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    59 Meridith Ave Pasadena, CA 91106

    Sponsored
    For Sale
    $3,300,000

    7-Unit Apartment Building, Prime Location

    Property size:
    4,952 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 7-unit apartment building presents a lucrative investment opportunity in the desirable Pasadena, CA market. Located just one block from Pasadena City College, this property boasts a prime location with a Walk Score of 87 and Bike Score of 75, ensuring high occupancy rates and strong rental demand. The building, constructed in 1964, features a mix of unit sizes: two 2-bedroom, 1-bathroom units and five 1-bedroom, 1-bathroom units. Four units are currently utilized as successful short-term rentals (Airbnb), included in the sale, boasting 135 reviews and a 4.92 rating, including a "Guest Favorite" award. Recent upgrades include a refurbished roof (less than 3 years old), new rain gutters, fascia, paint, windows, plumbing, and electrical panels in three units. Two new water heaters and updated drainage further enhance the property's value. On-site amenities include seven covered parking spaces (carports) and a laundry room with coin-operated washer and dryer (both owned). The property sits on a 7,930 sq ft lot, encompassing 4,952 sq ft of building space. Its proximity to Pasadena City College, California Institute of Technology (Caltech), Huntington Library, Pasadena Convention Center, and Rose Bowl guarantees consistent tenant interest. The asking price is $3,300,000, representing a price per unit of $471,428.57 and a cap rate of 4.77%. This is a turnkey investment ready for immediate income generation. The property's APN is 5736-024-007.

    Property Features for 59 Meridith Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    4,952 SF

    Building Details

    Year Built
    1964
    Buildings
    1
    Stories
    2
    Units
    7

    HighLights

    • $3,300,000 asking price for a 7‑unit apartment building in Pasadena, CA.
    • 4,952 square feet, with a price per square foot of $666.40 and a 4.77% cap rate.
    • Seven units, including a mix of two 2‑bedroom/1‑bathroom and five 1‑bedroom/1‑bathroom units.
    • Located one block from Pasadena City College, with proximity to Caltech and other Pasadena attractions.
    • Features include seven covered parking spaces, on‑site laundry, recent renovations (roof, gutters, paint, windows, plumbing, electrical), and an established Airbnb business with high ratings.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant 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
    -118.1148074
    Latitude
    34.1448618

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    FAQs

    What type of property is this?
    Multifamily property - 7-Unit Apartment Building, Prime Location
    Where is this multifamily property located?
    The property is located at 59 Meridith Ave Pasadena, CA.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: $3,300,000 asking price for a 7-unit apartment building in Pasadena, CA.; 4,952 square feet, with a price per square foot of $666.40 and a 4.77% cap rate.; Seven units, including a mix of two 2-bedroom/1-bathroom and five 1-bedroom/1-bathroom units.
    Request Owner's contact information
    59 Meridith Ave 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
    59 Meridith Ave Pasadena, CA 91106
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