Residential Income – 285 North Oakland Avenue, Pasadena, CA 91101, US -001-11-30T00:00:00-08:00
285 N Oakland Ave is a turn-key, fully upgraded, and 100% occupied 22 units luxury apartment in the City of Pasadena. This property is part of THE ARROYO COLLECTION, a five-property portfolio totaling 80-unit non-rent-controlled apartment investment opportun
285 North Oakland Avenue, Pasadena, CA 91101, US
$10,560,000 USD
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Address285 North Oakland Avenue, Pasadena
Price$10,560,000
Close Price$9,600,000
Close DateFebruary 17, 2020
Year Built1960
Bedrooms Total0
Living Area18,216 ft2
Lot Size (Sq.Ft.)22,006
Listing IDAR19215835
StatusClosed
Parcel Number5723005034
ZoningPSC-
Special ConditionsStandard
Days on Market211

Detailed Description: 285 N Oakland Ave is a turn-key, fully upgraded, and 100% occupied 22 units luxury apartment in the City of Pasadena. This property is part of THE ARROYO COLLECTION, a five-property portfolio totaling 80-unit non-rent-controlled 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 property offers 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 1960. It is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of five (5) large 2-bedroom + 2-bathroom, three (3) large 2-bedroom + 1.5-bathroom, and fourteen (14) 1-bedroom + 1-bathroom units. 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. Several 2nd floor units have high-ceiling, and private patios. It has 20 parking spaces and in the back. The soft-story parking area has been seismically retrofitted. All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades.

Cooling
Fireplace
Laundry
Parking
Pool Private
Rent Control
Senior Community
Property Attached
Land Lease

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Address Information
Address285 North Oakland Avenue, Pasadena
Street PrefixNorth
Street SuffixAvenue
CityPasadena
Location (MLS Area)647 – Pasadena (SW)
County Or ParishLos Angeles
State or ProvinceCA
Postal Code91101
Postal Code Plus41671
CountryUS
Financial Information
Close Price$9,600,000
Close DateFebruary 17, 2020
Purchase Contract DateFebruary 1, 2020
Price per Square Foot$579.71
Price per Lot Square Foot$479.87
Tenant PaysElectricity, Gas
Special ConditionsStandard
Gross Multiplier18%
Tax Year2000
Tax Lot16
Full Descriptions
Parcel Number5723005034
Detailed Description285 N Oakland Ave is a turn-key, fully upgraded, and 100% occupied 22 units luxury apartment in the City of Pasadena. This property is part of THE ARROYO COLLECTION, a five-property portfolio totaling 80-unit non-rent-controlled 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 property offers 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 1960. It is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of five (5) large 2-bedroom + 2-bathroom, three (3) large 2-bedroom + 1.5-bathroom, and fourteen (14) 1-bedroom + 1-bathroom units. 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. Several 2nd floor units have high-ceiling, and private patios. It has 20 parking spaces and in the back. The soft-story parking area has been seismically retrofitted. All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades.
Lot FeaturesLot 20000-39999 Sqft, Rectangular Lot, Level, Near Public Transit
Community FeaturesUrban, Valley
Water SourcePublic
UtilitiesCable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Laundry FeaturesDryer Included, Inside, Washer Included
Heating DescriptionENERGY STAR Qualified Equipment, High Efficiency, Combination
Cooling DescriptionENERGY STAR Qualified Equipment, High Efficiency, SEER Rated 16 +
Parking FeaturesAssigned
Sewer DescriptionPublic Sewer
Fireplace FeaturesNone
Common Walls Description2
Pool FeaturesNone
Property parameters
Year Built1960
Living Area (Sq.Ft.)18,216 ft2
Lot Size (Sq.Ft.)22,006
Lot Size (Acres)0.505
Lot Size SourceAssessor
Number of Buildings1
Number of Units Total22
ZoningPSC-
Stories Total2
Parking Spaces20
LevelsTwo
Carport Spaces20
Water SourcePublic
Units Total22
Year Built SourceAssessor
Number of Separate Electric Meters23
Number of Separate Gas Meters23
Number of Separate Water Meters1
Units with Dishwasher22
Units with Disposal22
Units with Refrigerator22
Cap Rate (For Cash Payment Only)4
Listed withHandoko Chen (GIG Real Estate Inc.)