Old Town Pasadena Multifamily
155 N Raymond Ave Pasadena, CA 91103
155 N Raymond Ave, Pasadena, CA, 91103
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For Sale
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18 units, 1 commercial space in prime location.
Property Size21,982 SF
Lot Size0.21 Acres
Price / SF$536.80
Days on Market955
Property Features for 155 N Raymond Ave
General Information
- Standard status
- Active
- Size
- 21,982 SF
- Lot size
- 0.21 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 2002
Listing Agency
Realiv
(626) 618-8286
Listed by
Kevin Kwan · License #CA
Source
Crexi
Added: Dec 6, 2023 Checked: Jul 17 at 1:43 pm
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 Realiv
Investment Insights
Based on property information with market context.
This 18-unit apartment complex includes one commercial space with approximately 2,900 square feet of rentable area. Constructed in 2002, the property is situated in Old Town Pasadena on a 9,028-square-foot lot. Each of the 18 residential units features 2 bedrooms and 2 bathrooms, with an approximate size of 900 square feet, and includes its own laundry unit. The complex provides 29 parking spaces, including surface and subterranean options, with 2 designated as handicapped spaces. The property is located 11.3 miles from Downtown Los Angeles and within 2 miles of Art Center College of Design, California Institute of Technology, and Pasadena City College. It is also located 0.3 miles from the Parsons Corporation, 0.5 miles to Pasadena City Hall, and approximately 4.6 miles to JPL. Pasadena Memorial Park and the Memorial Park Metro Gold Line Station are located across the street. A retail lease was newly signed on 11/1/2024 for a 5-year term with one 5-year option and 3% yearly rental increases. The property has very stable and long-term tenants in place.
Key Highlights
- Assumable loan at a low rate of 3.75% until 10/2026 or seller financing available with reasonable terms.
- Prime location in the heart of Old Town Pasadena, steps away from eateries, bars, and shops, and across the street from Memorial Park and the Metro Gold Line Station.
- Well‑maintained 18‑unit apartment complex with a commercial space, built in 2002, showing pride of ownership.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $812.5k | $36.96 |
| − Vacancy | −$18.7k | −$0.85 |
| EGI | $793.8k | $36.11 |
| − OpEx | −$238.1k | −$10.83 |
| NOI | $555.6k | $25.28 |
21,982 SF · lease $36.96/SF/yr · vacancy 2.30% · expense 30.00%
Alternative Uses
Best Use
Apartment 5plus
$436.66M
$382.08M – $509.44M
NOI $30,566,405 @ 7.0% cap · market cap 259.04%
Second Best
Retail
$7.94M
$6.95M – $9.26M
NOI $555,638 @ 7.0% cap · market cap 4.71%
Theoretical Best
Multifamily LT 5
$494.82M
$432.96M – $577.29M
NOI $34,637,109 @ 7.0% cap · market cap 293.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Public Art Raymond ...
Cultural Landmark
Everson Royce Wine ...
Specialty Food Shop
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FAQs
What type of property is this?
Apartment building - 18 units, 1 commercial space in prime location.
Where is this apartment building located?
The property is located at 155 N Raymond Ave Pasadena, CA.
What is the asking price?
The asking price for this property is $11,800,000.
What are key features of this property?
This property features: Assumable loan at a low rate of 3.75% until 10/2026 or seller financing available with reasonable terms.; Prime location in the heart of Old Town Pasadena, steps away from eateries, bars, and shops, and across the street from Memorial Park and the Metro Gold Line Station.; Well‑maintained 18‑unit apartment complex with a commercial space, built in 2002, showing pride of ownership.
