6.04% IN-PLACE CAP RATE! | 1559 N Hill Ave
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6.04% IN-PLACE CAP RATE! 1559 N Hill Ave
28 Unit Block of Flats £5,160,258 (£184,295/Unit) 6.04% Net Initial Yield Pasadena, CA 91104
Investment Highlights
- Exceptional Going-In Cap Rate of 6.04%
- Major electrical upgrades including new main panel, new subpanels and new wiring
- Massive remaining upside potential
- Fantastic location in Pasadena's Historic Highlands neighborhood
- Two large storage rooms offer ADU potential
Executive Summary
INCREDIBLE 6.04% IN-PLACE CAP RATE! Rob Renshaw of RE/MAX Commercial and Investment Realty is pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA.
Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.
These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units.
The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting.
1559 N Hill is located in Pasadena’s Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores.
1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.
Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.
These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units.
The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting.
1559 N Hill is located in Pasadena’s Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores.
1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£454,533
|
£31.05
|
| Other Income |
£4,616
|
£0.32
|
| Vacancy Loss |
£13,636
|
£0.93
|
| Effective Gross Income |
£445,514
|
£30.43
|
| Taxes |
£57,204
|
£3.91
|
| Operating Expenses |
£75,938
|
£5.19
|
| Total Expenses |
£133,142
|
£9.09
|
| Net Operating Income |
£312,372
|
£21.34
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £454,533 |
| Annual Per SF | £31.05 |
| Other Income | |
|---|---|
| Annual | £4,616 |
| Annual Per SF | £0.32 |
| Vacancy Loss | |
|---|---|
| Annual | £13,636 |
| Annual Per SF | £0.93 |
| Effective Gross Income | |
|---|---|
| Annual | £445,514 |
| Annual Per SF | £30.43 |
| Taxes | |
|---|---|
| Annual | £57,204 |
| Annual Per SF | £3.91 |
| Operating Expenses | |
|---|---|
| Annual | £75,938 |
| Annual Per SF | £5.19 |
| Total Expenses | |
|---|---|
| Annual | £133,142 |
| Annual Per SF | £9.09 |
| Net Operating Income | |
|---|---|
| Annual | £312,372 |
| Annual Per SF | £21.34 |
Property Facts
| Price | £5,160,258 | Apartment Style | Low Rise |
| Price Per Unit | £184,295 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Net Initial Yield | 6.04% | Building Size | 14,640 SF |
| Gross Rent Multiplier | 11.36 | Average Occupancy | 86% |
| No. Units | 28 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1949 |
| Property Subtype | Apartment | Parking Ratio | 1.71/1,000 SF |
| Price | £5,160,258 |
| Price Per Unit | £184,295 |
| Sale Type | Investment |
| Net Initial Yield | 6.04% |
| Gross Rent Multiplier | 11.36 |
| No. Units | 28 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 14,640 SF |
| Average Occupancy | 86% |
| Number of Floors | 2 |
| Year Built | 1949 |
| Parking Ratio | 1.71/1,000 SF |
Unit Amenities
- Heating
- Kitchen
- Range
Site Amenities
- Fenced Lot
- Laundry Facilities
- Bicycle Storage
- Zen Garden
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 5 | - | 300 |
| 1+1 | 22 | - | 500 |
| 2+1 | 1 | - | 600 |
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Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 5850-013-016 | Total Assessment | £2,651,519 |
| Land Assessment | £1,128,160 | Annual Taxes | £57,204 (£3.91/sf) |
| Improvements Assessment | £1,523,359 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5850-013-016
Land Assessment
£1,128,160
Improvements Assessment
£1,523,359
Total Assessment
£2,651,519
Annual Taxes
£57,204 (£3.91/sf)
Tax Year
2024
zoning
| Zoning Code | PSR1 |
| PSR1 |
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6.04% IN-PLACE CAP RATE! | 1559 N Hill Ave
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