221 Raymond Ave 9 Unit Block of Flats £3,859,354 (£428,817/Unit) 5.27% Net Initial Yield Pasadena, CA 91103
INVESTMENT HIGHLIGHTS
- Seller Carry 5.50% Interest Only to Qualified Buyers / Protected from auto-reassessment after sale by the Mills Act. Property tax set at $22,325/YR.
- Attractive in-place offering actual CAP Rate of 4.40% With a ProForma CAP Rate of 5.27%
- Tenants have access to offsite parking at the Marriott, with several additional local options available for more affordable solutions
- Estimated saving under the Mills Act are $30,000 annually. In essence adding the income of an additional one-bedroom unit, with no expenses.
- Three (3) two-story, two-bedroom, two-and-one half bathroom units (2B2.5B) + bonus room in master bedroom.
- Individually metered for all utilities. Water submetering is in place. Currently master-metered for water, 9 individual water meters in place.
EXECUTIVE SUMMARY
(MILLS ACT PROTECTED PROPERTY) The Historic Fannie Bonham Row House at 221 N Raymond Ave, Pasadena, CA, is a meticulously restored property and the only remaining example of rowhouse construction in the city!
The property features a desirable unit mix, including six (6) single-story, 1-bedroom, 1-bathroom units, and three (3) townhouse-style, 2-bedroom, 2.5-bathroom units. Each townhouse unit also includes a bonus room in the master bedroom, offering flexible space ideal for a nursery, home office, or additional bedroom.
This historic building underwent an extensive restoration to preserve its original architectural details while modernizing essential key building systems. Jackson Milling & Lumber, Inc. contributed significantly to this effort, utilizing custom-milled Douglas fir to replace wood
siding & replicate intricate crown moldings true to the materials used in the original construction. Additionally, American Window Restoration repaired or replaced all windows to maintain historical accuracy. This dedication to preserving the building's heritage earned it a Historic Preservation Award from the City of Pasadena and recognition from then-Senator Anthony Portantino.
The property features a desirable unit mix, including six (6) single-story, 1-bedroom, 1-bathroom units, and three (3) townhouse-style, 2-bedroom, 2.5-bathroom units. Each townhouse unit also includes a bonus room in the master bedroom, offering flexible space ideal for a nursery, home office, or additional bedroom.
This historic building underwent an extensive restoration to preserve its original architectural details while modernizing essential key building systems. Jackson Milling & Lumber, Inc. contributed significantly to this effort, utilizing custom-milled Douglas fir to replace wood
siding & replicate intricate crown moldings true to the materials used in the original construction. Additionally, American Window Restoration repaired or replaced all windows to maintain historical accuracy. This dedication to preserving the building's heritage earned it a Historic Preservation Award from the City of Pasadena and recognition from then-Senator Anthony Portantino.
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
PROPERTY FACTS
| Price | £3,859,354 |
| Price Per Unit | £428,817 |
| Sale Type | Investment |
| Net Initial Yield | 5.27% |
| Gross Rent Multiplier | 14.87 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Town house |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,568 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built/Renovated | 1898/2017 |
| Cross Streets | Walnut Ave |
| Zoning | PSC- |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 6 | £2,107 | 714 |
| 2+2.5 | 3 | £2,996 | 1,428 |
1 of 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (72)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 5723-001-019 | Total Assessment | £1,365,096 |
| Land Assessment | £955,039 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £410,056 | Tax Year | 2024 |
