Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Pasadena Multifamily Investment Opportunity Title is generated by Realmo AI

    839 N Summit Avenue, Pasadena, CA 91103

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Value-add multifamily property in Pasadena's Villa Parke community.

    Type:Multifamily
    Added:
    Jan 27, 2025
    Days on Market:
    470
    Last Refresh:
    Mar 16 at 3:37 pm

    Property Features for 839 N Summit Avenue

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Jeremy Noel
    Jeremy Noel

    Listing agent Jeremy Noel License #01946342

    Listing office Wind Water, Inc

    Listing date Jan 27, 2025

    Source Crexi

    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 Wind Water, Inc

    HighLights

    • 5 vacant units ready for immediate move‑in, including 3 fully remodeled units with new floors, paint, kitchens, and bathrooms.
    • Significant potential for rental income growth in the desirable Villa Parke community of Pasadena.
    • Mix of one- and two‑bedroom units with amenities like new laminate wood flooring and private balconies.
    • 9 units with long‑term, well‑established tenants already in place.
    • Gated community with covered parking and on‑site laundry room.
    • Copper plumbing ensures reliability and reduces maintenance concerns.

    Overview

    Summit Apartments presents an opportunity to acquire a value-add property in Pasadena's Villa Parke community. Constructed in 1989, this apartment building features a mix of one- and two-bedroom units. The property is located within a gated community and includes a laundry room, covered parking, and copper plumbing. The building comprises 9 units with long-term tenants and 5 vacant units, each featuring 1-bedroom and 1-bath. Three of the vacant units have been fully renovated with new floors, fresh paint, updated kitchens, and modern bathrooms. Select units include new laminate wood flooring and private balconies. The property offers potential for rental income growth.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Los Angeles
    State
    California
    Longitude
    -118.148005
    Latitude
    34.1602751

    Nearby Similar for Sale

    • $85,000
      1,000 SF

      Pasadena Restaurant Business Opportunity

      Well-known family restaurant for sale in Pasadena, California.
      1251 N Lake Avenue, Pasadena, CA 91104
      View Details
    • $3,800,000
      4,480 SF

      Pasadena Freestanding Office Building

      Turn-key, high-image creative space in Pasadena, California.
      60 W Bellevue, Pasadena, CA 91105
      View Details
    • $1,799,999
      3,418 SF

      Pasadena Triplex with Strong Income

      Well-positioned triplex with strong in-place income and architectural appeal.
      637 N Raymond Avenue, Pasadena, CA 91103
      View Details
    • $1,799,999
      3,418 SF

      Pasadena Triplex with Strong Income

      Well-positioned triplex with strong in-place income and architectural appeal.
      637 N Raymond Avenue, Pasadena, CA 91103
      View Details
    • $1,599,000
      3,168 SF

      Pasadena Duplex: Versatile Redevelopment Opportunity

      Renovated Pasadena duplex with diverse potential uses and prime location.
      1325 Glen, Pasadena, CA 91103
      View Details
    • $15,800,000
      23,722 SF

      Pasadena Hotel on Rose Parade Route

      Hotel with prime location, strong occupancy, and value-add potential.
      2156 E Colorado Boulevard, Pasadena, CA 91107
      View Details
    • $1,880,000
      3,439 SF

      Pasadena Quadruplex with Upside Potential

      Four-unit income property in Pasadena with development potential.
      279 Parke Street, Pasadena, CA 91101
      View Details
    • $1,998,000
      2,556 SF

      Pasadena Triplex with Development Potential

      Multi-unit property in Madison Heights with development possibilities.
      892 S Marengo, Pasadena, CA 91106
      View Details
    • $1,600,000
      3,480 SF

      Commercial Building in Pasadena, CA

      Commercial building for sale in Pasadena, tenant occupied.
      1485 Lincoln, Pasadena, CA 91103
      View Details
    • $160,000

      Established Pet Grooming Business

      Turnkey pet grooming business opportunity in Pasadena, CA.
      2006 E Foothill Boulevard, Pasadena, CA 91107
      View Details
    • $1,100,000
      1,881 SF

      Pasadena Duplex Investment Opportunity

      Duplex in Pasadena, ideal for investors and owner-users.
      1428 N Hill Ave, Pasadena, CA 91104
      View Details
    • $2,899,000
      3,420 SF

      Pasadena Auto Body Facility

      Functional auto body facility on high-traffic East Colorado Blvd.
      3549 E Colorado Blvd, Pasadena, CA
      View Details

    FAQs

    What type of property is this?
    Apartment building - Value-add multifamily property in Pasadena's Villa Parke community.
    Where is this apartment building located?
    The property is located at 839 N Summit Avenue Pasadena, CA.
    What is the asking price?
    The asking price for this property is $4,429,000.
    What are key features of this property?
    This property features: 5 vacant units ready for immediate move‑in, including 3 fully remodeled units with new floors, paint, kitchens, and bathrooms.; Significant potential for rental income growth in the desirable Villa Parke community of Pasadena.; Mix of one- and two‑bedroom units with amenities like new laminate wood flooring and private balconies.
    (949) 423-9800 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jeremy Noel
    Jeremy Noel
    Real Estate License ID: 01946342
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    839 N Summit Avenue, Pasadena, CA 91103
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!