265 Oakland Ave Pasadena, CA 91101-1644

Property Details for 265 Oakland Ave

Year built

1962

Construction

WOOD

Lot size

0.46 lot acres

Property size

14,192 SF

Zone code

PSC-

Property type

Apartment buildings

APN

5723-005-036

APU

5723005036

Description

This exceptional 19-unit apartment building, located in Pasadena's desirable Playhouse District, presents a compelling turnkey investment opportunity. Built in 1962 and extensively renovated in 2019 (with permits), this two-story building boasts a 100% occupancy rate secured by a master lease with a local college, extending until June 2026, with options to June 2029. The property features a mix of spacious one- and two-bedroom units, each upgraded with modern amenities including in-unit laundry, stainless steel appliances, and updated bathrooms. The building includes 19 parking spaces, a gated entrance, and secured electronic locks. A soft-story seismic retrofit has been completed. The property sits on a 20,000 sq ft lot and benefits from a Walk Score of 90 and a Bike Score of 85, placing it within easy walking distance of Old Town Pasadena's vibrant amenities. The current NOI is $501,276, with a pro-forma NOI of $580,476, yielding a 4.58% cap rate and a pro-forma cap rate of 5.30%. The asking price is $10,950,000, or $576,316 per unit. The property is zoned CD-3, and a zoning analysis report is available, indicating potential for the addition of two accessory dwelling units (ADUs). This investment offers predictable returns, bypassing Pasadena's rent control measures, and enjoys property tax exemption/reimbursement benefits. The property's strong location, high occupancy, and recent renovations make it an attractive opportunity for investors seeking stable, long-term growth.

Location Insight

City

Pasadena

County

Los Angeles

State

California

Longitude

-118.14

Latitude

34.1505

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments