481 Lincoln Ave
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481 Lincoln Ave
7 Unit Block of Flats £2,080,535 (£297,219/Unit) 4.76% Net Initial Yield Pasadena, CA 91103
Investment Highlights
- 7 Units with 2 Buildings (4 Units: 1 Bed/ 1 Bath, 1 Unit: 2 Bed/ 1 Bath, 2 Units: 2 Bed/ 1 Bath).
- Monthly Gross Income $14,822.00 (100% occupied).
- All Building Exterior and 5 of 7 Units were fully renovated in 2022.
Executive Summary
481 Lincoln Ave., Pasadena is a turnkey and upgraded 7 units apartment complex (Unit mix: 4x 1 Bed+1 Bath, 1x 2 Bed+1 Bath, 2x 2 Bed+2 Baths). With CAP Rate Close to 5% in a Class-A Location, and 100% OCCUPIED. 2 story building was built in 1903 and single story building was built in 1952. BOTH BUILDINGS EXTERIOR FAÇADE WERE FULLY RENOVATED AND UPGRADED IN 2022. 5 out of 7 units were also upgraded with New Paint, Kitchen, Bathroom, Flooring. Updated Roof, New Electrical Main Panels and Subpanels. New Plumbing. New Windows. New Driveway Entrance. Each unit is individually metered for electricity and gas. Parking is provided by 5 open spaces between 2 buildings. The property is situated on a large corner lot of approximately 12,011 SF lot size. Great value-add opportunity for a short or long-term investment. The property is in a highly desirable centrally located neighborhood and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£139,178
|
£27.50
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£4,175
|
£0.82
|
| Effective Gross Income |
£135,002
|
£26.68
|
| Taxes |
£22,094
|
£4.37
|
| Operating Expenses |
£13,958
|
£2.76
|
| Total Expenses |
£36,052
|
£7.12
|
| Net Operating Income |
£98,950
|
£19.55
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £139,178 |
| Annual Per SF | £27.50 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | £4,175 |
| Annual Per SF | £0.82 |
| Effective Gross Income | |
|---|---|
| Annual | £135,002 |
| Annual Per SF | £26.68 |
| Taxes | |
|---|---|
| Annual | £22,094 |
| Annual Per SF | £4.37 |
| Operating Expenses | |
|---|---|
| Annual | £13,958 |
| Annual Per SF | £2.76 |
| Total Expenses | |
|---|---|
| Annual | £36,052 |
| Annual Per SF | £7.12 |
| Net Operating Income | |
|---|---|
| Annual | £98,950 |
| Annual Per SF | £19.55 |
Property Facts
| Price | £2,080,535 | Building Class | C |
| Price Per Unit | £297,219 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 5,061 SF |
| Net Initial Yield | 4.76% | Average Occupancy | 100% |
| No. Units | 7 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1903 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Low Rise |
| Price | £2,080,535 |
| Price Per Unit | £297,219 |
| Sale Type | Investment |
| Net Initial Yield | 4.76% |
| No. Units | 7 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 5,061 SF |
| Average Occupancy | 100% |
| Number of Floors | 2 |
| Year Built | 1903 |
| Parking Ratio | 0.99/1,000 SF |
Unit Amenities
- Air Conditioning
- Refrigerator
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 4 | £1,482 | 518 - 683 |
| 2+1 | 1 | £1,764 | 600 |
| 2+2 | 2 | £2,047 | 908 - 1,113 |
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Walk Score ®
Very Walkable (86)
Bike Score ®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 5726-010-028 | Total Assessment | £1,221,092 (2024) |
| Land Assessment | £976,873 (2024) | Annual Taxes | £22,094 (£4.37/sf) |
| Improvements Assessment | £244,218 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5726-010-028
Land Assessment
£976,873 (2024)
Improvements Assessment
£244,218 (2024)
Total Assessment
£1,221,092 (2024)
Annual Taxes
£22,094 (£4.37/sf)
Tax Year
2023
zoning
| Zoning Code | PSR3 |
| PSR3 |
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481 Lincoln Ave
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