Active

278 E WASHINGTON Boulevard

Pasadena CA, 91104

$11,300,000


$594.67 per sqft

Active

19,002 sqft

Condo

Built in 1964

Listed by Han Chen with Growth Investment Group Pasade 626-594-4900

3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 5.92% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with +-46% LTV at 3.30% interest rates fixed until September 2026 - 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place +-5.92% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market.

The property is an attractive two-story garden style community that was built in 1964 with +-19,002 SF building size and situated on a +-25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About +-70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed.

Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows.

The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.

AR24119082

MLS ID

June 11, 2024

Listed

July 14, 2024

Updated

Map

278 E WASHINGTON Boulevard
Pasadena CA, 91104

Interior Features

Total Stories

2


Appliances

Gas Range, Refrigerator, Range Hood, Dryer, Washer


Laundry Description

Washer Hookup, Gas Dryer Hookup


Floor Description

Vinyl, Wood


Fireplace

No


Fireplace Description

None


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.58 Acres


Lot Features

Flag Lot, Near Public Transit, Street Level


Architectual Style

Mid-Century Modern


Roof

Flat


Sewer

Public Sewer

Other Property Details

Area Name

645 - Pasadena (NW)


Days on Market

1


Garage

No


Parking

Attached Carport, Assigned


Parking Total

24


View

No


View Description

None


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None

Listing Contact: 626-594-4900 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 7/14/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 7/14/2024 at 6:31 AM UTC

 

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