482 S El Molino Ave, Pasadena, CA 91101

Property Description

First time on the market in over 50 years, it is with great pleasure to present this 8-unit multifamily property in one of the best areas of Pasadena. This investment offers a stable return and appreciation fueled by this high rental demand location at just a 10-minute walk to Erewhon, Trader Joe's and the prime corridor of South Lake Ave. With a large building size of 8,162 SF the subject property offers spacious units featuring a strong unit mix of: TWO 2 Bed + 2 bath units, TWO 2 Bed + 1 bath units and FOUR 1 Bed + 1 bath units. The garden style layout offers charm and privacy with most units having patios or balconies. The two-bedroom units feature central HVAC systems and all units have individual water heaters and separately metered for gas and electricity. Major capital improvements include a full roof replacement in 2022, the plumbing has been updated and granite counters with built-in stoves and ovens. Situated on a large 14,617 SF lot, there are 8 covered parking spaces with 3 more uncovered spaces along with storage sheds that can provide some additional rental income. A community laundry room currently has two, landlord owned, coin operated machines and can accommodate two additional machines to increase laundry operations. All balconies have been inspected per state ordinances. Units are subject to Pasadena local rent control laws. PLEASE DO NOT DISTURB THE TENANTS. DRIVE-BY ONLY.