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    1299 Green St Pasadena, CA 91106

    Sponsored
    For Sale
    $25,000,000

    90-unit apartment building, high occupancy, strong NOI.

    Property size:
    24,846 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 90-unit apartment building in Pasadena, CA, presents a compelling investment opportunity. Boasting a 98% occupancy rate and a substantial NOI of $919,965, this Class B property offers a 3.68% cap rate with a pro-forma cap rate of 6.76%. The 24,846 square foot building, constructed in 2009, features four stories and is situated on a 25,738 square foot lot. The property includes 90 units, each with its own kitchen and bathroom, totaling 90 beds. A significant amenity is a 1,500 square foot restaurant space currently occupied by Kokoroll Cafe. The building also offers ample underground parking. Its prime location near Caltech and Pasadena City College makes it highly attractive to students and professionals. The asking price is $25,000,000, representing a price per unit of $277,777.78. This stabilized investment is ideal for a 1031 exchange. The property is designated as affordable housing, with 81 units for moderate-income residents and 9 for low-income individuals. Additional amenities include a pool and a large outdoor courtyard. This property offers a blend of strong financial performance and social impact, making it a unique and attractive investment. One unit is non-conforming.

    Property Features for 1299 Green St

    General Information

    Property type
    Multifamily properties
    Square Feet
    24,846 SF
    Class
    B

    Building Details

    Year Built
    2009
    Buildings
    1
    Stories
    4
    Units
    90

    HighLights

    • $25,000,000 asking price for a stabilized, Class B multifamily investment property.
    • 90‑unit apartment building (90 beds) totaling 24,846 square feet, built in 2009.
    • 3.68% current cap rate, 6.76% pro‑forma cap rate; 98% occupancy.
    • $919,965 current NOI, $1,689,539 pro‑forma NOI.
    • Located at 1299 E Green St, Pasadena, CA 91106, on a 25,738 sq ft lot.
    • Includes a 1,500 sq ft restaurant space.
    Property Profile Location Intelligence

    Current Use by Public Records

    DIRECTV® OfficiaI Satellite Communication Service KOKOROLL Poke & Ramen Restaurant The Aqua Courtyard Suites Apartment Building 99Green Flower Delivery Flower Delivery

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare 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
    -118.1234575
    Latitude
    34.1448066

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    FAQs

    What type of property is this?
    Multifamily property - 90-unit apartment building, high occupancy, strong NOI.
    Where is this multifamily property located?
    The property is located at 1299 Green St Pasadena, CA.
    What is the asking price?
    The asking price for this property is $25,000,000.
    What are key features of this property?
    This property features: $25,000,000 asking price for a stabilized, Class B multifamily investment property.; 90-unit apartment building (90 beds) totaling 24,846 square feet, built in 2009.; 3.68% current cap rate, 6.76% pro-forma cap rate; 98% occupancy.
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    1299 Green St Pasadena, CA 91106
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    Realmo Value Estimation

    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.

    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.

    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
    1299 Green St Pasadena, CA 91106
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