485 East Washington Boulevard

Pasadena, CA 91104

$4,998,000
Price
25
Beds
24
Baths
13,859 Sq. Ft.
$361 / Sq. Ft.
13,859
Sq. Ft.
$361
per Sq. Ft.

Description

Over 6% cap rate and 10.93 grm on current rents! Great investment offering at under $250k per unit on almost 1 acre of land. A Buyer could be looking at over a 6% CASH ON CASH RETURN with this property even with today's interest rates. Cash cow opportunity in super strong rental location with bulletproof buildings on a large lot with BIG UPSIDE! Possibilities for ADU and great rent growth make this one of the best opportunities in Pasadena right now. With mostly single-story floor plans offering...Over 6% cap rate and 10.93 grm on current rents! Great investment offering at under $250k per unit on almost 1 acre of land. A Buyer could be looking at over a 6% CASH ON CASH RETURN with this property even with today's interest rates. Cash cow opportunity in super strong rental location with bulletproof buildings on a large lot with BIG UPSIDE! Possibilities for ADU and great rent growth make this one of the best opportunities in Pasadena right now. With mostly single-story floor plans offering a unit mix of One 3Bed+2bath, Three 2Bed+2bath and 16 spacious 1Bed+1bath units. Each unit is equipped with wall-mounted air conditioning and heating, a mix of tile and carpet flooring, and expansive kitchens with gas oven/stove combinations. The property is well-maintained, showcasing an open grass courtyard, an on-site laundry facility that yields a steady flow of income with open and carport parking.
  1. Listed by Alexander Metaxas • DRE #01784652 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
  2. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 485 East Washington Boulevard

Zoning
PSR3
Parcel Number
5838040010
Total Units
20.0
Living Area
13859
Source Living Area
Assessor
Area
Pasadena NE (646)
Vacancy Rate
1
Lot Size Area
38252
LISTING UPDATED: 12/17/2024 01:18 PM

Property Details for 485 East Washington Boulevard

StatusActive
MLS #24-456721
Days on Market54
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1948
Lot Size0.88 AC / 38,252 SF
CountyLos Angeles County

Building Information for 485 East Washington Boulevard

Stories1Residences-Year Built1948Building Size-Lot Size0.88 AC / 38,252 SF

Property Information for 485 East Washington Boulevard

Community / Development
Community / Development
  • Number Of Units: 20
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 1
  • Number Of Buildings: 4
  • Type Of Units: Apartments
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $443,694
  • Net Operating Income: $305,207.00
  • Gross Income: $457,416
  • Cap Rate: 6.11%
  • Gross Rent Multiplier: $10.93
  • Total Annual Expense: 138487
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.8781
  • Lot Size Square Feet: 38252
Parking Details
Parking Details
  • Parking Garage: Carport, Uncovered
  • Total Parking: 20
  • Parking Features: Carport, Uncovered
Interior Features
Interior Features
  • Levels: One
  • Cooling: Wall/Window Unit(s)
  • Cooling Type: Wall Unit(s), Wall/Window
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Range/Oven
  • Laundry: Laundry Area
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-24-2024
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,759.00
  • Unit Actual Rent: $28,140.00
  • Unit Projected Rent: $33,600.00
  • Like Units: 16
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $2,126.00
  • Unit Actual Rent: $6,378.00
  • Unit Projected Rent: $7,500.00
  • Like Units: 3
Unit 3 Information
  • Unit Beds: 3
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $3,200.00
  • Unit Actual Rent: $3,200.00
  • Unit Projected Rent: $3,200.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $590,914.00
  • Assessed Improvement Percent: 51.95
  • Assessed Land Value: $546,590.00
  • Assessed Land Percent: 48.05
  • Assessed Total Value: $1,137,504.00

Property History for 485 East Washington Boulevard

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 485 East Washington Boulevard

Taxable ValueLand$557,521Additions$604,732Total$1,162,253
Tax Record2024$17,715 ($1,476 / month)
Home Facts
Total Finished SqFt13,859 SqFtAbove Grade Finished SqFt13,859 SqFtLot Size38,240 SqFtStyleMulti-Family Res (5+ Units)Year Built1910ZoningPSR3CountyLOS ANGELESAPN5838-040-010

Schools near 485 East Washington Boulevard

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

Charles W. Eliot Middle 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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485 East Washington Boulevard is a multi-family home for sale in Pasadena, CA 91104. This property was listed for sale on October 24, 2024 by Realty Investment Advisors, Inc., it's currently listed at $4,998,000. This listing's school district is Pasadena Unified School District. Nearby schools include Longfellow (Henry W.) Elementary School, Charles W. Eliot Middle School and John Muir High School. 485 East Washington Boulevard is a 25-bed, 24-bath, 13,859 sqft multi-family home built in 1948.

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 Realty Investment Advisors, Inc., Alexander Metaxas, DRE #01784652; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644

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.