59 Meridith Ave Pasadena, CA 91106
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7-Unit Apartment Building, Prime Location
Property size:
4,952 SFProperty 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
Listing Agency: KW Executive Listing Agent: Donald La
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
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 Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial real estate
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.
