31 N Parkwood AVE Pasadena, CA 91106
0.44 Acres Lot
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Pending
Purchase Type For Sale
MLS Listing ID AR26037066
Construction Status Updated/Remodeled,Turnkey
HOA Y/N No
Year Built 1958
Annual Tax Amount $57,152
Lot Size 0.438 Acres
Property Sub-Type Apartment
Property Description
31 N Parkwood and 1837 E Colorado Blvd, a premier 20-unit apartment portfolio located in the heart of Pasadena, CA. Situated just steps from Pasadena City College (PCC) and blocks from the California Institute of Technology (Caltech), this portfolio represents a rare convergence of Turnkey Condition and High Yield Returns (±6.95% Cap Rate) in a high-barrier-to-entry market.
The Seller is highly motivated and retiring, offering this asset at a price significantly below their acquisition cost. This is a unique chance for an investor to step into a stabilized, high-cash-flow asset immediately, bypassing the capital exposure and time delays of renovation. Combine that with fully upgraded units featuring in-unit laundry, market rents already in place, and zero relocation expense, and you get strong Day-1 cash flow plus long-term appreciation in a supply-constrained, high-demand submarket.
Both properties have been completely upgraded, and each unit has been beautifully upgraded - complete with in-unit laundry machines (seller own). Since this investment consists of 2 properties, new owner does not require an on-site manager. Due to its super strategic location, this investment has a built-in pool of renters (CALTECH students/workers, and PCC International students), making it an easy property to rent with minimum repairs needed.
31 N Parkwood is an 8-unit garden style 2-story apartment that was built in 1958. It has 5,322 SF living space, and situated on a 10,100 SF R3 zone lot. It has a good unit mix of 1 x 3bed+2bath, and 7 x 1bed+1bath units. All the units have been fully upgraded (brand new flooring, new kitchen – with dishwasher, new bathroom, stainless steel appliances, and in-unit laundry machines).
1837 E Colorado is a 12-unit highly desirable single-story apartment with lush drought tolerant landscaping in the front that was built in 1923. It has 4,608 SF living space, and situated on a 8,994 SF MU-C (Commercial) zone lot. It has a perfect unit mix ALL 1bed+1bath non conforming units – perfect for young professionals or PCC International Students or CALTECH students and/or workers/researchers. All the units have been fully upgraded.
Location
State CA
County Los Angeles
Area 648 - Pasadena (Se)
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Disposal, Gas Range, Gas Water Heater, Refrigerator, Range Hood, Dryer, Washer
Laundry Washer Hookup, Gas Dryer Hookup
Exterior
Parking Features Assigned, Asphalt, Detached Carport, Driveway
Garage Spaces 2.0
Carport Spaces 8
Garage Description 2.0
Fence Wrought Iron
Pool None
Community Features Suburban, Valley
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View Mountain(s)
Roof Type Asphalt
Total Parking Spaces 20
Private Pool No
Building
Lot Description 31-35 Units/Acre, Lawn, Landscaped, Street Level, Value In Land
Faces East
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Updated/Remodeled,Turnkey
Others
Senior Community No
Tax ID 5746017092
Energy Description 3000.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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