485 Washington Blvd Pasadena, CA 91104

Property Details for 485 Washington Blvd

Year built

1910

Construction

WOOD

Lot size

0.88 lot acres

Property size

13,859 SF

Zone code

PSR3

Property type

Apartment buildings

APN

5838-040-010

APU

5838040010

Description

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.

Location Insight

City

Pasadena

County

Los Angeles

State

California

Longitude

-118.14

Latitude

34.1695

CBSA code

31080

CBSA name

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

Property Tax & Assessments