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    485 Washington Blvd Pasadena, CA 91104

    Sponsored
    For Sale
    $5,195,000

    20-Unit Apartment Building, High Upside

    Property size:
    13,859 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 20-unit apartment building presents a compelling investment opportunity in Pasadena, CA. Located at 485 E Washington Blvd, 91104, this property boasts a substantial 13,859 square feet on a large 38,240 square foot lot, offering significant potential for future development, such as Accessory Dwelling Units (ADUs). The building, constructed in 1910 and 1948, features a desirable unit mix: one 3-bedroom/2-bathroom unit, three 2-bedroom/2-bathroom units, and sixteen spacious 1-bedroom/1-bathroom units. Each unit includes wall-mounted air conditioning and heating, a combination of tile and carpet flooring, and well-equipped kitchens with gas ovens and stoves. Residents enjoy an attractive open grass courtyard, mature landscaping, on-site laundry facilities, and ample off-street parking, including carport spaces. The property currently generates a Net Operating Income (NOI) of $260,939, representing a 5.02% capitalization rate. However, a pro-forma NOI of $343,525 projects a significantly higher 6.61% capitalization rate, highlighting the substantial upside potential. The asking price is $5,195,000, or $259,750 per unit. This well-maintained property is an ideal long-term investment and a strong candidate for a 1031 exchange.

    Property Features for 485 Washington Blvd

    General Information

    Property type
    Multifamily properties
    Square Feet
    13,859 SF

    Building Details

    Units
    20

    HighLights

    • $5,195,000 asking price for a 20‑unit apartment building in Pasadena, CA.
    • 5.02% cap rate, 6.61% pro‑forma cap rate.
    • $260,939 current NOI, $343,525 pro‑forma NOI.
    • 13,859 square feet, situated on a 38,240 square foot lot.
    • $259,750 per unit price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Los Angeles
    State
    California
    Longitude
    -118.1403679
    Latitude
    34.1693363

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    FAQs

    What type of property is this?
    Multifamily property - 20-Unit Apartment Building, High Upside
    Where is this multifamily property located?
    The property is located at 485 Washington Blvd Pasadena, CA.
    What is the asking price?
    The asking price for this property is $5,195,000.
    What are key features of this property?
    This property features: $5,195,000 asking price for a 20-unit apartment building in Pasadena, CA.; 5.02% cap rate, 6.61% pro-forma cap rate.; $260,939 current NOI, $343,525 pro-forma NOI.
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    485 Washington Blvd Pasadena, CA 91104
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    Pasadena, CA 91104
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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
    485 Washington Blvd Pasadena, CA 91104
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