481 Lincoln Ave., Pasadena is a turnkey and upgraded 7 units apartment complex (Unit mix: 4x 1 Bed+1 Bath, 1x 2 Bed+1 Bath, 2x 2 Bed+2 Baths). Class-A Location, and 100% OCCUPIED. ASSUMABLE EXISTING LOAN AT 3.83% UNTIL FEBRUARY, 2029 !!!! 2 story building was built in 1903 and single story building was built in 1952. 2 STORY BUILDING EXTERIOR FAÇADE WERE FULLY RENOVATED AND UPGRADED IN 2021. 5 out of 7 units were also upgraded with New Paint, Kitchen, Bathroom, Flooring. Updated Roof, New Electrical Main Panels and Subpanels. New Plumbing. New Windows. New Driveway Entrance. Each unit is individually metered for electricity and gas. Parking is provided by 5 open spaces between 2 buildings. The property is situated on a large corner lot of approximately 12,011 SF lot size. Great value-add opportunity for a short or long-term investment. The property is in a highly desirable centrally located neighborhood and offers stability for any type of investor whether it may be a first-time purchaser, seasoned investor, or those seeking a 1031 exchange opportunity.
Residential income in the highly desirable area of Pasadena. 2 separate structures. Property will be leased back by the owner for $10,000.00 per month Triple net. Tenant will execute a new five year lease with annual rent adjustments. Owner operates a program for teenagers and their families. The program is after school only and not overnight. Owner operates six additional facilities and is wanting to expand. Name of the program is Insight treatment.
Pasadena is located in California. Pasadena, California has a population of 138,771. Pasadena is less family-centric than the surrounding county with 29.61% of the households containing married families with children. The county average for households married with children is 30.99%.
The median household income in Pasadena, California is $89,661. The median household income for the surrounding county is $76,367 compared to the national median of $69,021. The median age of people living in Pasadena is 39.1 years.
The average high temperature in July is 87.5 degrees, with an average low temperature in January of 45.1 degrees. The average rainfall is approximately 21.4 inches per year, with 0 inches of snow per year.
