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About the Listing 31317 - AR45550
THE RAYMOND VILLA, a 50-unit value-add garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. The property is within walking distance (±1mile) to Rose Bowl Area and Old Town Pasadena, and situated on a quiet tree-lined street on Raymond Ave and Painter St. This investment offers an ASSUMABLE LOAN with ±57% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable ±7.29% cash-on-cash return on year-1 and a whopping ±13.35% return stabilized at proforma/market rent (Buyer to Verify). The property has brand new roofs (3 out of 4 buildings), upgraded electrical panel (each unit has 100amps breaker), and the parking soft story retrofit were recently completed. The Raymond Villa is an attractive two-story garden style community that was built in 1964 with ±36,228 SF building size and situated on a large ±51,227 SF / ±1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secure entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids’ play area and other amenities. It offers an excellent unit mix of 30 x 2 bedrooms+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for electricity (ALL ELECTRIC building). Each unit has windows A/C, wall heating, ceiling fans, mirrored closets, and plenty of linen cabinets. ±30 units have had some kind of upgrades which may include new kitchen (new cabinets + quartz/granite countertops), and/or new bathroom (new tiled bathroom/shower, new bathroom vanity, and hardware). Parking is provided by combinations of garage on the side, tuck-under parking in the back, and a detached carport in the back. There are 52 parking spaces with 8 garage spaces on the side, 30 tuck under parking in the back, and 14 spaces in a detached carport (buyer to verify). There are 2 laundry rooms with ±5 laundry machines in each room (total 10 machines) and all the machines belong to the owner and come with the sale. The property is separately metered for electricity.
Listing Highlights for 820 N Raymond Ave
Status
Active
Days on Site
78
Property Type
Multi-Family
MLS ®
AR25139098
Year Built
1964
Total Square Footage
36,228
Lot/Acreage
38.86
County
Los Angeles
Area
645 - Pasadena (NW)
Interior Details
- Bedrooms: 3
- Bathrooms: 2 Full
- Appliances: Gas Range
- Air Cond: Wall/Window Unit(s)
- Heating: Wall Furnace
- Fireplaces:
- Floor: Laminate,Vinyl,Wood
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Landscaped,Lawn,Level with Street,Lot Over 40000 Sqft,Rectangular Lot,Level,Near Public Transit,Sprinkler System,No Land Lease
- Garage Capacity: 8 car
- Parking Spaces: 52
- Zoning: PSR1
- Roof: Flat
- Others: 2+ Total Units
- Sewer: Public Sewer
- Parking Features: Assigned,Attached Carport,Community Structure,Controlled Entrance,Covered,Driveway,Asphalt,Private
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: 5725011023
- Tax Year: N/A
Payment Calculator
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Listing Location
Questions About..
820 N Raymond Ave Pasadena, CA 91103
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