530 540 N Catalina Avenue

Pasadena, CA91106

12-unit Value-add near Old Town Pasadena, Very Well Maintained, First Time for Sale Since 1984, Significant Rental Upside, Easy to Manage and Rent, Upgraded Electrical Panels, Carport Parking, Simple Unit Mix. Proforma CAP Rate 6.39%. VILLA CATALINA - 530-540 N Catalina Ave, a 12-unit value-add apartment in a highly desirable location in the City of Pasadena, CA. These 2 properties have been very well maintained by current family who have owned it since 1984. The properties are located on a quiet residential street on Catalina Ave crossing Villa St, and only minutes away from most of City of Pasadena amenities such as Old Town Pasadena, Lake Ave Shopping District, Rose Bowl area, CALTECH and PCC. It is surrounded by other small apartments and single-family houses and has excellent demographics of ±$120,347 average household income in a 1-mile radius. The properties consist of six-unit apartments each (530 and #540) making up the total of 12 units. They were built in 1953 and 1954, have a total building size of 7882 SF and sits on a large 18,683 SF total lot size (R3 zone – medium high-density). The property offers excellent curb appeal with well-manicured front lawn and center courtyard area. The front half of each property is a single-story layout (total 4 units) and the back half are 2 story apartments (total 8 units). The unit mix is easy to manage and rent with all 1bedroom unit. Each unit is spacious and bright with an average unit size of 788SF (buyer to verify). Two front units have semi-private patio area. The ground floor units have original hardwood flooring, while 2nd floor units have carpet flooring. Each unit has through the wall A/C in living room and bedroom, ceiling fans, tiled kitchen, and tiled bathroom. All tenants are on month-to-month lease and current income is approximately 31% below market. Each unit is separately metered for electricity and gas. Parking is provided by 12 carport spaces at the back (1 for each unit). There is no parking soft story retrofit required. Building is serviced by a shared laundry room (leased machines). The large lot size, R3 zoning (medium high density) and carport parking provide superb opportunity for new owner to add ADUs units in the back. The property is located just two blocks away from Lake Ave and within walking distance to myriads of shopping and other amenities on Lake Ave and Colorado Blvd. It has an excellent demographics of $120,347 AHH income within a 1-mile radius.

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. The 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.