Building Details

Year Built 1958

Construction garden-style

Listing Agency: Marcus & Millichap

Listed By: Filip Niculete · License #(S):CA:01905352 Show Phone

Source: Sevengables

Added: Mar 6 Changed: Oct 13 Last Checked: Oct 12 at 8:06PM

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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 Marcus & Millichap

Investment Insights

Based on property information with market context.

This 19-unit apartment community was built in 1958 and occupies approximately ±0.51 acres with ±13,682 square feet of improvements. The residential mix includes two studios, ten one-bedroom/one-bath units, and seven two-bedroom/one-bath units. Ten units are vacant, creating an existing repositioning and lease-up component within the current operating profile. Reported property features include a swimming pool, on-site laundry, and gated parking.

The property is located in Altadena, immediately north of Pasadena in Los Angeles County, at the base of the San Gabriel Mountains. The surrounding area provides access to Pasadena’s employment and institutional base, including Caltech and NASA’s Jet Propulsion Laboratory. Old Town Pasadena, nearby transit stops, Eaton Canyon, and the San Gabriel Mountains are also identified as nearby amenities and destinations.

Key Highlights

• 19‑unit apartment community with ±13,682 square feet on a ±0.51‑acre parcel
• Unit mix includes 2 studios, 10 1BR/1BA units, and 7 2BR/1BA units
• 10 units are currently vacant

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$220,154

Cap Rate

4.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,403,080 $4.4M

Cap Rate 7%

$3,145,057 $3.1M

Cap Rate 9%

$2,446,156 $2.4M

Market Conditions

NOI Build-Up for 13,682 SF

Gross rent

$435.1K $31.80/SF

− Vacancy

−$34.8K −$2.54/SF

EGI

$400.3K $29.26/SF

− OpEx

−$180.1K −$13.17/SF

NOI

$220.2K $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 Rate 5%

$4,403,080

Cap Rate 7%

$3,145,057

Cap Rate 9%

$2,446,156

Alternative Uses

Best Use

Apartment 5plus

$3.15M

$2.75M – $3.67M (±1% cap)

NOI $220,154 @ 7.0% cap · market cap 4.45%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$7.33M

$6.41M – $8.55M (±1% cap)

NOI $512,770 @ 7.0% cap · market cap 10.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Auto Repair Shop Parking Lot & Garage Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

19

Residential units

Location Intelligence

Trade Area within ½ mile

704

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Garden-style multifamily property with a diversified unit mix, on-site amenities, and convenient access to Pasadena employment centers.

Where is this apartment building located?

The property is located at 755 E Pine Street Altadena, CA.

What is the asking price?

The asking price for this property is $4,950,000.

What are key features of this property?

This property features: 19‑unit apartment community with ±13,682 square feet on a ±0.51‑acre parcel; Unit mix includes 2 studios, 10 1BR/1BA units, and 7 2BR/1BA units; 10 units are currently vacant