14-unit Turn-key, Fully Upgraded 100% occupied near Downtown Pasadena, Class A Location, Over $6million CAPEX Spent
The Growth Investment Group is proud to offer 251 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. This property is part of THE ARROYO COLLECTION, a five-property portfolio totaling 80-unit apartment investment opportunity in the City of Pasadena, CA. The portfolio is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own an excellent portfolio of real estate in one of the most coveted submarkets in the San Gabriel Valley.
The property, which has been completely renovated, was built in 1954 and offers an attractive mix of courtyard layouts, in-unit laundry. It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 12 subterranean parking spaces and a common area in the back.
All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
A new owner is presented with the security of in-place master leases for all five (5) properties, with four (4) properties (#251, 265, 275, 303) leased to Providence Christian College, a private Christian liberal arts college, and one (1) property (#285) leased to Fuller Theological Seminary.
Given its excellent real estate fundamentals, which include complete renovation, full seismic retrofitting, and an unbeatable location, the 251 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation.
LOCATION AMENITIES AND ACCESS
The property is in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. Boasting a Walk Score of 87 in the most walkable zip code in all of Pasadena, the Arroyo Collection is conveniently located just a few blocks from Old Town Pasadena, the Paseo Colorado, and the Pasadena Playhouse. The properties are also a quick walk from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue. Near Pasadena’s historic City Hall, the Arroyo Collection sits just minutes from Huntington Hospital, the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region.
Less than a mile away, historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center and Pacific Asia Museum are within walking distance. In addition, the California Technical Institute, the historic Tournament of Roses house, and the Norton Simon Museum are all less than two miles away.
The property has superb access to FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.
Highlights
- Turn-key and fully upgraded apartment properties in Class A location (walk score 87, walking distance to Old Town Pasadena)
- Top-down renovation have been completed in 2018! The first properties to be voluntarily upgraded in the City of Pasadena.
- Over ±$6 million (hard- and soft-cost) upgrades spent on the portfolio (including 251 N Oakland)
- In-place tenants with full occupancy in a Class A location in San Gabriel Valley submarket
- Recession proof investment with full occupancy for the next 3 years secured by a strong tenant (with up to 5% built-in contractual annual rent increases)
- Strong demographics with ±$109,756 average household income within a 1-mile radius
- Highly desirable area, south of 210 Freeway
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
- Attractive garden style apartments with excellent curb appeal
- Amenities: gated parking, secured entrance, electronic RFI unit locks, covered parking, upgraded unit, courtyards equipped with new barbeques and fire pits
- Separately metered for electricity and gas; each unit has a spacious front porch
Extended Details
- Cap Rate: 4%
- NOI: 286,174
- Cash-on-Cash – 4.71%
- Pro Forma Cap Rate – 4.17%
- Occupancy – 100%
- Class – A
- Units – 14
- GRM – 17.9
- Zoning – CD-3
- Year Last Renovated – 2018
- Investment Strategy – Core
Han Widjaja-Chen, CCIM
President at Growth Investment Group
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