435 Wilson Ave Pasadena, CA 91106

This exceptional 16-unit apartment building presents a compelling investment opportunity in Pasadena's desirable Playhouse District. Boasting a 4.30% cap rate and a pro-forma cap rate of 4.73%, this stabilized, value-add property offers significant upside potential. Completely renovated in 2023, the property features 100% occupancy and a strong NOI of $273,883, projected to increase to $301,130. The two buildings, a single-story and a two-story structure, sit on a large 17,367 sq ft R4 lot, providing ample space and potential for future development. Each of the 16 units includes upgraded interiors with new kitchens featuring quartz countertops and stainless-steel appliances, updated bathrooms, in-unit laundry, and new flooring. Exterior improvements include new landscaping, paint, signage, and a gated entrance with 17 parking spaces. The property benefits from a prime location near Old Town Pasadena, Caltech, Pasadena City College, and major freeways, ensuring high demand and stable rental income. This fee-simple property, first offered for sale since 2010, is ideal for a 1031 exchange buyer. Individual units are separately metered for gas and electricity. The property's strong financials, recent renovations, and desirable location make it an attractive investment with a price per unit of $398,125. Built in 1960, this property offers a blend of classic charm and modern upgrades.