TFS Properties, as the exclusive listing agent, is pleased to offer for sale this six (6) unit multi-family investment / value-add opportunity located at 60 N. Bonnie Avenue, just walking distance from Pasadena City College (PCC) and minutes away from historic Old Town Pasadena. The two-story building was constructed of wood frame and stucco on a raised in foundation built in 1913 with a square footage of 3,733 on a 8,717-square foot lot.
The subject property represents a very desirable asset in the rapidly-absorbing Pasadena market with value-add upside. All tenants are on month-to-month with below-market rents, allowing the new owner flexibility to reposition the property as Student Housing for PCC/Cal Tech students.
Given the location, accessibility to attractive local area amenities, and opportunity to increase rental income, this investment presents an excellent opportunity for an investor to acquire an under-utilized property in premier location Pasadena Multi-Family Submarket that will provide exponential returns.
Pasadena City College’s current enrollment has grown to more than 26,000 students and there is an ever-increasing demand for student housing and apartment rental space in desirable Pasadena. As a student housing project, this asset will benefit from parental guarantees on leases and occupancy levels routinely achieving 100% for the school year.
Asking Price: $1,087,000
Cap Rate: 2.4% (Actual) / 6.3% (Pro Forma)
Building SF: 3,733
Lot SF: 8,717
Price Per Unit: $181,500
Price Per SF: $291.72