants that are on month to month and are due for rent increases. An additional significant rental upside can be realized when units turn in the future.

The property is several blocks north of Old Town Pasadena. It is located east of Los Robles Ave and west of El Molino Ave. It is near the Rose Bowl area (Rose Bowl Stadium, Rose Bowl Aquatics Center, Kidspace Children Museum, and Brookside Golf Course), and just located across from a local Washington Park.

Location

State CA

County Los Angeles

Area 645 - Pasadena (Nw)

Zoning PSR3

Interior

Heating Central, Wall Furnace

Cooling Central Air, Wall/Window Unit(s)

Flooring Carpet, Wood

Fireplaces Type None

Fireplace No

Appliance Dishwasher, Freezer, Disposal, Gas Range, Refrigerator, Range Hood, Dryer, Washer

Laundry Common Area, Washer Hookup, Gas Dryer Hookup

Exterior

Parking Features Assigned, Carport

Carport Spaces 10

Fence Wood, Wrought Iron

Pool None

Community Features Suburban, Valley

Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

View Y/N Yes

View Mountain(s)

Roof Type Asbestos Shingle

Total Parking Spaces 10

Private Pool No

Building

Lot Description Lawn, Landscaped, Near Public Transit, Rectangular Lot, Sprinkler System, Street Level

Faces South

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Mid-Century Modern

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5838040015

Energy Description 224.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

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Listed by Han Chen Growth Investment Group Pasade han.chen@growthinvestmentgroup.com

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Patricia Beattie

+1(415) 286-8292

Broker | License ID: 01405369

Broker License ID: 01405369

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517 E Washington BLVD Pasadena, CA 91104

Patricia Beattie

Key Details

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