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Pasadena
91103
155 Raymond Ave

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FOR SALE

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155 N Raymond Ave Pasadena, CA 91103

21,982 SF 0.21 ac lot Built 2002

Individually Owned 6-yr Hold Absentee Owner ~ Est. High Equity

Property ID

US10-0318642

$11,800,000 21,982 SF

155 N Raymond Ave, Pasadena, CA 91103
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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.