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    1940 Meridian Avenue

    South Pasadena, CA 91030
    • $1,998,000
    • STATUS: Active Under Contract
    • ON SITE: 32 days
    • ID#: P1-3084
    Under Contract
    UPDATED: 23 min ago
    $1,998,000
    • 0
      BEDS
    • 0.21
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1926
    County:

    School Ratings & Info

    Description

    Incredibly Rare Opportunity to own a fourplex in South Pasadena. Property consists of a house with 3 additional units in an adjacent building on a 8,976 SF lot with a total of 4,838 SF of interior space. All units are currently fully occupied with great tenants in place on month-to-month leases. New owners can choose to live in one unit while collecting income from the other 3 units. The owner covers water, trash and gardening with all other utilities are covered by the tenants (electricity and gas separately metered). Current CAP Rate is 3.89% on the below market rents and can be improved to an estimated 5.72% CAP Rate. Portions of the property have been updated with paint, appliances (dishwasher & range), window AC, and central heat. Units have mixed flooring which includes hardwood and carpet floors with the main house having its own private balcony. Each unit has its own assigned garage and patios to enjoy lounging in great weather, summer BBQ's, and al fresco dining.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-03-01T20:30:43.383. 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 deemed reliable but is not guaranteed accurate by the MLS or The Alvarado Brothers | Ever Stewart Alvarado Broker. Licensed in the State of California, USA.

    www.thealvaradobrothers.com/homes/113683654
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    1940 Meridian Avenue South Pasadena, CA 91030

    • Price: $1,998,000
    • Status: Active Under Contract
    • Updated: 23 min ago
    • ID#: P1-3084
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.21
    Acres
    1926
    Built
    Neighborhood:
    Not Applicable
    County:
    Los Angeles
    Area:
    658 - So. Pasadena
    Property Description
    Incredibly Rare Opportunity to own a fourplex in South Pasadena. Property consists of a house with 3 additional units in an adjacent building on a 8,976 SF lot with a total of 4,838 SF of interior space. All units are currently fully occupied with great tenants in place on month-to-month leases. New owners can choose to live in one unit while collecting income from the other 3 units. The owner covers water, trash and gardening with all other utilities are covered by the tenants (electricity and gas separately metered). Current CAP Rate is 3.89% on the below market rents and can be improved to an estimated 5.72% CAP Rate. Portions of the property have been updated with paint, appliances (dishwasher & range), window AC, and central heat. Units have mixed flooring which includes hardwood and carpet floors with the main house having its own private balcony. Each unit has its own assigned garage and patios to enjoy lounging in great weather, summer BBQ's, and al fresco dining.
    Exterior Features

    Architectural Style Spanish Fence YN Yes Fencing BlockBrick Garage Spaces 4.00 Lot Features Flag LotLandscapedLawnSprinkler SystemSprinklers Timer Lot Size Units Square Feet Parking Features AssignedGarageStreet Parking Total 4.00 Parking YN Yes Pool Features None Pool Private YN No Property Attached YN Yes Road Frontage Type City Street Spa Features None Spa YN No View Trees/Woods View YN Yes

    Interior Features

    Common Walls End Unit Cooling Wall/Window Unit(S) Cooling YN Yes Fireplace Features Living RoomPatio Fireplace YN Yes Flooring CarpetWood Heating CentralWall Furnace Heating YN Yes Interior Features 2 StaircasesBalconyBuilt-In FeaturesCeiling Fan(S)Crown MoldingTile Counters Laundry Features Washer Hookup Levels Two Room Type KitchenLiving RoomMaster Bedroom

    Property Features

    Cap Rate 3.86 Community Features CurbsStreet Lights Country Us Gross Income 92100.00 Gross Scheduled Income 92100.00 Insurance Expense 3415.00 Land Lease YN No Laundry YN Yes Net Operating Income 77100.00 New Taxes Expense 3788.00 Number Of Separate Electric Meters 4 Number Of Separate Gas Meters 4 Number Of Separate Water Meters 1 Operating Expense 15000.00 Rent Control YN No Security Features Carbon Monoxide Detector(S)Smoke Detector(S) Senior Community YN No Subdivision Name Other Not Applicable Tenant Pays ElectricityGas Total Expenses 15000.00 Trash Expense 1148.00 Zoning Spr310000*

    Listing provided courtesy of Meg Middleman of Century 21 Masters


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-03-01T20:30:43.383. 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 deemed reliable but is not guaranteed accurate by the MLS or The Alvarado Brothers | Ever Stewart Alvarado Broker. Licensed in the State of California, USA.

     
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