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59 Meridith Ave Pasadena, CA 91106

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For Sale
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7-Unit Apartment Building, Prime Location

Property size:
4,952 SF

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

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Listing Contact
Donald La
Donald La

Listing Agency: KW Executive Listing Agent: Donald La

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Property Insight Report

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

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness 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

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.
(626) 824-8853 Call to check price and availability
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