Seven-Unit Apartment Building with NN
For Sale
Contact for pricing
146-154 N Holliston Avenue, Pasadena, CA 91106
Seven-unit apartment property zoned for residential multifamily and currently leased under a double net (NN) to a rehabilitation center.
Property Size5,443 SF
Lot Size0.28 Acres
Price / SF$550.25
Days on Market18
Property Features for 146-154 N Holliston Avenue
General Information
Standard status
Active
Size
5,443 SF
Lot size
0.28 Acres
Property subtype
Mixed Use
Zoning
RM-48 PK
Lease Type
NN
Investment Type
Owner/User
Net Operating Income
$196,420
Additional Details
Gross Income
$224,018
Multifamily Units
7
Building Details
Year Built
1922
Buildings
5
Units
7
Tenancy
Single
Listing Agency:
Avison Young - North Los Angeles
Listed By:
Sean Konishi · License #CA 02064387
Source:
Crexi
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 12 at 3:05PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Avison Young - North Los Angeles
Investment Insights
Based on property information with market context.
The property at 146–154 N Holliston Avenue consists of five apartment buildings totaling 5,443 square feet on a 12,313-square-foot lot (0.28 acres). Originally built in 1922, the site is zoned for residential multi-family use with seven units.
The buildings are currently leased to a rehabilitation center under a double net (NN) lease. The lease includes a scheduled rent increase on September 1, 2026.
Positioned in a central area near Pasadena City College, Caltech, and the Playhouse Village, the property is designed for steady demand from nearby residential and specialty-use users while retaining historic character through the existing building improvements.
The buildings are currently leased to a rehabilitation center under a double net (NN) lease. The lease includes a scheduled rent increase on September 1, 2026.
Positioned in a central area near Pasadena City College, Caltech, and the Playhouse Village, the property is designed for steady demand from nearby residential and specialty-use users while retaining historic character through the existing building improvements.
Key Highlights
- Five‑building apartment property totaling 5,443 SF built in 1922
- Zoned for residential multi‑family use with seven units
- 12,313 SF lot size (0.28 acres)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$91,704
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,834,080
$1.8M
Cap Rate 7%
$1,310,057
$1.3M
Cap Rate 9%
$1,018,933
$1.0M
Market Conditions
NOI Build-Up for 5,443 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$169.8K $31.20/SF
− Vacancy
−$17.0K −$3.12/SF
EGI
$152.8K $28.08/SF
− OpEx
−$61.1K −$11.23/SF
NOI
$91.7K $16.85/SF
Area
Pasadena, CA
Vacancy
10.00%
Lease Rate
$31.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,834,080
Cap Rate 7%
$1,310,057
Cap Rate 9%
$1,018,933
Alternative Uses
Best Use
Apartment 5plus
$108.12M
$94.61M – $126.14M
NOI $7,568,599 @ 7.0% cap · market cap 252.71%
Second Best
Healthcare Medical
$1.31M
$1.15M – $1.53M
NOI $91,704 @ 7.0% cap · market cap 3.06%
Theoretical Best
Multifamily LT 5
$122.52M
$107.21M – $142.94M
NOI $8,576,553 @ 7.0% cap · market cap 286.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
4,102
Businesses Nearby
Explore this area
Business Placement
Demographics for 91106, CA
24,172
Population
11,809
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
2.7 sq mi
ZIP Area
8,953
Density / Sq Mi
$89,213
Median Household Income
$59,700
Median Earnings
$2,096
Median Rent
$966,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Seven-unit apartment property zoned for residential multifamily and currently leased under a double net (NN) to a rehabilitation center.
Where is this apartment building located?
The property is located at 146-154 N Holliston Avenue Pasadena, CA.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Five‑building apartment property totaling 5,443 SF built in 1922; Zoned for residential multi‑family use with seven units; 12,313 SF lot size (0.28 acres)
