278 E Washington Boulevard,
Home For Sale
3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.05% 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 6.05% 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 s
Property Details
Additional Information
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- County:
- Los Angeles
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- Zip:
- 91104
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- MLS® #:
- AR24119082
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- Bedrooms:
- 2
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- Lot Size:
- 0.58
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- Neighborhood:
- PASADENA (91104)
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Listing information last updated on August 23rd, 2024 at 7:45pm PDT.