C2-Zoned Triplex With Covered
For Sale
$1,095,000
Pending
637 W Altadena Drive, Altadena, CA 91001
Three-unit, two-story triplex with separate utilities, covered carports, and month-to-month tenancy for flexible ownership.
Property Size2,887 SF
Days on Market83
Property Features for 637 W Altadena Drive
General Information
Standard status
Pending
Size
2,887 SF
Property subtype
Multi Family
Zoning
C2
Additional Details
Multifamily Units
3
Building Details
Year Built
1963
Stories
2
Listing Agency:
Berkshire Hathaway Home Services Golden Properties
(702) 509-1443
Listed By:
Allan Carl Murrell · License #00794734
(702) 509-1443
Source:
Exitrealty
Added: Jun 3
Changed: Aug 23
Last Checked: Jul 23 at 4:04AM
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 Berkshire Hathaway Home Services Golden Properties
Investment Insights
Based on property information with market context.
This two-story triplex, built in 1963, offers three separate residential units: two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. Each unit has its own separate gas and electric meters. The exterior has been recently painted, and other repairs have been completed. The property also includes a shared laundry room with a sink and plumbing in place, four covered carport spaces with overhead storage, and a large separate storage room.
Situated just south of the Altadena Meadows and Lavina Estates, the location provides convenient access to hiking trails, shopping, dining, parks, schools, and major freeways. The remarks note easy access to Pasadena, the Rose Bowl, and Los Angeles.
The layout and separate metering support a straightforward income setup, while the mix of unit sizes can appeal to both tenant needs and owner-occupants. Tenants are currently on month-to-month leases, and the current rents are described as below market, which may allow for more flexible future rent management as leases renew. The C2 zoning adds versatility for an investor, an owner-occupant, or a buyer evaluating longer-term development or repositioning options.
Situated just south of the Altadena Meadows and Lavina Estates, the location provides convenient access to hiking trails, shopping, dining, parks, schools, and major freeways. The remarks note easy access to Pasadena, the Rose Bowl, and Los Angeles.
The layout and separate metering support a straightforward income setup, while the mix of unit sizes can appeal to both tenant needs and owner-occupants. Tenants are currently on month-to-month leases, and the current rents are described as below market, which may allow for more flexible future rent management as leases renew. The C2 zoning adds versatility for an investor, an owner-occupant, or a buyer evaluating longer-term development or repositioning options.
Key Highlights
- C2‑zoned two‑story triplex built in 1963 with 3 units and 2,887 sq ft of living space
- Unit mix: two 2‑bed/1‑bath units and one 1‑bed/1‑bath unit
- Each unit has separate gas and electric meters
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
$50,417
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
4.60%
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%
$1,008,340
$1.0M
Cap Rate 7%
$720,243
$720.2K
Cap Rate 9%
$560,189
$560.2K
Market Conditions
NOI Build-Up for 2,887 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
$77.9K $27.00/SF
− Vacancy
−$5.9K −$2.05/SF
EGI
$72.0K $24.95/SF
− OpEx
−$21.6K −$7.48/SF
NOI
$50.4K $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%
$1,008,340
Cap Rate 7%
$720,243
Cap Rate 9%
$560,189
Alternative Uses
Best Use
Multifamily LT 5
$720.2K
$630.2K – $840.3K
NOI $50,417 @ 7.0% cap · market cap 4.60%
Second Best
Apartment 5plus
$663.6K
$580.7K – $774.2K
NOI $46,454 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$1.55M
$1.35M – $1.80M
NOI $108,198 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
364
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?
Triplex - Three-unit, two-story triplex with separate utilities, covered carports, and month-to-month tenancy for flexible ownership.
Where is this triplex located?
The property is located at 637 W Altadena Drive Altadena, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: C2‑zoned two‑story triplex built in 1963 with 3 units and 2,887 sq ft of living space; Unit mix: two 2‑bed/1‑bath units and one 1‑bed/1‑bath unit; Each unit has separate gas and electric meters
