251 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own a high cash flowing apartment property in one of the most desirable locations in Pasadena. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate for the area, combined with low interest rates offer investor over 7% cash on cash return with proper financing. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI).
It has been completely renovated, and offers an attractive mix of courtyard layouts, and in-unit laundry (laundry machines belong to seller and comes with the property). 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. It has 12 subterranean parking spaces and a common area in the back.
All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
Given its excellent real estate fundamentals, complete renovation, full seismic retrofitting, and an unbeatable location, the 251 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation.
It is in the highly desirable downtown area of Pasadena - more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. Boasting a Walk Score of 87 in the most walkable zip code in all of Pasadena, the Arroyo Collection is conveniently located just a few blocks from Old Town Pasadena, the Paseo Colorado, and the Pasadena Playhouse. The properties are also a quick walk from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue.
Full Property Details
Full Property Details for 251 N Oakland Ave
MLS ID: AR21102436
Added: 36 day(s) ago
Appliances: Gas & Electric Range
Laundry: Dryer Included, Gas Dryer Hookup, Inside, Washer Hookup, Washer Included
Pool Description: None
Spa Description: None
Parking Features: Assigned, Carport
Parking: Assigned, Carport
Area: 647 - Pasadena (SW)
County: Los Angeles
Development Name: 647 - Pasadena (SW)
Driving Directions: one block east of Los Robles Ave, north of Walnut St
Heating & Cooling
Cooling Type: Central Air
Heating Type: Central
Sewer: Public Sewer
# Water Meters: 1
# Gas Meters: 15
# Electric Meters: 15
Stories Description: Two
Year Built: 1954
Number of Units: 14
Total Bathrooms: 1
Lot Size (Acres): 0.2246
Lot Size (Sq. Ft.): 9,785
Lot Size Source: Assessor
Lot Description: Level with Street, Rectangular Lot, Near Public Transit, Sprinkler System, Value In Land
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
251 N Oakland Avenue, Pasadena, CA 91101 (MLS# AR21102436) is a
Multi-Family property with 14 units containing 0 bedrooms and 0 full bathrooms.
251 N Oakland Avenue is currently listed for $6,500,000 and was received on May 13, 2021.
Want to learn more about 251 N Oakland Avenue?
Do you have questions about finding other
real estate for sale
You can browse all Pasadena real estate or
contact a Coldwell Banker agent to request more information.