Address
820 N Raymond Avenue, Pasadena, CA
Price
$ 17,480,000
Property Attributes
- MLS#AR23128477
- TypeMulti-Family
- CountyLOS ANGELES
- 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 | http://growthinvestmentgroup.com/listingdetail.aspx?pid=10410 |
| 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 |
Amenities
- 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
Price
Visits
Year Built
Based on information from California Regional Multiple Listing Service, Inc. as of December 8, 2023 6:45 AM UTC This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
The information being provided by Conejo Simi Moorpark Association of REALTORS ® ("CSMAR") is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange ("IDX") program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or
