Homes for sale - 481 Lincoln AVE, Pasadena, CA 91103

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Karen Iwakoshi

karen@iwakoshirealtor.com +1(562) 595-3264

$ 2,659,000

Est. payment | -/mo

0.28 Acres Lot

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$ 2,659,000

Est. payment | -/mo

Save

0.28 Acres Lot

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID TR24135943

HOA Y/N No

Year Built 1903

Lot Size 0.276 Acres

Property 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. 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.

Location

State CA

County Los Angeles

Area 645 - Pasadena (Nw)

Zoning PSR3

Interior

Fireplace No

Laundry Inside

Exterior

Pool None

Community Features Suburban

Private Pool No

Building

Lot Description Corner Lot

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5726010028

Acceptable Financing Cash, Cash to New Loan, Conventional, 1031 Exchange

Listing Terms Cash, Cash to New Loan, Conventional, 1031 Exchange

Special Listing Condition Standard

Listed by Kevin Lee • Berkshire Hathaway HomeServices California Properties • 626-975-2521

Karen Iwakoshi

Real Estate Consultant | License ID: 01971542

+1(562) 595-3264 | karen@iwakoshirealtor.com

481 Lincoln AVE Pasadena, CA 91103

Karen Iwakoshi

Key Details

Location

Interior

Exterior

Building

Others

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481 Lincoln AVE