1559 N Hill Avenue
Pasadena, CA 91104
- – beds
- – baths
- – sqft
- ~1/2 acre lot
- 1949 build
- – on site
INCREDIBLE 6.04% IN-PLACE CAP RATE! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units. The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting. 1559 N Hill is located in Pasadena's Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores. 1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.
Last checked:
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Last updated Dec 4, 2024
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MLS# 24451389 —
The Building
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Year Built:1949
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Year Built Source:Assessor
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New Construction:No
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Building Area Total:14640.00
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Total Number Of Units:28
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# of Buildings:1
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Stories Total:2
Interior
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Levels:Two
Location
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Directions:Between E Howard St & E Elizabeth St
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Latitude:34.17295400
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Longitude:-118.12202200
The Property
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Property Type:Residential Income
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Zoning:PSR1
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Lot Size Area:20860.0000
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Lot Size Acres:0.4789
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Lot Size SqFt:20860.00
Listing Agent
- Contact info:
- No listing contact info available
The Listing
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Special Listing Conditions:Standard
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Parcel Number:5850013016
Heating & Cooling
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Heating:1
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Heating:Wall Furnace
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Cooling:Yes
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Cooling:Wall/Window Unit(s)
Appliances
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Included:Yes
The Community
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Association:No
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Senior Community:No
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Assessments:No
Parking
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Parking:Yes
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Parking:Assigned
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Parking Spaces:25.00
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
12/4/24
Dec 4, 2024
|
Price Changed | CRMLS_CA | $6,595,000 | -0.1% |
|
10/17/24
Oct 17, 2024
|
Price Changed | CRMLS_CA | $6,600,000 | -2.9% |
|
10/10/24
Oct 10, 2024
|
Listed / Active | CRMLS_CA | $6,800,000 |
