Seller's Agent in 2016
Justin Dae
Keller Williams Encino/Sherman Oaks
(818) 929-1906
5 Total Sales
1615 E Washington Blvd Pasadena, CA 91104
East Washington Village NeighborhoodEstimated Value: $2,069,931
2
Beds
4
Baths
5,620
Sq Ft
$368/Sq Ft
Est. Value
Highlights
- Laundry Room
- Ramp on the main level
- Central Heating and Cooling System
- Pasadena High School Rated A
- Foothills
About This Home
As of February 2016We are pleased to present an attractive mixed-use investment opportunity located at 1615 E Washington Blvd in Pasadena. The property is comprised of a ground floor retail space along with a large residential unit and a studio on the second floor.
The 5,620 SF property is situated on a 4,996 SF lot zoned Commercial Limited (CL). The zoning allows a variety of uses including office, retail, and residential. There is a two car garage along with a small open parking lot behind the property with alley access. The property is 100% occupied and has been well maintained with recent improvements.
The spacious 2,135 SF residential unit features two bedrooms, two bathrooms, a large den/dining area along with a bonus room and wrap around patio. The studio is currently leased month to month as office space. The ground floor retail space is leased to Isis Bistro Lounge on a modified gross lease expiring in October 2017.
This is a great investment opportunity providing a new owner with solid income, tremendous upside and a market CAP rate above 6.5%. Between the expiring retail lease and the MTM studio the property offers added value to an investor. This would be an excellent upleg for an investor in a 1031 tax deferred exchange.
Last Agent to Sell the Property
Keller Williams Encino/Sherman Oaks License #01519849 Listed on: 09/25/2015
Last Buyer's Agent
Kelly Tachikawa
IMPACT Properties, Inc License #01758445
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1929
Lot Details
- 4,999 Sq Ft Lot
- Property fronts an alley
- No Common Walls
Parking
- 2 Car Garage
Interior Spaces
- 5,620 Sq Ft Home
- Decorative Fireplace
Bedrooms and Bathrooms
- 2 Bedrooms
- 4 Bathrooms
Laundry
- Laundry Room
- Gas And Electric Dryer Hookup
Additional Features
- Ramp on the main level
- Exterior Lighting
- Central Heating and Cooling System
Listing and Financial Details
- Tax Lot 4
- Tax Tract Number 7931
- Assessor Parcel Number 5850022004
Community Details
Overview
- 3 Units
- Foothills
Building Details
- 3 Separate Electric Meters
- 3 Separate Gas Meters
- 1 Separate Water Meter
- Gross Income $7,000
- Net Operating Income $59,380
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Oct 25, 2017
Sold by
Pa Abel and Pa Nancy
Bought by
Pa Abel and Pa Nancy
Current Estimated Value
Purchase Details
Listed on
Sep 25, 2015
Closed on
Jan 29, 2016
Sold by
Melamed Shahin
Bought by
Pa Abel and Pa Nancy
Seller's Agent
Justin Dae
Keller Williams Encino/Sherman Oaks
Buyer's Agent
Kelly Tachikawa
IMPACT Properties, Inc
List Price
$1,250,000
Sold Price
$1,125,000
Premium/Discount to List
-$125,000
-10%
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
6.32%
Purchase Details
Closed on
May 16, 2006
Sold by
Mclarry Myrtleene Hope and The Mclarry Family Trust
Bought by
Melamed Shahin
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$595,000
Interest Rate
6.55%
Mortgage Type
Commercial
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area
Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Pa Abel | -- | None Available | |
| Pa Abel | $1,125,000 | Lawyers Title | |
| Melamed Shahin | -- | Itc Gln | |
| Mclarry Myrtleene Hope | -- | Itc Gln |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Previous Owner | Melamed Shahin | $595,000 |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 02/24/2016 02/24/16 | Sold | $1,125,000 | -10.0% | $200 / Sq Ft |
| 01/24/2016 01/24/16 | Pending | -- | -- | -- |
| 09/25/2015 09/25/15 | For Sale | $1,250,000 | 0.0% | $222 / Sq Ft |
| 07/06/2015 07/06/15 | Rented | $2,300 | +7.0% | -- |
| 07/06/2015 07/06/15 | Under Contract | -- | -- | -- |
| 06/22/2015 06/22/15 | For Rent | $2,150 | -- | -- |
Source: California Regional Multiple Listing Service (CRMLS)
Tax History Compared to Growth
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 | $15,557 | $1,331,763 | $679,496 | $652,267 |
| 2024 | $15,557 | $1,305,651 | $666,173 | $639,478 |
| 2023 | $15,424 | $1,280,051 | $653,111 | $626,940 |
| 2022 | $14,894 | $1,254,953 | $640,305 | $614,648 |
| 2021 | $14,267 | $1,230,347 | $627,750 | $602,597 |
| 2019 | $13,743 | $1,193,857 | $609,132 | $584,725 |
| 2018 | $13,958 | $1,170,449 | $597,189 | $573,260 |
| 2017 | $13,803 | $1,147,500 | $585,480 | $562,020 |
| 2016 | $13,739 | $1,148,630 | $577,201 | $571,429 |
| 2015 | $13,588 | $1,131,377 | $568,531 | $562,846 |
| 2014 | $13,310 | $1,109,216 | $557,395 | $551,821 |
Source: Public Records
Agents Affiliated with this Home
-
Justin Dae
-
K
Buyer's Agent in 2016
Kelly Tachikawa
IMPACT Properties, Inc
Map
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: SR15212066
APN: 5850-022-004
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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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