NOT LISTED FOR SALE

585 N Hill Ave Pasadena, CA 91106

Northwest Pasadena Neighborhood
26 Beds
18 Baths
-- Sq Ft
0.38 Acres

Last Sold April 09, 2021

Last sale price $3,900,000

19 Days on Market

Highlights

  • 0.38 Acre Lot
  • Fireplace
  • Laundry Room
  • Pasadena High School Rated A
  • Cooling System Mounted To A Wall/Window
  • 5-minute walk to Jefferson Park

About This Home

As of April 2021

We are proud to present the Hill Avenue Apartments. An incredible investment opportunity located in beautiful Pasadena. This amazing 14 Unit garden style complex has been cared for by the current ownership since 1972 with quality improvements being made upon unit turnover. The property has secured entry and parking with an open grass common area. Small private patios and balconies for each unit- create a very cozy feeling on the property. The building boasts a solid unit mix of a large townhouse style 3 Bedroom with additional 3 Beds, 2 Beds, and 1 Bedroom apartments all individually metered for gas and electricity. Built in 1963, the building offers spacious units most of which have been meticulously renovated, including copper plumbing yet leaving the next owner approximately 35% rental upside. Most tenants are long term, and the asset has an onsite laundry room with parking for every unit. The property has been well cared for and is ready for the next owner to maximize the buildings potential. Hurry, this deal will move fast and fit perfectly in all size real estate portfolios!

Last Agent to Sell the Property

Andrea Marcum-Valentine

eXp Realty of Greater Los Angeles License #01737314 Listed on: 02/20/2021

eXp Realty of Greater Los Angeles

Co-Listed By

Justin McCardle

Growth Investment Group Pasade License #01895720

Last Buyer's Agent

Andrea Marcum-Valentine

eXp Realty of Greater Los Angeles License #01737314 Listed on: 02/20/2021

eXp Realty of Greater Los Angeles

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1963

Lot Details

  • 0.38 Acre Lot
  • No Common Walls
  • Security Fence
  • Wood Fence

Home Design

  • Composition Roof

Interior Spaces

  • Fireplace
  • Laundry Room

Bedrooms and Bathrooms

  • 26 Bedrooms
  • 18 Bathrooms

Parking

  • 14 Parking Spaces
  • 14 Attached Carport Spaces
  • Parking Available
  • Assigned Parking

Utilities

  • Cooling System Mounted To A Wall/Window
  • Wall Furnace
  • Gas Water Heater

Listing and Financial Details

  • Tax Lot 2829
  • Assessor Parcel Number 5739019020

Community Details

Building Details

  • Rent Control
  • 15 Separate Electric Meters
  • 15 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $73
  • Fuel Expense $1,914
  • Insurance Expense $5,957
  • Professional Management Expense $689
  • Trash Expense $2,846
  • Water Sewer Expense $6,070
  • New Taxes Expense $41,313
  • Operating Expense $83,680
  • Gross Income $206,718
  • Net Operating Income $118,000

Additional Features

  • 14 Units
  • Laundry Facilities

Property Details

Home Type

Multi-Family

Year Built

Built in 1963

Lot Details

0

Listing Details

  • Assessments: No
  • CapRate: 3.19
  • Inclusions: Coin operated washer and dryers.
  • Professional Management Expense: 689.00
  • Property Attached: No
  • View: No
  • Water Sewer Expenses: 6070.00
  • Property Type: Residential Income
  • Parcel Number: 5739019020
  • Year Built: 1963
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Fireplace: Yes
  • Common Walls: No Common Walls
  • Appliances: Yes
  • Levels: Two

Exterior Features

  • Fence: Yes
  • Fencing: Security, Wood
  • Pool Private: No
  • Roof: Composition
  • Spa: No

Garage/Parking

  • Carport Spaces: 14.00
  • Parking: Yes
  • Parking Features: Assigned, On Site, Attached Carport
  • Total Parking Spaces: 14.00

Utilities

  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Water Heater
  • Heating Type: Wall Furnace
  • Laundry Features: Community
  • Trash Expense: 2846.00
  • Cooling: Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Sidewalks

Lot Info

  • Land Lease: No
  • Lot Features: Lot 10000-19999 Sqft
  • Lot Size Sq Ft: 16670.00
  • Lot Size Acres: 0.3827

Multi Family

  • Electric Expense: 73.00
  • Fuel Expense: 1914.00
  • Gross Income: 206718.00
  • Gross Scheduled Income: 206718.00
  • Insurance Expense: 5957.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 16670.0000 Square Feet
  • Net Operating Income: 118000.00
  • Number Of Separate Electric Meters: 15
  • Number Of Separate Gas Meters: 15
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 14
  • Operating Expense: 83680.00
  • Rent Control: Yes
  • Total Expenses: 83680.00

Tax Info

  • New Taxes Expense: 41313.00
  • Tax Lot: 2829
  • Tax Rate: 1.04
  • Tax Year: 2021

Range of Values:

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/09/2021 04/09/21 Sold $3,900,000 +5.4% --
03/11/2021 03/11/21 Pending -- -- --
02/20/2021 02/20/21 For Sale $3,700,000 -- --
Source: Pasadena-Foothills Association of REALTORS®

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Andrea Marcum-Valentine

    Seller's Agent in 2021

    Andrea Marcum-Valentine

    eXp Realty of Greater Los Angeles

    (323) 360-7663

    1 in this area

    59 Total Sales

    Andrea Marcum-Valentine
    Section Image
  • Justin McCardle

    Seller Co-Listing Agent in 2021

    Justin McCardle

    Growth Investment Group Pasade

    (626) 594-4901

    1 in this area

    27 Total Sales

    Justin McCardle
    Section Image
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Map

Source: Pasadena-Foothills Association of REALTORS®

MLS Number: P1-3432

Pasadena-Foothills Association of REALTORS®
California Los Angeles County Pasadena 91106 Northwest Pasadena

585 N Hill Ave, Pasadena, CA

This home is located at 585 N Hill Ave, Pasadena, CA 91106 since 20 February 2021. This property was built in 1963. 585 N Hill Ave is a home located in Los Angeles County with nearby schools including Charles W. Eliot Arts Magnet Academy, Pasadena High School, and International School of Los Angeles-Pasadena.

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.

Pasadena-Foothills Association of REALTORS® IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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