1299 Grn St Pasadena, CA 91106-2600

This exceptional 90-unit apartment building in Pasadena, CA, presents a compelling investment opportunity. Boasting a 98% occupancy rate and a substantial NOI of $919,965, this Class B property offers a 3.68% cap rate with a pro-forma cap rate of 6.76%. The 24,846 square foot building, constructed in 2009, features four stories and is situated on a 25,738 square foot lot. The property includes 90 units, each with its own kitchen and bathroom, totaling 90 beds. A significant amenity is a 1,500 square foot restaurant space currently occupied by Kokoroll Cafe. The building also offers ample underground parking. Its prime location near Caltech and Pasadena City College makes it highly attractive to students and professionals. The asking price is $25,000,000, representing a price per unit of $277,777.78. This stabilized investment is ideal for a 1031 exchange. The property is designated as affordable housing, with 81 units for moderate-income residents and 9 for low-income individuals. Additional amenities include a pool and a large outdoor courtyard. This property offers a blend of strong financial performance and social impact, making it a unique and attractive investment. One unit is non-conforming.