278 E WASHINGTON BLVD Active

Pasadena,CA 91104

$ 10900000

- Bed

- Bath

19002 SqFt


Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 19,002 sqft

Price per Sqft $573

MLS Listing ID AR24119082

Construction Status Updated/Remodeled,Turnkey

HOA Y/N No

Year Built 1964

Lot Size 0.584 Acres

Acres 0.5845

Property Description

SIGNIFICANT PRICE REDUCTION, 3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.54% 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 ±6.54% 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.

Location

State CA

County Los Angeles

Area 645 - Pasadena (Nw)

Rooms

Ensuite Laundry Washer Hookup,Gas Dryer Hookup

Interior

Laundry Location Washer Hookup,Gas Dryer Hookup

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Vinyl,Wood

Fireplaces Type None

Fireplace No

Appliance Gas Range,Refrigerator,Range Hood,Dryer,Washer

Laundry Washer Hookup,Gas Dryer Hookup

Exterior

Garage Attached Carport,Assigned

Carport Spaces 24

Pool None

Community Features Valley,Gated

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

View Y/N No

View None

Roof Type Flat

Parking Type Attached Carport,Assigned

Total Parking Spaces 24

Private Pool No

Building

Lot Description Flag Lot,Near Public Transit,Street Level

Faces North

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Mid-Century Modern

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled,Turnkey

Others

Senior Community No

Security Features Closed Circuit Camera(s),Carbon Monoxide Detector(s),Fire Detection System,Security Gate,Gated Community,Resident Manager,Smoke Detector(s),Security Lights

Energy Description 16214.0

Acceptable Financing Cash,Cash to New Loan

Listing Terms Cash,Cash to New Loan

Special Listing Condition Standard

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