155 Raymond Ave Pasadena, CA 91103
- Investment properties
- 21,982 SF
- 0.21 lot acres
Current Use by Public Records
- Public Art Raymond Starburst / Cultural Landmark
- Everson Royce Wine & Spirits / Wine Bar / Wine Store
Property Details for 155 Raymond Ave
- Year built
- 2002
- Construction
- WOOD
- Lot size
- 0.21 lot acres
- Property size
- 21,982 SF
- Zone code
- PSC-
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 5723-021-017
- APU
- 5723021017
Description
This exceptional 19-unit apartment building, situated in the heart of Old Town Pasadena, presents a compelling investment opportunity. Built in 2002, this Class B property boasts 21,982 square feet on a 9,028 square foot lot and features 18 residential units and one commercial space, totaling approximately 2,900 square feet of rentable space. Each of the 18 residential units offers approximately 900 square feet, with two bedrooms and two bathrooms, and includes in-unit laundry. The building provides 29 surface and subterranean parking spaces, including two handicapped-accessible spots. Currently operating at 100% occupancy, the property generates a strong pro-forma NOI of $501,147, representing a 4.5% pro-forma cap rate. The asking price is $11,800,000, or $621,052.63 per unit, and $536.80 per square foot. The property benefits from its prime location, just steps from local amenities, and within close proximity to major colleges, corporations, and public transportation, including the Memorial Park Metro Gold Line Station. A newly signed five-year retail lease (with a five-year option and 3% annual rental increases) commenced November 1, 2024, further enhancing the property's income stream. The existing note on the property is assumable at a 3.75% interest rate until October 2026, or the seller is open to providing financing with favorable terms. Below-market rents present potential for increased profitability. This is a stabilized investment with long-term tenants and a strong track record. The property is offered as a 1031 exchange opportunity.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pasadena
- County
- Los Angeles
- State
- California
- Longitude
- -118.149
- Latitude
- 34.1486
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
