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$5,600,000
Est. payment /mo
0.39 Acres Lot
UPDATED:
12/05/2024 02:02 AM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW24242697
HOA Y/N No
Year Built 1964
Lot Size 0.386 Acres
Property Description
We are pleased to present Sharlotte Apartments, a 16-unit apartment community in Pasadena, CA. This property features an excellent unit mix consisting of majority 2-bedroom 2-bath units with balconies/patios, gated entry, covered parking, individual gas and electric meters, and a sparkling pool. The building has undergone several exterior upgrades such as soft story retrofitting, reinforced balconies & decks, all new windows, new electric panels, and a new roof (2021). The interiors have been tastefully renovated with granite countertops, new cabinetry, stainless steel appliances, recessed LED lighting, laminate wood flooring or new carpet, and upgraded bathrooms. This multigenerational asset has been meticulously maintained throughout ownership and is on the market for the first time in 48 years. With strong in-place rents, the property generates a current cap rate of 5.6%, 7.1% with market rents, offering an investor roughly 20% upside in rental income. This trophy asset is ideal for investors seeking a well-maintained, well-located turnkey asset with upside potential and no differed maintenance.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning PSR1
Interior
Fireplace No
Laundry Common Area
Exterior
Carport Spaces 21
Pool Community
Community Features Sidewalks, Pool
Total Parking Spaces 21
Private Pool No
Building
Lot Description Rectangular Lot
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5731016019
Acceptable Financing Conventional
Listing Terms Conventional
Special Listing Condition Standard
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Listed by Ryan Loria • Triqor Group • 949-756-3232
1st Class Real Estate Mavericks
Brokerage | License ID: 02245942
+1(760) 203-3373 | 1stclassmavericks@gmail.com