60 El Nido Ave Pasadena, CA 91107-4409
- Apartment buildings
- 6,746 SF
- 0.47 lot acres
Sep 16, 2022
Current Use by Public Records
- Apartment buildings
Property Details for 60 El Nido Ave
- Year built
- 1946
- Construction
- WOOD
- Lot size
- 0.47 lot acres
- Property size
- 6,746 SF
- Zone code
- PSR3
- Property type
- Apartment buildings
- APN
- 5754-006-018
- APU
- 5754006018
Description
This exceptional 15-unit apartment building presents a compelling value-add investment opportunity in Pasadena, California. Situated on a spacious 20,570 square foot lot, this property boasts a desirable location south of Colorado Boulevard and near the Arcadia border, offering easy access to freeways 210, 134, and 110. The property comprises five buildings—four single-story duplexes and one two-story fourplex—providing a unique garden-style layout with minimal shared walls between eight of the units. Recent renovations (2023-2024) included upgrades to six of the twelve units (50%), featuring high-end finishes such as new kitchens, bathrooms, flooring, and HVAC systems. These upgrades, along with drought-tolerant landscaping, a new entry gate, and exterior paint, enhance the property's curb appeal and rental potential. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $273,631, with a pro-forma NOI of $334,128. The asking price of $5,470,000 reflects a current cap rate of 5% and a pro-forma cap rate of 6.11%, further enhanced by the inclusion of two planned Accessory Dwelling Units (ADUs). The property features a mix of studio and one-bedroom units, twelve parking spaces, and is zoned R3, allowing for medium-high density. The property's strong location, recent upgrades, and potential for future development make it an attractive investment prospect. The building was constructed in 1946 and offers a blend of updated and original units, providing immediate income and future upside. The large lot size and existing unit mix offer potential for further value creation. An AS-IS purchase option is available at a discounted price.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,240,000
- ML approach
- $2,275,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,295,000
Market price range: $2.03M - $3.30M
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Location Insight
- Map
- Local Demand
- City
- Pasadena
- County
- Los Angeles
- State
- California
- Longitude
- -118.089
- Latitude
- 34.145
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
