NOT LISTED FOR SALE

1145 N Summit Ave Pasadena, CA 91103

Orange Heights Neighborhood

Estimated Value: $1,822,000 - $2,593,806

8 Beds
10 Baths
6,018 Sq Ft
$367/Sq Ft Est. Value

Last Sold September 16, 2015

Last sale price $1,320,000 $219 Per Sq Ft

Est. 99% increase in value since last sale

Current estimated payment $15,382/month

63 Days on Market

Highlights

  • View of Trees or Woods
  • Wood Flooring
  • Fireplace
  • 0.46 Acre Lot
  • Lawn
  • Cooling Available

About This Home

As of September 2015

Great commercial property investment opportunity, priced for a fast sale! Summit Apartment is located in the heart of Pasadena, only blocks away from 210 fwy & Old Town Pasadena. There are a total of 5 buildings, consisting of 12 units (2- 2bed 1 bath, 6- 1 bed, 1 bath, 4- studio) with a good mix, most of the units have their own garages. 100% occupancy with rents below market, which allows great potential for future growth and immediate appreciation! Close to 6% cap rate, with no rent control. About half of the complex is section 8 which offers great income and tenant stability from Government! The complex has been well maintained and with minimum expenses which leave more room for profits! One of the buildings has a newer roof and the whole complex was fumigated a few years ago.

Last Agent to Sell the Property

Yanli Qu

REALTY ONE GROUP WEST License #01769745 Listed on: 07/07/2015

REALTY ONE GROUP WEST

Last Buyer's Agent

Robert Mokhtarzadeh

Shahram Mokhtarzadeh License #01047304

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1928

Lot Details

  • 0.46 Acre Lot
  • Two or More Common Walls
  • Wire Fence
  • Paved or Partially Paved Lot
  • Lawn

Parking

  • 12 Car Garage
  • 2 Carport Spaces
  • Parking Available
  • Parking Lot
  • Off-Street Parking

Property Views

  • Woods
  • Neighborhood

Home Design

  • Property Attached
  • Slab Foundation
  • Composition Roof
  • Stucco

Interior Spaces

  • 6,018 Sq Ft Home
  • Fireplace
  • Gas Range
  • Laundry Room

Flooring

  • Wood
  • Carpet

Bedrooms and Bathrooms

  • 8 Bedrooms
  • 10 Bathrooms

Outdoor Features

  • Exterior Lighting

Utilities

  • Cooling Available
  • Wall Furnace
  • Water Heater

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Tax Lot 10
  • Tax Tract Number 4620
  • Assessor Parcel Number 5728002016

Community Details

Overview

  • 3 Buildings
  • 12 Units

Building Details

  • 12 Leased Units
  • 12 Separate Electric Meters
  • 12 Separate Gas Meters
  • 1 Separate Water Meter
  • Insurance Expense $4,327
  • Maintenance Expense $7,626
  • Other Expense $8,497
  • New Taxes Expense $17,062
  • Gross Income $11,260
  • Net Operating Income $96,842

Property Details

Home Type

Multi-Family

Year Built

Built in 1928

Lot Details

0

Parking

12

Listing Details

  • CapRate: 5.73
  • Property Attached: Yes
  • View: Yes
  • Property Type: Residential Income
  • Parcel Number: 5728002016
  • Year Built: 1928
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: Yes
  • Common Walls: 2+ Common Walls
  • Flooring: Carpet, Wood
  • Appliances: Yes
  • Levels: Two
  • Price Per Square Foot: 219.34

Exterior Features

  • Foundation: Slab
  • View: Neighborhood, Trees/Woods
  • Fencing: Wire
  • Pool Private: No
  • Roof: Composition
  • Spa: No
  • Construction Materials: Stucco

Garage/Parking

  • Carport Spaces: 2.00
  • Garage Spaces: 12.00
  • Parking: Yes
  • Parking Features: Carport, Garage, Off Street, On Site, Parking Space
  • Total Parking Spaces: 22.00

Utilities

  • Utilities: Sewer Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Range, Water Heater
  • Heating Type: Wall Furnace
  • Water Source: Public
  • Cooling: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Street Lights

Lot Info

  • Lot Features: Lawn, Paved
  • Lot Size Sq Ft: 19802.00
  • Price Per Lot Square Foot: 66.66
  • Lot Size Acres: 0.4550

Rental Info

  • Tenant Pays: Electricity, Gas

Multi Family

  • Gross Income: 11260.00
  • Gross Multiplier: 12.51
  • Gross Scheduled Income: 135120.00
  • Insurance Expense: 4327.00
  • Lot Size Area: 19802.0000 Square Feet
  • Maintenance Expense: 7626.00
  • Net Operating Income: 96842.00
  • Number Of Separate Electric Meters: 12
  • Number Of Separate Gas Meters: 12
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 12
  • Number Of Units Total: 12
  • Operating Expense: 38287.00
  • Other Expense: 8497.00
  • Other Expense Description: utility
  • Rent Control: No
  • Total Actual Rent: 11260.00

Tax Info

  • New Taxes Expense: 17062.00
  • Tax Lot: 10
  • Tax Tract Number: 4620
  • Tax Year: 2014

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Dec 29, 2015
Sold by
Mokhtarzadeh Farah
Bought by
Pasadena Summit Llc
Current Estimated Value
$2,632,681

