59 Meridith Ave Pasadena, CA 91106

Property Details for 59 Meridith Ave

Year built

1964

Construction

WOOD

Lot size

0.18 lot acres

Property size

4,952 SF

Zone code

PSR3

Property type

Apartment buildings

APN

5736-024-007

APU

5736024007

Description

This exceptional 7-unit apartment building presents a lucrative investment opportunity in the desirable Pasadena, CA market. Located just one block from Pasadena City College, this property boasts a prime location with a Walk Score of 87 and Bike Score of 75, ensuring high occupancy rates and strong rental demand. The building, constructed in 1964, features a mix of unit sizes: two 2-bedroom, 1-bathroom units and five 1-bedroom, 1-bathroom units. Four units are currently utilized as successful short-term rentals (Airbnb), included in the sale, boasting 135 reviews and a 4.92 rating, including a "Guest Favorite" award. Recent upgrades include a refurbished roof (less than 3 years old), new rain gutters, fascia, paint, windows, plumbing, and electrical panels in three units. Two new water heaters and updated drainage further enhance the property's value. On-site amenities include seven covered parking spaces (carports) and a laundry room with coin-operated washer and dryer (both owned). The property sits on a 7,930 sq ft lot, encompassing 4,952 sq ft of building space. Its proximity to Pasadena City College, California Institute of Technology (Caltech), Huntington Library, Pasadena Convention Center, and Rose Bowl guarantees consistent tenant interest. The asking price is $3,300,000, representing a price per unit of $471,428.57 and a cap rate of 4.77%. This is a turnkey investment ready for immediate income generation. The property's APN is 5736-024-007.

Location Insight

City

Pasadena

County

Los Angeles

State

California

Longitude

-118.115

Latitude

34.1449

CBSA code

31080

CBSA name

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

Property Tax & Assessments