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Mirka Deniz

mirka_deniz@hotmail.com +1(909) 507-6797

$4,600,000

Est. payment - /mo

0.72 Acres Lot

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Key Details

Property Type Other Types

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID SR26235935

HOA Y/N No

Year Built 1921

Lot Size 0.723 Acres

Property Sub-Type Apartment

Property Description

1685 N. Summit Avenue presents a 20-unit multifamily investment opportunity in Northwest Pasadena. Built in 1921, the property contains approximately 11,808 square feet of building area on a combined approximately 31,514-square-foot site consisting of two parcels (APNs 5837-006-016 and 5837-006-002). Situated at the corner of Summit Avenue and Penn Street, this bungalow court community offers vintage Pasadena character, in-place income, and rental upside potential.

The property features a uniform unit mix of twenty one-bedroom, one-bathroom residences, arranged as a combination of apartment flats and private bungalows. Property features include mostly updated interiors, washer and dryer hookups in every unit, individual hot water heaters, private outdoor areas, and 32 parking spaces. Additional improvements noted in the property setup include updated roofs, vinyl windows, and electrical panels.

The investment offers approximately 14.2% potential residential rental upside based on current modeled rents compared to projected market rents, providing an opportunity for future income growth through leasing and rent adjustments, subject to applicable rent regulations and market conditions.

Further enhancing the offering is a separate approximately 3,658-square-foot parcel (APN 5837-006-002), adding another element to the investment. Buyers should independently verify parcel boundaries, zoning, permitted uses, and any future development potential with the City of Pasadena.

Located in Northwest Pasadena, the property is near Old Pasadena, the Playhouse District, the Rose Bowl, Arroyo Seco, and Washington Park. Nearby employment, educational, and research institutions include NASA's Jet Propulsion Laboratory, Caltech, Huntington Hospital, and Pasadena City College. The 210, 134, and 110 Freeways and nearby Metro A Line service provide regional transportation options throughout Los Angeles County.

Location

State CA

County Los Angeles

Area 645 - Pasadena (Nw)

Interior

Fireplace No

Laundry Washer Hookup, Gas Dryer Hookup

Exterior

Garage Spaces 32.0

Garage Description 32.0

Pool None

Community Features Urban

Total Parking Spaces 32

Private Pool No

Building

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5837006016

Acceptable Financing Cash, Cash to New Loan, Conventional, Contract

Listing Terms Cash, Cash to New Loan, Conventional, Contract

Special Listing Condition Standard

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Listed by Raymond Rodriguez Equity Union 818-581-5829, DRE #01402283

NEARBY SCHOOL & BUSINESS

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1685 N Summit AVE Pasadena, CA 91103