755 E Pine Street, Altadena, CA 91001
List Price: $5.39M
Listing Status: Active
Original List Price: $5.59M
0Days on Market: 145
26 Bedrooms · 19 Bathrooms · 13,682 sq ft
Property Type: ResidentialIncome
Year Built: 1958
Lot Size: 22,215 sq ft
MLS Number: 26666319
About This Property
The LAAA Team of Marcus & Millichap is pleased to present 755 E Pine St, a 19-unit garden-style community in Altadena, now offered at $5,395,000, reduced from $5,595,000. Four vacant units provide immediate lease-up upside in a supply-constrained foothill submarket directly north of Pasadena, where advertised rents run about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms. The new basis equates to $283,947 per unit with a 6.30% current cap rate and a 6.74% pro forma cap rate. Repriced to $5,395,000 from $5,595,000, a new basis of $283,947 per unit and $394.31 per square foot. Four vacant units, units 3, 9, 11, and 15, provide a day-one renovation and lease-up runway. Advertised area rents of about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms support mark-to-market upon renovation. $340,060 of current NOI delivers a 6.30% going-in cap rate and 10.86 GRM, with a 6.74% pro forma cap rate per the OM.
Listing provided by: Filip Niculete DRE #01905352 818-212-2700 info@laaa.com, Marcus & Millichap
Source: CRMLS, MLS #: 26666319
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.