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278 E Washington Boulevard

Pasadena, CA 91104

– beds
– baths
– sqft
~1/2 acre lot
1964 build
– on site

SIGNIFICANT PRICE REDUCTION, 3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.54% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with ±46% LTV at 3.30% interest rates fixed until September 2026 – 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place ±6.54% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with ±19,002 SF building size and situated on a ±25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About ±70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows. The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.

Listed By CRMLS_CA / Han Chen / Growth Investment Group Pasade / 626-224-2495

Last checked: Checking… • Last updated Oct 25, 2024 •

MLS# AR24119082 —

The Building

Year Built:

1964
Year Built Source:

Assessor
New Construction:

No
Architectural Style:

Mid Century Modern
Roof:

Flat
Entry Level:

1
Common Walls:

2+ Common Walls
Faces:

North
Building Area Total:

19002.00
Building Area Units:

Square Feet
# of Buildings:

2
Total Number Of Units:

24
Stories Total:

2
# of Separate Gas Meters:

1
# of Separate Water Meters:

1
# of Separate Electric Meters:

25

Interior

Levels:

Two
Entry Location:

1
Flooring:

Vinyl, Wood
Number Wall AC:

24
Fireplace:

No
Fireplace:

None
Laundry:

Dryer Included, Gas Dryer Hookup, Washer Hookup, Washer Included
Laundry:

1

Location

Directions:

Los Robles Ave go north and make left turn on Washington Blvd - building is on south side of the street
Latitude:

34.16840100
Longitude:

-118.14447900

The Property

Property Type:

Residential Income
Subtype:

Apartment
Property Condition:

Turnkey, Updated/Remodeled
Lot Features:

Level with Street, Lot 20000-39999 Sqft, Flag Lot, Near Public Transit
Lot Size Area:

25460.0000
Lot Size Acres:

0.5845
Lot Size SqFt:

25460.00
Lot Size Source:

Assessor
View:

None
Security Features:

Automatic Gate, Carbon Monoxide Detector(s), Closed Circuit Camera(s), Fire and Smoke Detection System, Gated Community, Resident Manager, Security Lights, Smoke Detector(s)
Road Frontage:

City Street
Road Surface Type:

Paved
Property Attached:

1
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

The Listing

Virtual Tour
Special Listing Conditions:

Standard

Heating & Cooling

Heating:

1
Heating:

Wall Furnace
Cooling:

Yes
Cooling:

Wall/Window Unit(s)

Utilities

Utilities:

Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Sewer:

Public Sewer
Electric:

Standard
Water Source:

Public

Appliances

Appliances:

Gas Range, Range Hood, Refrigerator
Included:

Yes

The Community

Senior Community:

No
Features:

Valley
Pool:

None
Private Pool:

No
Spa Features:

None
Association:

No
Assessments:

Yes
Assessments:

Buyer to Verify

Parking

Parking:

Yes
Parking:

Assigned, Attached Carport
Parking Spaces:

24.00
Carport Spaces:

24.00

Extra Units

Number With Disposal:

24
Number With Dishwasher:

24
Number With Refrigerator:

24

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price	% Change
10/25/24 Oct 25, 2024	Price Changed	CRMLS_CA	$10,900,000	-3.5%
6/11/24 Jun 11, 2024	Listed / Active	CRMLS_CA	$11,300,000	32.9% (11.6% / YR)
9/7/23 Sep 7, 2023	Price Changed	CRMLS_CA

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This multifamily located in Northwest Pasadena, Pasadena, CA 91104 is currently for sale for $10,900,000. 278 E Washington Boulevard is a – square foot multifamily with – beds and – baths that has been on Estately for 159 days. 278 E Washington Boulevard is in the Northwest Pasadena neighborhood of Pasadena and has a WalkScore® of 59, making it somewhat walkable.

Listing Courtesy of: CRMLS_CA and Growth Investment Group Pasade. Based on information from California Regional Multiple Listing Service, Inc. as of 23:37 on Nov 16.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.