Garden-Style 5-Unit Apartment
For Sale
Contact for pricing
156-164 N Baldwin Avenue, Sierra Madre, CA 91024
Five-unit hillside property with four 1-bedroom apartments and an owner’s 4-bedroom home on R3-zoned land.
Property Size4,017 SF
Lot Size0.33 Acres
Price / SF$535.23
Days on Market98
Property Features for 156-164 N Baldwin Avenue
General Information
Standard status
Active
Size
4,017 SF
Class
B
Total Parking Spaces
6
Lot size
0.33 Acres
Property subtype
Multifamily
Zoning
R3
Occupancy
97%
Investment Type
Owner/User
Net Operating Income
$55,098
Additional Details
Multifamily Units
5
Building Details
Year Built
1954
Year Renovated
2025
Buildings
2
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
CBRE LA
Listed By:
Melinda Russell · License #CA 00860306
(818) 216-1114
Source:
Crexi
Added: Jun 2
Changed: Sep 3
Last Checked: Sep 5 at 7:10PM
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 CBRE LA
Investment Insights
Based on property information with market context.
This legacy 5-unit apartment property features four 1-bedroom, 1-bath apartments plus an owner’s 4-bedroom, 2-bath home. The building is described as two stories and garden style, with pitched roofs and hardwood floors, along with Torrance steel windows. Common area and outdoor space include fully landscaped, grassy back yards. Unit access includes front and rear entrances for the 1-bedroom apartments, with access to the yard off a balcony stair. The property also includes a laundry room and one garage per unit, for a total of six garage spaces on site. The offering totals 4,017 building square feet and is individually metered for electric and gas. The property is built in 1954.
Set at the base of a hillside, the site includes lush landscaping and curb appeal. The community is described as steps from downtown Sierra Madre and near Sierra Madre Memorial Park, with the well-maintained Sierra Madre Blvd. noted in the remarks. The property sits on a 0.33-acre lot zoned R3.
From an operating standpoint, the mix of four apartments plus a separate single-family owner’s unit can support both tenant rental income and owner occupancy. The remarks state there is no local rent control, and the property is subject to statewide AB 1482. This is presented as an owner-user opportunity due to the property’s original architectural character and its long-standing configuration of individual garages, outdoor yards, and individually metered utilities.
Set at the base of a hillside, the site includes lush landscaping and curb appeal. The community is described as steps from downtown Sierra Madre and near Sierra Madre Memorial Park, with the well-maintained Sierra Madre Blvd. noted in the remarks. The property sits on a 0.33-acre lot zoned R3.
From an operating standpoint, the mix of four apartments plus a separate single-family owner’s unit can support both tenant rental income and owner occupancy. The remarks state there is no local rent control, and the property is subject to statewide AB 1482. This is presented as an owner-user opportunity due to the property’s original architectural character and its long-standing configuration of individual garages, outdoor yards, and individually metered utilities.
Key Highlights
- 5‑unit property built in 1954: four 1‑bedroom, 1‑bath apartments plus an owner’s 4‑bedroom, 2‑bath home
- Total building size is 4,017 SF, with the single‑family home offering over 1,900 SF of living space
- R3‑zoned 0.33‑acre lot with hillside, two‑story garden‑style multifamily layout
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
$64,637
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
3.01%
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%
$1,292,740
$1.3M
Cap Rate 7%
$923,386
$923.4K
Cap Rate 9%
$718,189
$718.2K
Market Conditions
NOI Build-Up for 4,017 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
$127.7K $31.80/SF
− Vacancy
−$10.2K −$2.54/SF
EGI
$117.5K $29.26/SF
− OpEx
−$52.9K −$13.17/SF
NOI
$64.6K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,292,740
Cap Rate 7%
$923,386
Cap Rate 9%
$718,189
Alternative Uses
Best Use
Apartment 5plus
$923.4K
$808.0K – $1.08M
NOI $64,637 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,548 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
Explore this area
Business Placement
Demographics for 91024, CA
11,268
Population
5,113
Households
2.2
Avg Household Size
48
Median Age
65%
College-Educated
98%
High-School Grad
3.5 sq mi
ZIP Area
3,219
Density / Sq Mi
$141,094
Median Household Income
$83,231
Median Earnings
$2,086
Median Rent
$1,172,200
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 - Five-unit hillside property with four 1-bedroom apartments and an owner’s 4-bedroom home on R3-zoned land.
Where is this apartment building located?
The property is located at 156-164 N Baldwin Avenue Sierra Madre, CA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 5‑unit property built in 1954: four 1‑bedroom, 1‑bath apartments plus an owner’s 4‑bedroom, 2‑bath home; Total building size is 4,017 SF, with the single‑family home offering over 1,900 SF of living space; R3‑zoned 0.33‑acre lot with hillside, two‑story garden‑style multifamily layout
