59 S Meridith Ave
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59 S Meridith Ave
7 Unit Block of Flats £2,630,760 (£375,823/Unit) 4.77% Net Initial Yield Pasadena, CA 91106
Investment Highlights
- Walking distance (1 block away) from Pasadena City College (PCC)!
- Airbnb business will also be included in the sale (135 reviews at 4.92 rating with “Guest Favorite” award).
- 4 units are currently vacant and used as short-term rental (Airbnb).
Executive Summary
7 Unit Apartment building in Pasadena, CA located walking distance (1 block away) from Pasadena City College (PCC). 4 units are currently vacant and used as short-term rental (Airbnb). Airbnb business will also be included in the sale (135 reviews at 4.92 rating with “Guest Favorite” award). Unit mix: 2 x (2B+1B) and 5 x (1B+1B). Laundry room on site with 1 coin operated washer and 1 coin operated dryer (both units owned and included with the sale). New rain gutters recently installed, new facia, new paint, new windows, new plumbing, new electrical panels (3 out of 7 units), drainage updated, 2 new water heaters, refurbished roof (less than 3 years ago). 7 covered parking spots on site (all carports). Excellent location with walk score of 87 and bike score of 75. Most errands can be accomplished on foot and biking is convenient on most trips. Less than 1 mile away from California Institute of Technology (Caltech), 1.1 miles away from Huntington Library, 2 miles away from Pasadena Convention Center and 4.5 miles away from Rose Bowl.
Property Facts
| Price | £2,630,760 | Apartment Style | Low Rise |
| Price Per Unit | £375,823 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Net Initial Yield | 4.77% | Building Size | 4,952 SF |
| Gross Rent Multiplier | 15.79 | Number of Floors | 2 |
| No. Units | 7 | Year Built | 1964 |
| Property Type | Residential | Parking Ratio | 1.41/1,000 SF |
| Property Subtype | Apartment |
| Price | £2,630,760 |
| Price Per Unit | £375,823 |
| Sale Type | Investment |
| Net Initial Yield | 4.77% |
| Gross Rent Multiplier | 15.79 |
| No. Units | 7 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 4,952 SF |
| Number of Floors | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.41/1,000 SF |
Unit Amenities
- Balcony
- Washer/Dryer
- Washer/Dryer Hookup
- Refrigerator
- Oven
- Tub/Shower
- Views
- Pantry
Site Amenities
- 24 Hour Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
| 2+1 | 2 | - | - |
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Walk Score ®
Very Walkable (88)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 5736-024-007 | Improvements Assessment | £812,340 |
| Land Assessment | £999,235 | Total Assessment | £1,811,575 |
PROPERTY TAXES
Parcel Number
5736-024-007
Land Assessment
£999,235
Improvements Assessment
£812,340
Total Assessment
£1,811,575
zoning
| Zoning Code | RM32, Pasadena |
| RM32, Pasadena |
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59 S Meridith Ave
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