$11,300,000
278 E WASHINGTON Boulevard Pasadena, CA 91104
Save Share 
Schedule a Tour
REQUEST A TOUR
See all 32 photos
32 photos
REQUEST A TOUR
$11,300,000
Est. payment /mo
2 Beds
1 Bath
0.58 Acres Lot
UPDATED:
07/27/2024 01:33 AM
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR24119082
Bedrooms 2
HOA Y/N No
Lot Size 0.584 Acres
Property Description
3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.05% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with 46% LTV at 3.30% interest rates fixed until September 2026 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place 6.05% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with 19,002 SF building size and situated on a 25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About 70% of the community are on RUBS program for gas bill reimbursement leaving s
3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.05% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with 46% LTV at 3.30% interest rates fixed until September 2026 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place 6.05% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with 19,002 SF building size and situated on a 25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About 70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows. The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.
3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.05% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with 46% LTV at 3.30% interest rates fixed until September 2026 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place 6.05% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with 19,002 SF building size and situated on a 25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About 70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows. The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.
Location
State CA
County Los Angeles
Area Pasadena (91104)
Zoning Assessor
Interior
Cooling Wall/Window
Exterior
Garage Unit1:Assigned
Building
Story 2
Level or Stories 2 Story
Others
Monthly Total Fees $495
Acceptable Financing Cash
Space Rent $2,584
Listing Terms Cash
Read Less Info
Listed by Han Chen • Growth Investment Group Pasade
CORONADO LISTINGS
7 Beds11 Baths11,715 SqFt3DActive$43,000,000
3 The Point, Coronado, CA 92118
Listed by Ericca Woodruff of Coldwell Banker Assoc.Brkr-Mur
5 Beds5 Baths3,800 SqFt1/48 48Pending
0.39 Acres Lot1/16 16Active
5 Beds5 Baths5,232 SqFt1/58 58Active
Coronado Real Estate
Sold Coronado gives you instant access to search Coronado Real Estate for sale and access to same-day viewings with our showing service. Keep track of real estate trends and see homes before anyone else with SoldCoronado.com
Coronado MLS
