609 Prospect Ave, South Pasadena, CA 91030

Property Description

We are pleased to exclusively offer for sale The Jolyn Apartments, a 30 unit Multi-Family investment property located in the highly desirable city of South Pasadena. This is the first time the subject property is being offered for sale since initial construction. The subject property is comprised of more than 50% Town-House Style units, while the remaining units are oversized traditional layouts. The unit mix consists of 11(2Bed/1½ Bath) Two-Story Town Houses, 3(2Bed/1Bath) units, 7(1Bed/1½ Bath) Two-Story Town Houses, 4(1Bed/1Bath) Units, and 5 Bachelor Units (separate kitchen area). All floorplans offer either a private gated patio or balcony depending on where the unit is situated on the grounds. Tenants enjoy an onsite sparkling pool, laundry facility, elevator access from the lower level parking area, as well as plush landscaping throughout the complex. The current owner has meticulously maintained the property over the years and most recently replaced the equipment for the onsite elevator, the equipment for the pool, and refinished the pond and fountain located at the entrance of the grounds. There is an onsite leasing office and 40 assigned subterranean parking stalls. With more than a 50% potential increase in gross rents a new investor can take advantage of making modest improvements to the subject property in order to raise rents to market level.