Description
642 N Orange Grove Blvd is an upgraded 10 units (only 1 non-upgraded unit) apartment community in the City of Pasadena. The property is in a strategic location within walking distance to Rose Bowl area (1mile) which housed Rose Bowl Stadium, Rosebowl Aquatic Center, Kidspace Childrens Museum, Rose Bowl Flea Market and Brookside Golf Club. It is less than a mile to Old Pasadena which housed many of Pasadena most desirable shopping, entertainment, dining, and other cultural & entertainment attractions, which makes this location even more desirable and easy to rent (WALK SCORE is 81, Bike Score is 82). This strategic location, combined with an excellent unit mix of ALL 2bedroom+1bathroom and its serene and tranquil settings makes this an excellent multifamily investment for a smart and savvy investor. The investment offers a higher than market CAP Rate with existing CAP Rate close to 5% and Proforma CAP Rate more than 6%, making this investment a sound and stable multifamily investment in a highly desirable area of Pasadena. The property was built in 1963 and has been thoroughly renovated in 2021-2022. Major capital improvements including new privacy hedges along the property line, upgraded fence and gate, new drought tolerant landscaping, and 9 units have undergone complete upgrade. It offers excellent ALL 2bed+1bath units. Each upgraded unit has new flooring, new kitchen with quartz countertops and stainless steel appliances including dishwasher, new in-unit laundry machines, new tiled bathroom, and much more. The property is separately metered for electricity and gas. Park 642 N Orange Grove Blvd is an upgraded 10 units (only 1 non-upgraded unit) apartment community in the City of Pasadena. The property is in a strategic location within walking distance to Rose Bowl area (1mile) which housed Rose Bowl Stadium, Rosebowl Aquatic Center, Kidspace Childrens Museum, Rose Bowl Flea Market and Brookside Golf Club. It is less than a mile to Old Pasadena which housed many of Pasadena most desirable shopping, entertainment, dining, and other cultural & entertainment attractions, which makes this location even more desirable and easy to rent (WALK SCORE is 81, Bike Score is 82). This strategic location, combined with an excellent unit mix of ALL 2bedroom+1bathroom and its serene and tranquil settings makes this an excellent multifamily investment for a smart and savvy investor. The investment offers a higher than market CAP Rate with existing CAP Rate close to 5% and Proforma CAP Rate more than 6%, making this investment a sound and stable multifamily investment in a highly desirable area of Pasadena. The property was built in 1963 and has been thoroughly renovated in 2021-2022. Major capital improvements including new privacy hedges along the property line, upgraded fence and gate, new drought tolerant landscaping, and 9 units have undergone complete upgrade. It offers excellent ALL 2bed+1bath units. Each upgraded unit has new flooring, new kitchen with quartz countertops and stainless steel appliances including dishwasher, new in-unit laundry machines, new tiled bathroom, and much more. The property is separately metered for electricity and gas. Parking is provided by 10 parking spaces in the back (7 open + 3 carport - no soft-story parking retrofit is required). Given its excellent real estate fundamentals, high CAP Rate, Low Price per unit for an upgraded apartment, and a convenient location, the 642 N Orange Grove provides safe haven investment for a savvy, or new apartment investors.
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2BEDS
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0.23ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
642 N Orange Grove Blvd is an upgraded 10 units (only 1 non-upgraded unit) apartment community in the City of Pasadena. The property is in a strategic location within walking distance to Rose Bowl area (1mile) which housed Rose Bowl Stadium, Rosebowl Aquatic Center, Kidspace Childrens Museum, Rose Bowl Flea Market and Brookside Golf Club. It is less than a mile to Old Pasadena which housed many of Pasadena most desirable shopping, entertainment, dining, and other cultural & entertainment attractions, which makes this location even more desirable and easy to rent (WALK SCORE is 81, Bike Score is 82). This strategic location, combined with an excellent unit mix of ALL 2bedroom+1bathroom and its serene and tranquil settings makes this an excellent multifamily investment for a smart and savvy investor. The investment offers a higher than market CAP Rate with existing CAP Rate close to 5% and Proforma CAP Rate more than 6%, making this investment a sound and stable multifamily investment in a highly desirable area of Pasadena. The property was built in 1963 and has been thoroughly renovated in 2021-2022. Major capital improvements including new privacy hedges along the property line, upgraded fence and gate, new drought tolerant landscaping, and 9 units have undergone complete upgrade. It offers excellent ALL 2bed+1bath units. Each upgraded unit has new flooring, new kitchen with quartz countertops and stainless steel appliances including dishwasher, new in-unit laundry machines, new tiled bathroom, and much more. The property is separately metered for electricity and gas. Park 642 N Orange Grove Blvd is an upgraded 10 units (only 1 non-upgraded unit) apartment community in the City of Pasadena. The property is in a strategic location within walking distance to Rose Bowl area (1mile) which housed Rose Bowl Stadium, Rosebowl Aquatic Center, Kidspace Childrens Museum, Rose Bowl Flea Market and Brookside Golf Club. It is less than a mile to Old Pasadena which housed many of Pasadena most desirable shopping, entertainment, dining, and other cultural & entertainment attractions, which makes this location even more desirable and easy to rent (WALK SCORE is 81, Bike Score is 82). This strategic location, combined with an excellent unit mix of ALL 2bedroom+1bathroom and its serene and tranquil settings makes this an excellent multifamily investment for a smart and savvy investor. The investment offers a higher than market CAP Rate with existing CAP Rate close to 5% and Proforma CAP Rate more than 6%, making this investment a sound and stable multifamily investment in a highly desirable area of Pasadena. The property was built in 1963 and has been thoroughly renovated in 2021-2022. Major capital improvements including new privacy hedges along the property line, upgraded fence and gate, new drought tolerant landscaping, and 9 units have undergone complete upgrade. It offers excellent ALL 2bed+1bath units. Each upgraded unit has new flooring, new kitchen with quartz countertops and stainless steel appliances including dishwasher, new in-unit laundry machines, new tiled bathroom, and much more. The property is separately metered for electricity and gas. Parking is provided by 10 parking spaces in the back (7 open + 3 carport - no soft-story parking retrofit is required). Given its excellent real estate fundamentals, high CAP Rate, Low Price per unit for an upgraded apartment, and a convenient location, the 642 N Orange Grove provides safe haven investment for a savvy, or new apartment investors.
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