CA > Pasadena
Pasadena, CA 91103,820 North Raymond Avenue
Pasadena, CA 91103,820 North Raymond Avenue
Pasadena, CA 91103,820 North Raymond Avenue
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Listed by Han Chen • Growth Investment Group Pasade
$14,900,000
Est. payment /mo
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36,228 SqFt
New

820 North Raymond Avenue Pasadena, CA 91103

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Teresa Caldwell

Teresa Caldwell

+1(805) 444-2378

UPDATED:

Key Details

Property Type Single Family Home

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

Square Footage 36,228 sqft

Price per Sqft $411

MLS Listing ID AR-25139098

Style Mid Century Modern

Year Built 1964

Lot Size 38.860 Acres

Property Sub-Type Apartment

Property Description

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.

Location

State CA

County Los Angeles

Area 645 - Pasadena Nw

Zoning PSR1

Interior

Heating Wall Furnace

Flooring Laminate, Vinyl, Wood

Fireplaces Type None

Laundry Common Area, Community

Exterior

Parking Features Private, Asphalt, Assigned, Attached Carport, Community Structure, Controlled Entrance, Covered, Driveway

Garage Spaces 8.0

Pool Community

Community Features Street Lights, Valley

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

View Y/N Yes

View Mountain(s)

Building

Lot Description Landscaped, Lawn, Level, Level with Street, Lot Over 40000 Sqft, Near Public Transit, Rectangular Lot, Sprinkler System

Sewer Public Sewer

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agent

Teresa Caldwell

Agent | License ID: 01394702

+1(805) 444-2378

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820 North Raymond Avenue