425 Raymond Ave Pasadena, CA 91103

This exceptional 7-unit apartment building presents a compelling investment opportunity in the highly desirable Old Town Pasadena area. Boasting a prime location just two blocks from Old Town, this fully renovated property offers immediate cash flow with no deferred maintenance. The 5,001 square foot building, constructed in 1947 and completely renovated in 2024, sits on a 9,902 square foot lot and features nine parking spaces. The property includes a mix of unit sizes: four 2-bedroom/1-bathroom units, one penthouse 1-bedroom/1-bathroom unit, and two 1-bedroom/1-bathroom units. All units are currently 100% occupied at market rent, generating a strong net operating income (NOI) of $173,796 (pro-forma NOI of $184,380), resulting in a 5.32% cap rate (pro-forma 5.65%). Recent upgrades encompass all mechanical, electrical, and plumbing systems, a new roof, foundation strengthening, exterior enhancements (stucco, paint, landscaping), new windows, and complete interior renovations in each unit, including new kitchens, bathrooms, flooring, appliances, and in-unit laundry. The building benefits from separate electricity meters and a master water heater. This turnkey investment offers a rare combination of location, strong cash flow, and minimal ongoing maintenance, making it an ideal addition to any portfolio. The property is zoned R1 and features a desirable unit mix, ample parking, and excellent curb appeal. The building's location provides easy access to freeways 210, 134, and 110, and is within walking distance of Old Town Pasadena's vibrant amenities. The asking price is $3,265,000, representing $466,000 per unit.