481 Lincoln Avenue

Pasadena, CA 91103

$2,659,000
Price
10
Beds
9
Baths
5,061 Sq. Ft.
$525 / Sq. Ft.
5,061
Sq. Ft.
$525
per Sq. Ft.

Description

481 Lincoln Ave., Pasadena is a turnkey and upgraded 7 units apartment complex (Unit mix: 4x 1 Bed+1 Bath, 1x 2 Bed+1 Bath, 2x 2 Bed+2 Baths). With CAP Rate Close to 5% in a Class-A Location, and 100% OCCUPIED. Assumable existing loan at 3.83% until february, 2029! 2 story building was built in 1903 and single story building was built in 1952. BOTH BUILDINGS EXTERIOR FAÇADE WERE FULLY RENOVATED AND UPGRADED IN 2022. 5 out of 7 units were also upgraded with New Paint, Kitchen, Bathroom, Flooring....481 Lincoln Ave., Pasadena is a turnkey and upgraded 7 units apartment complex (Unit mix: 4x 1 Bed+1 Bath, 1x 2 Bed+1 Bath, 2x 2 Bed+2 Baths). With CAP Rate Close to 5% in a Class-A Location, and 100% OCCUPIED. Assumable existing loan at 3.83% until february, 2029! 2 story building was built in 1903 and single story building was built in 1952. BOTH BUILDINGS EXTERIOR FAÇADE WERE FULLY RENOVATED AND UPGRADED IN 2022. 5 out of 7 units were also upgraded with New Paint, Kitchen, Bathroom, Flooring. Updated Roof, New Electrical Main Panels and Subpanels. New Plumbing. New Windows. New Driveway Entrance. Each unit is individually metered for electricity and gas. Parking is provided by 5 open spaces between 2 buildings. The property is situated on a large corner lot of approximately 12,011 SF lot size. Great value-add opportunity for a short or long-term investment. The property is in a highly desirable centrally located neighborhood and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
  1. Listed by Kevin Lee • DRE #01720786 • Brokerage DRE #01218499 • Berkshire Hathaway HomeServices California Properties • 626-975-2521

Property Details for 481 Lincoln Avenue

Parking Spaces Total
0
Private Pool
No
Total Units
7.0
Building Type
Attached
Lot Size Source
Assessor
Living Area
5061
Assessor Parcel Number
5726-010-028
Property Attached YN
true
LISTING UPDATED: 12/20/2024 05:20 AM

Property Details for 481 Lincoln Avenue

StatusActive
MLS #TR24135943
Days on Market171
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1903
CountyLos Angeles County

Building Information for 481 Lincoln Avenue

Building/Complex481 Lincoln AveFloor-Stories2Residences-Pet Policy-Year Built1903Building Size-

Property Information for 481 Lincoln Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $177,874
  • Gross Scheduled Income: $177,874
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $172,528
  • Net Operating Income: $126,452
  • Cap Rate: 4.76
Expense Details
  • Operating Expense: $46,076
  • New Taxes Expense: $28,237
  • Gardener Expense: $960
  • Electric Expense: $0
  • Insurance Expense: $3,500
  • Maintenance Expense: $2,500
  • Professional Management Expense: $0
  • Trash Expense: $8,796
  • Water Sewer Expense: $2,083
  • Total Expenses: $46,076
Tax / Assessment Info
  • Tax Tract Number: 461...
  • Tax Census Tract: 4619.01
  • CFD/Mello-Roos Fee: $0
  • Tax Lot: 16
Community / Development
Community / Development
  • Community Features: Suburban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Inside
Exterior Features
  • Entry Location: Front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Corner Lot
  • Number Of Units: 7
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
Unit Information
Unit 1
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,595
  • Unit Type Total Rent: $1,595
  • Unit Type Pro Forma: 2100
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,595
  • Unit Type Total Rent: $1,595
  • Unit Type Pro Forma: 2100
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,950
  • Unit Type Total Rent: $1,950
  • Unit Type Pro Forma: 2100
  • Unit Type Type: 3
Unit 4
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,193
  • Unit Type Total Rent: $2,193
  • Unit Type Pro Forma: 2200
  • Unit Type Type: 4
Unit 5
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,255
  • Unit Type Total Rent: $2,255
  • Unit Type Pro Forma: 2500
  • Unit Type Type: 5
Unit 6
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,566
  • Unit Type Total Rent: $2,566
  • Unit Type Pro Forma: 3000
  • Unit Type Type: 6
Unit 7
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,666
  • Unit Type Total Rent: $2,666
  • Unit Type Pro Forma: 3000
  • Unit Type Type: 7
Unit Information
  • Number Of Units Leased: 7
  • Rent Controlled: Yes
  • Number Of Buildings: 2
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 7
  • Number Of Separate Water Meters: 1

Property History for 481 Lincoln 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 481 Lincoln Avenue

Taxable ValueLand$1,248,480Additions$312,360Total$1,560,840
Tax Record2024$18,754 ($1,563 / month)
Home Facts
Total Finished SqFt4,607 SqFtAbove Grade Finished SqFt4,607 SqFtLot Size12,008 SqFtStyleMulti-Family Res (5+ Units)Year Built1903ZoningPSR3CountyLOS ANGELESAPN5726-010-028

Schools near 481 Lincoln Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Roosevelt Elementary School
Public - K to 5
Octavia E. Butler Magnet School
Public - 6 to 8
John Muir High School
Public - 9 to 12
Odyssey Charter School - South
Charter - K to 8
Rating
School
Distance
Roosevelt Elementary School
PublicK to 5

Octavia E. Butler Magnet School
Public6 to 8

John Muir High School
Public9 to 12

Odyssey Charter School - South
CharterK to 8

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 481 Lincoln Avenue, Pasadena, CA 91103

481 Lincoln Avenue is a multi-family home for sale in Pasadena, CA 91103. This property was listed for sale on July 1, 2024 by Berkshire Hathaway HomeServices California Properties, it's currently listed at $2,659,000. It has been on the market for a total of 171 days and was last sold on August 27, 2021. This listing's school district is Pasadena Unified School District. Nearby schools include Roosevelt Elementary School, Octavia E. Butler Magnet School and John Muir High School. 481 Lincoln Avenue is a 10-bed, 9-bath, 5,061 sqft multi-family home built in 1903.

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 Berkshire Hathaway HomeServices California Properties, Kevin Lee, DRE #01720786

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.