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,421,567

Purchase Details

Closed on
Dec 28, 2015
Sold by
Mokhtarzadeh Farhad
Bought by
Mokhtarzadeh Farah

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,421,567

Purchase Details

Closed on
Dec 21, 2015
Sold by
Pasadena Summit Llc
Bought by
Pasadena Summit Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,421,567

Purchase Details

Closed on
Nov 25, 2015
Sold by
Eshagian George D and Eshagian Evline B
Bought by
Pasadena Summit Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,421,567

Purchase Details

Closed on
Nov 18, 2015
Sold by
Ez 1031 Exchange Inc
Bought by
Eshaghian George E and Eshaghian Evline B

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,421,567

Purchase Details

Listed on
Jul 7, 2015
Closed on
Nov 2, 2015
Sold by
Ez1031 Exchange Inc
Bought by
Ez1031 Exchange Inc and Pasadena Summit Llc
Seller's Agent
Yanli Qu
REALTY ONE GROUP WEST
Buyer's Agent
Robert Mokhtarzadeh
Shahram Mokhtarzadeh
List Price
$1,500,000
Sold Price
$1,320,000
Premium/Discount to List
-$180,000
-12%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
5.11%
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,421,567

Purchase Details

Listed on
Jul 7, 2015
Closed on
Aug 27, 2015
Sold by
Zhao Jie
Bought by
Ez1031 Exchange Inc and 31 Douglas Properties Llc
Seller's Agent
Yanli Qu
REALTY ONE GROUP WEST
Buyer's Agent
Robert Mokhtarzadeh
Shahram Mokhtarzadeh
List Price
$1,500,000
Sold Price
$1,320,000
Premium/Discount to List
-$180,000
-12%

Purchase Details

Closed on
Aug 7, 2014
Sold by
Zhao Tongyu and Zhao Jie
Bought by
Zhao Jie

Purchase Details

Closed on
Jan 22, 2013
Sold by
Zhao Tongyu
Bought by
Zhao Tongyu and Zhao Jie

Purchase Details

Closed on
Jun 1, 2011
Sold by
Deguzman Deguzman Jr Antonio C Jr Antonio C and Deguzman Zeman Anthony
Bought by
Zhao Tongyu

Purchase Details

Closed on
Dec 5, 2009
Sold by
Deguzman Antonio C
Bought by
Deguzman Antonio C and Deguzman Christian T

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$450,000
Interest Rate
4.91%
Mortgage Type
Commercial

Purchase Details

Closed on
Dec 3, 2009
Sold by
Deguzman Antonio C and Deguzman Abraham C
Bought by
Deguzman Antonio C and Deguzman Christian T

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$450,000
Interest Rate
4.91%
Mortgage Type
Commercial

Purchase Details

Closed on
Oct 8, 2004
Sold by
Buendia Natalie
Bought by
Buendia Natalie Calantas and Deguzman Family

Purchase Details

Closed on
Aug 27, 1996
Sold by
Buendia Natalie
Bought by
Buendia Natalie Calantas and Deguzman Family
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Pasadena Summit Llc -- Stewart Title
Mokhtarzadeh Farah -- Stewart Title
Pasadena Summit Llc -- Stewart Title
Pasadena Summit Llc -- Stewart Title
Mokhtarzadeh Farah -- None Available
Eshaghian George E $436,000 Title 365
Mokhtarzadeh Farah $200,000 Title 365
Ez1031 Exchange Inc -- None Available
Ez1031 Exchange Inc $1,320,000 Title365 Company Inc
Zhao Jie -- Title365 Company
Zhao Tongyu -- Accommodation
Zhao Tongyu $1,300,000 Ticor Title Company
Deguzman Antonio C -- None Available
Deguzman Antonio C -- None Available
Deguzman Antonio C -- Security Union Title Ins Co
Deguzman Antonio C -- Security Union Title Ins Co
Buendia Natalie Calantas -- --
Buendia Natalie Calantas -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Pasadena Summit Llc $990,000
Previous Owner Deguzman Antonio C $450,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
09/16/2015 09/16/15 Sold $1,320,000 -12.0% $219 / Sq Ft
09/08/2015 09/08/15 Pending -- -- --
07/07/2015 07/07/15 For Sale $1,500,000 -- $249 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $19,561 $1,562,605 $1,065,414 $497,191
2024 $19,561 $1,531,967 $1,044,524 $487,443
2023 $19,398 $1,501,930 $1,024,044 $477,886
2022 $18,765 $1,472,481 $1,003,965 $468,516
2021 $18,019 $1,443,610 $984,280 $459,330
2019 $17,387 $1,400,794 $955,087 $445,707
2018 $17,478 $1,373,328 $936,360 $436,968
2016 $16,879 $1,320,000 $900,000 $420,000
2015 $19,206 $1,560,000 $1,100,000 $460,000
2014 $17,062 $1,332,019 $922,167 $409,852
Source: Public Records

Agents Affiliated with this Home

  • Y

    Seller's Agent in 2015

    Yanli Qu

    REALTY ONE GROUP WEST

    (626) 236-2178

    3 Total Sales

    Yanli Qu
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: CV15148290

California Regional Multiple Listing Service (CRMLS)

APN: 5728-002-016

California Los Angeles County Pasadena 91103 Orange Heights

1145 N Summit Ave, Pasadena, CA

Not Listed for Sale

MultiFamily

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