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    466 Cypress Avenue

    Pasadena, CA 91103
    • $2,100,000
    • STATUS: SOLD
    • ON SITE: 113 days
    • ID#: 302473581
    Sold - 05/08/2020
    $2,100,000
    SOLD - 05/08/2020
    • 9
      BEDS
    • 0.31
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1944
    County:

    School Ratings & Info

    Description

    466-470 Cypress Ave. is a 7-unit apartment in the City of Pasadena, California with great current cash flow. The property has 2 buildings where the front building consists of 5 units, and the back building consists of 2 units. Each unit is separately metered for electricity and gas (except for studio unit). The property is situated on a large lot size of 13,678 square feet lot (high density zoning of RM-32) which provides buyer the options for future development. The sale includes a preliminary architect 466-470 Cypress Ave. is a 7-unit apartment in the City of Pasadena, California with great current cash flow. The property has 2 buildings where the front building consists of 5 units, and the back building consists of 2 units. Each unit is separately metered for electricity and gas (except for studio unit). The property is situated on a large lot size of 13,678 square feet lot (high density zoning of RM-32) which provides buyer the options for future development. The sale includes a preliminary architect drawing for a 10-unit condominiums project (Buyer to verify with city). The property is located within walking distance to Old Town Pasadena and offers access to all amenities the City of Pasadena has to offer. Parking consists of 4 space carport in the back and 11 open space parking on the side of the lot. The property features a large front yard, a side garden area and an attractive curb appeal. It offers an attractive unit mix with one 3bed+2bath unit, one 3bed+1bath unit, three 2bed+1bath units, one 1bed+1bath unit, and one studio (non-conforming) unit. The non-conforming studio unit is on master meter for electricity, gas and water. New Roof, New Exterior Siding, New Windows and New Outside Paint in 2019. Most of the units have been completely remodeled with laminate hardwood floor, granite kitchen counter tops and new kitchen cabinets. The back building units plumbing have been upgraded to copper piping.

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    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2020 San Diego MLS, Inc. Licensed in the state of California.
    www.whisselrealty.com/homes/104241387
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    466 Cypress Avenue Pasadena, CA 91103

    • Price: $2,098,000
    • Status: SOLD
    • Updated: 42 min ago
    • ID#: 302473581
    9
    Beds
    0
    Baths
    0
    ½ Baths
    0.31
    Acres
    1944
    Built
    Neighborhood:
    Pasadena (91103)
    County:
    Los Angeles
    Area:
    Pasadena (91103)
    Property Description
    466-470 Cypress Ave. is a 7-unit apartment in the City of Pasadena, California with great current cash flow. The property has 2 buildings where the front building consists of 5 units, and the back building consists of 2 units. Each unit is separately metered for electricity and gas (except for studio unit). The property is situated on a large lot size of 13,678 square feet lot (high density zoning of RM-32) which provides buyer the options for future development. The sale includes a preliminary architect 466-470 Cypress Ave. is a 7-unit apartment in the City of Pasadena, California with great current cash flow. The property has 2 buildings where the front building consists of 5 units, and the back building consists of 2 units. Each unit is separately metered for electricity and gas (except for studio unit). The property is situated on a large lot size of 13,678 square feet lot (high density zoning of RM-32) which provides buyer the options for future development. The sale includes a preliminary architect drawing for a 10-unit condominiums project (Buyer to verify with city). The property is located within walking distance to Old Town Pasadena and offers access to all amenities the City of Pasadena has to offer. Parking consists of 4 space carport in the back and 11 open space parking on the side of the lot. The property features a large front yard, a side garden area and an attractive curb appeal. It offers an attractive unit mix with one 3bed+2bath unit, one 3bed+1bath unit, three 2bed+1bath units, one 1bed+1bath unit, and one studio (non-conforming) unit. The non-conforming studio unit is on master meter for electricity, gas and water. New Roof, New Exterior Siding, New Windows and New Outside Paint in 2019. Most of the units have been completely remodeled with laminate hardwood floor, granite kitchen counter tops and new kitchen cabinets. The back building units plumbing have been upgraded to copper piping.
    Exterior Features

    Parking Garage Desc Unit1 Assigned Pool N/K Site Sidewalks Spa N/K

    Interior Features

    Cooling Wall/Window Heat Source Natural Gas Stories 2 Story Total Baths Unit1 1 Total Baths Unit2 1 Total Baths Unit3 2 Total Baths Unit4 1

    Property Features

    Actual Cap Rate 5.19 Annual Expense Actual 36390 Assessments Yes/Remarks Buildings 2 Gross Rent Multiplier Actual 14.01 Gross Scheduled Income Actual 149700 Possession Close Of Escrow Terms Cash Unit Number For Unit1 1 Unit Number For Unit2 2 Unit Number For Unit3 3 Unit Number4 4 Unit1 Rent Actual 2250.0 Unit2 Rent Actual 1800.0 Unit3 Rent Actual 1900.0 Unit4 Rent Actual 1550.0 Water Meter On Property Zoning Psr3

    Listing provided courtesy of Positive Investments. Listing information © 2020 San Diego MLS Inc. Source: CRMLS
    This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego MLS. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2020 San Diego MLS, Inc. Licensed in the state of California.
     
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    3180 University Ave, Suite 600
    San Diego CA, 92104