739 Villa St Pasadena, CA 91101

Property Details for 739 Villa St

Year built

1924

Property size

4,666 SF

Property type

Commercial real estate

APN

5731-017-005/6

Description

This exceptional investment opportunity presents a well-maintained, five-unit apartment building situated on two contiguous parcels in the desirable Pasadena, CA, 91101 area. The property encompasses a total of 4,666 square feet of net rentable space on a 10,750 square foot lot. The building consists of four spacious one-bedroom, one-bathroom units and a detached two-bedroom, one-bathroom single-family residence. All units feature convenient on-site garage parking and in-unit washer/dryer hookups. One unit is currently vacant, offering immediate potential for increased income. Built in 1924, the property is classified as a Class B multifamily building with a current NOI of $112,561, resulting in a 4.51% cap rate and a pro-forma cap rate of 4.55%. The asking price is $2,495,000, translating to $534.72 per square foot and $499,000 per unit. The property is zoned PSR1 and offers significant upside potential due to its location minutes from Downtown Pasadena and close proximity to the I-210 freeway, a high-demand rental market with low turnover. This stabilized investment is ideal for owner-users, with the possibility of obtaining residential financing. The property's two contiguous lots provide additional development potential. The property's APN is 5731-017-005/6. This is a 1031 exchange eligible property.