259 N Euclid Ave Pasadena, CA 91101
Old Town Pasadena NeighborhoodEstimated payment $41,848/month
Highlights
- City Lights View
- 0.27 Acre Lot
- Wood Flooring
- Blair High School Rated A-
- Property is near public transit
- Lawn
About This Home
Prime 23-unit Value-add in heart of Pasadena Civic Center, Walk to Old-Town, High 5.5% ACTUAL CAP Rate w/ Close to 7% Proforma CAP in a Class-A Location, Efficient Unit Mix, High Density Commercial Zoned Lot, Irreplaceable Location with Over 5% Cash-on-Cash Return.
a prime value-add multifamily investment opportunity located in one of the best areas in Pasadena. Situated in the Civic Center District and several properties away from the Pasadena Courthouse and City Hall, this property offers a SUPERB and unbeatable location, perfect for a savvy investor as a buy and hold asset. With this combination of a high-quality location and excellent unit mix, the property provides younger professional tenants with most of the attractions the City of Pasadena has to offer. Literally within walking distance to shopping, dining, and transportation, this location has a Walk and Bike Score of 88. The property is being offered for sale at below replacement costs for such a high-quality location and provides an attractive 5.51% Actual CAP Rate and a Low Price per unit.
The property is a two-story apartment with some upgrades. It was built in 1955 and has a total of 12,780 SF and situated on a ±11,811 SF Lot (Zoning is PSC – CD-MU-G). It is surrounded by a much higher density commercial/apartment building. Unlike other apartments in the area, this property has parking (9 spaces in the back) which provides excellent amenities to young professionals living in the building. It offers an excellent unit mix for this urban area with eight (8) large 1bed+1bath, seven (7) large Studio, five (5) junior Studio, and three (3) Bachelor (no kitchen) units. The unit mix is perfect and suitable for the location, as it encourages young professionals and a slightly higher turnover, all for a new owner to recapture the future market rent. The location would provide consistent and high demand for rental units like this.
Approximately 11 out of 23 units have had upgrades. Some units have new double pane windows, and the upgraded units have new wood flooring and updated plumbing. All units have smooth ceiling and excellent layout. Each unit is separately metered for electricity and gas. Parking is at the back of the lot. There is a total of 9 spaces with 8 assigned to units, and 1 is rented. There is an additional shared laundry room in the basement for the community, and a master water heater.
Listing Agent
Growth Investment Group Pasade Brokerage Email: han.chen@growthinvestmentgroup.com License #01749321 Listed on: 09/01/2025
Co-Listing Agent
REMAX COMMERCIAL & INVESTMENT REALTY Brokerage Email: han.chen@growthinvestmentgroup.com License #01332831
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1955 | Remodeled
Lot Details
- 0.27 Acre Lot
- Two or More Common Walls
- East Facing Home
- Rectangular Lot
- Level Lot
- Lawn
- Value in Land
Home Design
- Apartment
- Cosmetic Repairs Needed
- Pillar, Post or Pier Foundation
- Asphalt Roof
- Partial Copper Plumbing
Interior Spaces
- 12,780 Sq Ft Home
- 2-Story Property
- Double Pane Windows
- City Lights Views
- Gas Range
Flooring
- Wood
- Carpet
- Vinyl
Bedrooms and Bathrooms
- 1 Bedroom
- 4 Bathrooms
Laundry
- Laundry Room
- Leased Washer and Dryer
Parking
- 7 Open Parking Spaces
- 9 Parking Spaces
- 2 Attached Carport Spaces
- Parking Available
- Assigned Parking
Location
- Property is near public transit
- Urban Location
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
- Natural Gas Connected
- Phone Available
- Cable TV Available
Listing and Financial Details
- Legal Lot and Block 2 / C
- Assessor Parcel Number 5723004016
- $4,347 per year additional tax assessments
- Seller Considering Concessions
Community Details
Overview
- No Home Owners Association
- 23 Units
- Valley
Amenities
- Laundry Facilities
Building Details
- 23 Leased Units
- Rent Control
- 24 Separate Electric Meters
- 24 Separate Gas Meters
- 1 Separate Water Meter
- Electric Expense $2,326
- Fuel Expense $2,706
- Gardener Expense $3,600
- Insurance Expense $12,178
- Maintenance Expense $11,756
- Other Expense $7,218
- Pest Control $780
- Professional Management Expense $15,632
- Trash Expense $3,348
- Water Sewer Expense $3,034
- New Taxes Expense $72,001
- Operating Expense $145,355
- Gross Income $513,801
- Net Operating Income $358,169
Map
Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 09/01/2025 09/01/25 | For Sale | $6,500,000 | -- | $509 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: AR25196269
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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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