NOT LISTED FOR SALE

1145 N Summit Ave Pasadena, CA 91103

Orange Heights Neighborhood

Estimated Value: $2,279,757 - $2,526,000

8 Beds
10 Baths
6,018 Sq Ft
$399/Sq Ft Est. Value

Sale Details

Date Sold: September 16, 2015

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

Est. 82% increase in value since last sale

Current estimated payment $14,690 / mo

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

  • 19,802 Sq Ft 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 in unit

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

0.45 Acres

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

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Closed on
Dec 29, 2015
Sold by
Bought by
Current Estimated Value
$2,402,879

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
$1,616,543

Purchase Details

Closed on
Dec 28, 2015
Sold by
Bought by

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
$1,616,543

Purchase Details

Closed on
Dec 21, 2015
Sold by
Bought by

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
$1,616,543

Purchase Details

Closed on
Nov 25, 2015
Sold by
Bought by

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
$1,616,543

Purchase Details

Closed on
Nov 18, 2015
Sold by
Bought by

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
$1,616,543

Purchase Details

Listed on
Jul 7, 2015
Closed on
Nov 2, 2015
Sold by
Bought by
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
5.73%
Original Mortgage
$990,000
Outstanding Balance
$786,336
Interest Rate
3.92%
Mortgage Type
Commercial
Estimated Equity
$1,616,543

Purchase Details

Listed on
Jul 7, 2015
Closed on
Aug 27, 2015
Sold by
Bought by
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
Bought by

Purchase Details

Closed on
Jan 22, 2013
Sold by
Bought by

Purchase Details

Closed on
Jun 1, 2011
Sold by
Bought by

Purchase Details

Closed on
Dec 5, 2009
Sold by
Bought by

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
Bought by

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
Bought by

Purchase Details

Closed on
Aug 27, 1996
Sold by
Bought by
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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List Price
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

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
-- Stewart Title
-- Stewart Title
-- Stewart Title
-- Stewart Title
-- None Available
$436,000 Title 365
$200,000 Title 365
-- None Available
$1,320,000 Title365 Company Inc
-- Title365 Company
-- Accommodation
$1,300,000 Ticor Title Company
-- None Available
-- None Available
-- Security Union Title Ins Co
-- Security Union Title Ins Co
-- --
-- --
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $990,000
Previous Owner $450,000
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

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 $20,533 $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

    2 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

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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