UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,443 sqft
Price per Sqft $506
MLS Listing ID AR-26196810
Style Bungalow
Year Built 1922
Lot Size 0.283 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
146-154 N Holliston Ave, an impeccably maintained 7-unit multifamily community located in the highly desirable central Pasadena market. Strategically situated just blocks from CALTECH and Pasadena City College, this property represents a premier passive income vehicle.
The asset is securely master leased to The Gooden Center (a well-known healthcare operator – has been in the business for ±50-year in the area) under a Single Tenant Net Lease structure, shielding the owner from standard operational headaches. Because the tenant is responsible for insurance, all utilities and almost all maintenance (up to the first $3,000), landlord management responsibilities are kept to an absolute minimum. Coupled with an in-place CAP rate of 7.13%, this offering provides highly attractive positive leverage and outstanding yield for a Class-A location in the West San Gabriel Valley.
The property is situated in a quiet residential area and offers a high Walk Score of 92 and Bike Score of 88. It is situated in a highly affluent area with an average household income of ±$141,687 within a 1-mile radius. It offers many amenities in the area including Lake Ave District and Old Town Pasadena and flurries of restaurants along Colorado Blvd.
Built in 1922, the ±5,443 SF property rests on a spacious ±12,313 SF RM-48 zoned lot. It offers a highly desirable layout with 4 single story bungalows and a triplex in the back. It has walkway on its right side complete with community garden and covered seating and barbeque area. It offers excellent unit mix with one (1) x 2bed+1bath bungalow, three (3) x 1bed+1bath bungalows, two (2) x 2bed+1bath (back triplex), and one (1) x 1bed+1bath (back triplex). The sale comes with an approved plan for 1 ADU.
The master tenant expertly utilizes the diverse layout—consisting of four single-story bungalows and a rear triplex—for offices, meeting spaces, and consultation rooms. The property has benefited from massive capital improvements, allowing a new investor to step into a stabilized, low-maintenance asset immediately. The front bungalow has central HVAC unit, and the other 3 bungalows have mini split HVAC. The back triplex has central HVAC.
Location
State CA
County Los Angeles
Area 647 - Pasadena Sw
Interior
Heating Wall Furnace
Flooring Vinyl, Wood
Fireplaces Type None
Laundry Common Area
Exterior
Parking Features Assigned, Attached Carport
Pool None
Community Features Suburban, Valley
Utilities Available Sewer Connected, Water Connected, Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available
View Y/N No
View None
Building
Lot Description Landscaped, Lawn, Level with Street, Lot 10000-19999 Sqft, 36-40 Units/Acre
Sewer Public Sewer
Nearby Locations
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John R Thompson
Broker/Owner License ID: 01200900
Broker/Owner License ID: 01200900