Listed By:
Han Chen with Growth Investment Group Pasade;
820 N Raymond Avenue, Pasadena, CA
$ 17,480,000
Property Attributes
  • MLS#AR23128477
  • TypeMulti-Family
  • CityPasadena
  • AreaPasadena
  • Zip91103
  • StyleApartment
  • Price$ 17,480,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage36228
  • Lot Size1.176 Acres
Data Source:
California Regional MLS (CRMLS)
Property Description

THE RAYMOND VILLA, a 50-unit true value-add garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides an extremely rare opportunity for investors to acquire a true value add building this size in a good location that is close to almost all amenities City of Pasadena has to offer. The property is within walking distance (±1mile) to Rose Bowl Area and Old Town Pasadena, and situated on a quiet tree-lined street on Raymond Ave and Painter St. This investment offers an ASSUMABLE LOAN with ±50.8% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable ±5.15% cash-on-cash return on year-1 and a whopping 10.05% return stabilized at proforma/market rent (Buyer to Verify). The combination of this excellent assumable loan, great location, and its true value-add potential made this offering an excellent investment for a savvy investor. The Raymond Villa is an attractive two-story garden style community that was built in 1964 with ±36,228 SF building size and situated on a large ±51,227 SF / ±1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secured entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids’ play area and other amenities. The Raymond Villa offers an excellent unit mix of 30 x 2bedroom+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for electricity (ALL ELECTRIC building). Each unit has windows A/C, wall heating, ceiling fans, mirrored closets, and plenty of linen cabinets. ±26 units have had some kind of upgrades which may include new kitchen (new cabinets + quartz/granite countertops), and/or new bathroom (new tiled bathroom/shower, new bathroom vanity, and hardware).

Price History
7/14/2023 Listed $17,480,000

General Features

Additional Parcels Y/N No
Assoc Fees 0.0
Association Y/N No
Attached Garage No
Building Area Units SquareFeet
Cap Rate 4.08
Carport Spaces 43.0
Carport Y/N Yes
City Pasadena
Community Features Suburban, Valley, Park, Pool
Contingency Seller's 1031 exchange
Cooling WallWindowUnits
County Los Angeles
Directions FWY 210 exit Los Robles go north, east of Los Robles, south of Mountain St and north of Orange Grove
Electric Standard
Electric Expense 0.0
Entry Location 1
Facing Direction West
Fuel Expense 0.0
Garage Spaces 8.0
Garage Y/N Yes
Gross Income 1061741.0
Heating WallFurnace
Home Warranty Y/N No
Insurance Expense 16657.0
Land Lease Y/N No
Lease Considered Y/N No
Lease Renewal Y/N No
Levels Two
Listing Terms Cash, CashtoExistingLoan, CashtoNewLoan
Lot Size Square Feet 51227.0
MLS Area 646 - Pasadena (NE)
Maintenanceexpense 13423.0
Mobilehomeremainsyn No
Net Operating Income 713115.0
New Construction No
Number of Units Leased 50
Operating Expense 327391.0
Pool Features Community
Possession CloseOfEscrow
Private Pool No
Property Attached Y/N Yes
Property Sub Type Additional Apartment
Property SubType Apartment
Property Type ResidentialIncome
Rent Control Y/N Yes
Senior Community Y/N No
Sewer PublicSewer
Special Listing Conditions Standard
Standard Status Active
Status Active
Stories 2
Street Name Raymond
Tax Lot 44
Taxes 190488.0
Tenant Pays Electricity, Gas
Total Actual Rent 87585.0
Total Units 50
Trash Expense 0.0
Utilities CableConnected, ElectricityConnected, NaturalGasConnected, PhoneAvailable, SewerConnected, WaterConnected
View Mountains
View Y/N Yes
Virtual Tour
Water Sewer Expense 30969.0
Waterfront Y/N No
Year Built 1964
Year Built Source Assessor
Zoning PSR1

Interior Features

Air Conditioning Y/N Yes
Basement (Y/N) No
Common Walls Item2CommonWalls
Electric On Property Y/N No
Entry Level 1
Fireplace Features None
Fireplace Y/N No
Heating Y/N Yes
Laundry Features CommonArea
Street Suffix Avenue
Total Stories 2

Exterior Features

Building Area Total 36228.0
Crops Included Y/N No
Horse Y/N No
Irrigation Water Rights Y/N No
Lot Features CornerLot, LotOver40000Sqft, Level, NearPark, NearPublicTransit, RectangularLot
Lot Size Acres 1.176
Lot Size Area 51227.0
Lot Size Source Assessor
Lot Size Units SquareFeet
Number of Buildings 5
Number of Separate Electric Meters 51
Number of Separate Gas Meters 51
Number of Separate Water Meters 1
Open Parking Y/N No
Parking Features Assigned, Carport, DetachedCarport, Garage, Paved
Pool Charge 2850.0
Road Surface Type Paved
Spa No
Total Parking 51.0
Water Source Public


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 91103

AVG $4.19M
AVG 54
Data Provided by Inside Real Estate®
Year Built
AVG 1950

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