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$ 5,600,000
Est. payment | /mo
14,468 SqFt
$ 5,600,000
Est. payment | /mo
14,468 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 14,468 sqft
Price per Sqft $387
MLS Listing ID CRPW24242697
HOA Y/N No
Year Built 1964
Lot Size 0.386 Acres
Acres 0.39
Property Sub-Type Other
Property Description
We are pleased to present Sharlotte Apartments, a 16-unit apartment community in Pasadena, CA. This property features an excellent unit mix consisting of majority 2-bedroom 2-bath units with balconies/patios, gated entry, covered parking, individual gas and electric meters, and a sparkling pool. The building has undergone several exterior upgrades such as soft story retrofitting, reinforced balconies & decks, all new windows, new electric panels, and a new roof (2021). The interiors have been tastefully renovated with granite countertops, new cabinetry, stainless steel appliances, recessed LED lighting, laminate wood flooring or new carpet, and upgraded bathrooms. This multigenerational asset has been meticulously maintained throughout ownership and is on the market for the first time in 48 years. With strong in-place rents, the property generates a current cap rate of 5.8%, 7.1% with market rents, offering an investor roughly 20% upside in rental income. This trophy asset is ideal for investors seeking a well-maintained, well-located turnkey asset with upside potential and no differed maintenance.
Location
State CA
County Los Angeles
Zoning PSR1
Interior
Fireplace No
Laundry Other
Building
Lot Description Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 5731016019
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Listed by Ryan Loria • Triqor Group
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Patrick Nagel
REALTOR® | Lic# 1760790