Four-Unit Multifamily
For Sale
$2,188,000
2835 Casitas Ave, Altadena, CA 91001
Four separately metered units on a rectangular lot, with multiple units newly constructed with permits and recent roofs and HVAC.
Property Size4,259 SF
Lot Size0.27 Acres
Days on Market101
Property Features for 2835 Casitas Ave
General Information
Standard status
Active
Size
4,259 SF
Lot size
0.27 Acres
Property subtype
Investment
Occupancy
50%
Additional Details
Multifamily Units
4
Amenities
solar panels
laundry rooms
Building Details
Building Size
4,259 SF
Year Built
1948
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
EXP REALTY
Listed By:
Donald La · License #01928418
(626) 824-8853
Source:
Elliman
Added: Jun 1
Changed: Sep 8
Last Checked: Aug 2 at 3:36PM
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 EXP REALTY
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes four separate buildings on a rectangular 11,853 SF lot. The front house features a spacious 3B+2.5B layout. A second unit (2835B) offers an approximate 572 SF 1B+1B configuration with a full kitchen, living room, and dedicated laundry room. The third unit (2833) is an approximate 920 SF 2B+2B unit newly constructed with permits, and the fourth unit (2831) is an approximate 1,183 SF 2B+2B unit newly constructed with permits and includes owned solar panels that will be conveyed with the sale (not leased).
All four units are separately metered for gas and electricity and have their own mailing addresses. There is one master water meter serving the property, and each unit has its own laundry room. The property has had recent improvements including new roofs and HVAC systems for all four units. The front house and fourth unit are currently rented, while the second and third units are currently vacant.
All four units are separately metered for gas and electricity and have their own mailing addresses. There is one master water meter serving the property, and each unit has its own laundry room. The property has had recent improvements including new roofs and HVAC systems for all four units. The front house and fourth unit are currently rented, while the second and third units are currently vacant.
Key Highlights
- Rare 4‑unit multifamily in Altadena within walking distance to JPL, on an 11,853 SF rectangular lot
- Front house (2835) features a 3B+2.5B layout; currently rented
- Second unit (2835B) is approx. 572 SF with a full kitchen, living room, and dedicated laundry room; currently vacant
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
$74,377
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
3.40%
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%
$1,487,540
$1.5M
Cap Rate 7%
$1,062,529
$1.1M
Cap Rate 9%
$826,411
$826.4K
Market Conditions
NOI Build-Up for 4,259 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
$115.0K $27.00/SF
− Vacancy
−$8.7K −$2.05/SF
EGI
$106.3K $24.95/SF
− OpEx
−$31.9K −$7.48/SF
NOI
$74.4K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,487,540
Cap Rate 7%
$1,062,529
Cap Rate 9%
$826,411
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$929.7K – $1.24M
NOI $74,377 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$979.0K
$856.6K – $1.14M
NOI $68,531 @ 7.0% cap · market cap 3.13%
Theoretical Best
Office A
$2.28M
$2.00M – $2.66M
NOI $159,618 @ 7.0% cap · market cap 7.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 91001, CA
36,578
Population
13,335
Households
2.7
Avg Household Size
45
Median Age
52%
College-Educated
93%
High-School Grad
8.3 sq mi
ZIP Area
4,407
Density / Sq Mi
$133,840
Median Household Income
$64,449
Median Earnings
$2,298
Median Rent
$1,085,000
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?
Quadplex - Four separately metered units on a rectangular lot, with multiple units newly constructed with permits and recent roofs and HVAC.
Where is this quadplex located?
The property is located at 2835 Casitas Ave Altadena, CA.
What is the asking price?
The asking price for this property is $2,188,000.
What are key features of this property?
This property features: Rare 4‑unit multifamily in Altadena within walking distance to JPL, on an 11,853 SF rectangular lot; Front house (2835) features a 3B+2.5B layout; currently rented; Second unit (2835B) is approx. 572 SF with a full kitchen, living room, and dedicated laundry room; currently vacant
