South Pasadena, California Colliers International is pleased to present this opportunity to investors to acquire a very well located property in the city of South Pasadena,...
Apartment Building - Huntington Apartment
Status: Price: Bldg. Size: Units: Cap Rate: Primary Type: Sub-Type:
Active $5,299,000 22,252 SF 24 5.03% Multifamily Garden/Low-Rise
Highlights
Large Lot Size with Ample parking, Townhouse style, All 2 Bed and 1-1/2 Bath units
Separately metered for electricity and gas, Laundry hookups in each unit
Rehabbed in 2003 and 2008
Excellent South Pasadena location, great frontage on Huntington Drive
2010 average household income within 1 mile radius is $82,556
Excellent access to 110, 710, 10, 134 and 210 freeways
Description
Colliers International is pleased to present this opportunity to investors to acquire a very well located property in the city of South Pasadena, California, one of the most desirable cities in San Gabriel Valley sub-market.
1120-1124 Huntington Drive is a 24-unit apartment property situated on a large lot of 32,400 square feet of land. The property undergone major rehab in 2003, and further improved in 2008. The property consists of Two (2) identical buildings, with an excellent unit mix of all townhouse style, 2-bedroom and 1-1/2-bathroom units. The property is separately metered for electricity and gas, and provides ample parking with 36 spaces, a separate laundry room structure, and a basement for extra storage.
The units are all spacious two bedroom and one and a half bathroom units with various upgrades to several. These upgrades include hardwood/laminate floors, upgraded kitchen, and installed washer/dryers (in some units). Each unit provides its own laundry hookups. The average unit size is ±927 square feet.
The major upgrades that were done in 2003 include new framing & drywall remodeling, new windows framing and new windows, etc.
The property is well-situated on the west side of Huntington Drive, south of the 110 and 210 Freeways, and north of the 710 and 10 freeways, in one of the best pockets of the city. It is centrally located between Downtown Los Angeles and the San Gabriel Valley, which provides tenants convenient commute to Downtown, while still living in the small town atmosphere of South Pasadena. The neighborhood is close to shopping centers, schools, churches, libraries, parks, and various local attractions such as Old Town Pasadena, the Mission Street District, and the Santa Anita Mall.
The lack of affordability in South Pasadena and the surrounding region has been a significant factor in generating apartment demand in the area. In addition, the award-winning South Pasadena Unified School District is arguably one of the best school district in California.
Please send me an email at han.chen@colliers.com to get full marketing package.
