278 Washington Blvd Pasadena, CA 91104

Property Details for 278 Washington Blvd

Year built

1964

Property size

19,002 SF

Property type

Apartment buildings

Description

This exceptional 24-unit apartment building in Pasadena, CA presents a compelling investment opportunity. Boasting a prime location near Old Town Pasadena and the 210 Freeway, this property offers a strong value-add potential. The building, constructed in 1964 and extensively renovated in 2024, comprises two two-story structures totaling 19,002 square feet on a 25,460 square foot lot. All 24 units are upgraded two-bedroom, one-bathroom apartments, featuring modern kitchens and bathrooms, in-unit laundry, and many with private patios. The property benefits from a 100% occupancy rate, generating a current NOI of $544,924 and a pro-forma NOI of $652,152, representing a 5.00% cap rate and a pro-forma cap rate of 5.98%. The asking price is $10,900,000, or $454,167 per unit. Significant recent capital expenditures include a new roof (partial), new water heaters, fresh paint, updated landscaping, new sliding glass doors, upgraded HVAC in select units, a new driveway, and renovated balconies. A soft-story parking retrofit has been completed. The property features 24 parking spaces, a controlled entrance, security cameras, and gated parking. The building is situated in a desirable area with an average household income of approximately $102,837 within a two-mile radius. An attractive 3.3% assumable loan is available, fixed until September 2026, offering significant financial advantages. Additional income potential exists through the conversion of existing carport spaces into additional dwelling units (ADUs) or the creation of self-storage units. The property is zoned RM-32 and is fee simple ownership. This turnkey investment presents a rare opportunity for significant returns.

Location Insight

City

Pasadena

County

Los Angeles

State

California

Longitude

-118.145

Latitude

34.1689