485 Washington Blvd Pasadena, CA 91104-2204

This exceptional 20-unit apartment building presents a compelling investment opportunity in Pasadena, CA. Located at 485 E Washington Blvd, 91104, this property boasts a substantial 13,859 square feet on a large 38,240 square foot lot, offering significant potential for future development, such as Accessory Dwelling Units (ADUs). The building, constructed in 1910 and 1948, features a desirable unit mix: one 3-bedroom/2-bathroom unit, three 2-bedroom/2-bathroom units, and sixteen spacious 1-bedroom/1-bathroom units. Each unit includes wall-mounted air conditioning and heating, a combination of tile and carpet flooring, and well-equipped kitchens with gas ovens and stoves. Residents enjoy an attractive open grass courtyard, mature landscaping, on-site laundry facilities, and ample off-street parking, including carport spaces. The property currently generates a Net Operating Income (NOI) of $260,939, representing a 5.02% capitalization rate. However, a pro-forma NOI of $343,525 projects a significantly higher 6.61% capitalization rate, highlighting the substantial upside potential. The asking price is $5,195,000, or $259,750 per unit. This well-maintained property is an ideal long-term investment and a strong candidate for a 1031 exchange.