1559 North Hill Avenue

Pasadena, CA 91104

$6,595,000
Price
24
Beds
28
Baths
14,640 Sq. Ft.
$450 / Sq. Ft.
14,640
Sq. Ft.
$450
per Sq. Ft.
a front view of a house with garden
a view of a building with a street
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a front view of a house with a yard
a view of a house with plants and a pathway
a front view of a house with garden
a front view of a house with garden
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an aerial view of a house with a garden
a view of a house with a swimming pool
an aerial view of a house with a yard and large tree
an aerial view of a house with a yard
an aerial view of a house with a yard
an aerial view of multiple houses with outdoor space
an aerial view of a house with garden and patio
an aerial view of a house with outdoor space
an aerial view of a city with lots of residential buildings
a front view of a house with a garden
a front view of a house with a lots of windows
a front view of a house with a garden
a front view of a house with a tree
a view of an empty room with a window and wooden floor
a view of an empty room with a window and wooden floor
a bathroom with a toilet a sink and mirror
a kitchen with cabinets appliances a sink and a window
a kitchen with stainless steel appliances granite countertop a sink stove and cabinets
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a room with storage and utility

Description

Incredible 6.04% in-place cap rate! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous...Incredible 6.04% in-place cap rate! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room. These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units. The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting. 1559 N Hill is located in Pasadena's Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores. 1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.
  1. Listed by Robert Renshaw • DRE #01332831 • Brokerage DRE #01164364 • REMAX COMMERCIAL & INVESTMENT REALTY

Property Details for 1559 North Hill Avenue

Zoning
PSR1
Parcel Number
5850013016
Total Units
28.0
Living Area
14640
Source Living Area
Vendor Enhanced
Area
Pasadena NE (646)
Vacancy Rate
21%
Lot Size Area
20860
LISTING UPDATED: 12/04/2024 01:18 PM

Property Details for 1559 North Hill Avenue

StatusActive
MLS #24-451389
Days on Market81
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1949
Lot Size0.48 AC / 20,860 SF
CountyLos Angeles County

Building Information for 1559 North Hill Avenue

Stories2Residences-Year Built1949Building Size-Lot Size0.48 AC / 20,860 SF

Property Information for 1559 North Hill Avenue

Community / Development
Community / Development
  • Number Of Units: 28
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 2
  • Number Of Buildings: 1
  • Type Of Units: residential
Contract Info
Contract Info
  • Disclosures: As Is
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $563,483
  • Net Operating Income: $398,598.00
  • Gross Income: $580,910
  • Cap Rate: 6.04%
  • Gross Rent Multiplier: $11.36
  • Actual Annual Gross Rent: $580,910.00
  • Total Annual Expense: 170784
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.4789
  • Lot Size Square Feet: 20860
Parking Details
Parking Details
  • Parking Garage: Assigned
  • Total Parking: 25
  • Parking Features: Assigned
Interior Features
Interior Features
  • Levels: Two
  • Cooling: Wall/Window Unit(s)
  • Cooling Type: Wall/Window
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Other
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-10-2024
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,047.00
  • Unit Actual Rent: $2,047.00
  • Unit Projected Rent: $2,900.00
  • Like Units: 1
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,761.00
  • Unit Actual Rent: $38,745.00
  • Unit Projected Rent: $50,490.00
  • Like Units: 22
Unit 3 Information
  • Unit Beds: 0
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,263.00
  • Unit Actual Rent: $6,317.00
  • Unit Projected Rent: $8,500.00
  • Like Units: 5
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $1,908,735.00
  • Assessed Improvement Percent: 57.45
  • Assessed Land Value: $1,413,559.00
  • Assessed Land Percent: 42.55
  • Assessed Total Value: $3,322,294.00

Property History for 1559 North Hill Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1559 North Hill Avenue

Taxable ValueLand$1,441,830Additions$1,955,459Total$3,397,289
Tax Record2024$42,684 ($3,557 / month)
Home Facts
Total Finished SqFt14,640 SqFtAbove Grade Finished SqFt14,640 SqFtLot Size20,853 SqFtStyleMulti-Family Res (5+ Units)Year Built1932ZoningPSR1CountyLOS ANGELESAPN5850-013-016

Schools near 1559 North Hill Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Longfellow (Henry W.) Elementary School
Public - K to 5
Charles W. Eliot Middle School
Public - 6 to 8
Pasadena High School
Public - 9 to 12
Marshall Fundamental School
Public - 6 to 12
Rating
School
Distance
Longfellow (Henry W.) Elementary School
PublicK to 5

Charles W. Eliot Middle School
Public6 to 8

Pasadena High School
Public9 to 12

Marshall Fundamental School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 1559 North Hill Avenue, Pasadena, CA 91104

1559 North Hill Avenue is a multi-family home for sale in Pasadena, CA 91104. This property was listed for sale on October 10, 2024 by REMAX COMMERCIAL & INVESTMENT REALTY, it's currently listed at $6,595,000. It has been on the market for a total of 81 days and was last sold on October 20, 2023. This listing's school district is Pasadena Unified School District. Nearby schools include Longfellow (Henry W.) Elementary School, Charles W. Eliot Middle School and Pasadena High School. 1559 North Hill Avenue is a 24-bed, 28-bath, 14,640 sqft multi-family home built in 1949.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of REMAX COMMERCIAL & INVESTMENT REALTY, Robert Renshaw, DRE #01332831

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.