175 N. CATALINA AVE
PASADENA, CA 91106
95 (Walker's Paradise
Realty Investment Advisors is proud to present 5 rental units in a prime part of Pasadena. The investment offers an excellent value-add opportunity for any investor or even an owner user as the property consists of four spacious units in front with a detached bungalow house in back. With its tremendous location, 175 N Catalina Ave, is situated just one-half mile (0.5 mi) from the Metro Gold Line station to the North and the restaurants of S. Lake Ave and famous Shoppers Lane to the South.
The four spacious units in front feature a great unit mix of one 3 bedroom + 2 bath two-story unit and three 2 bedroom + 1.5 bath units. The detached 1 bedroom + 1 bath bungalow in back is close to 700 SF (Buyer to verify) with its own dedicated carport. There are 4 covered parking spaces for the front units with enclosed storage rooms and two units have private, fenced patio area.
The property is separately metered for gas and electricity with a community laundry room and central water heater. Situated on a 9,948 SF lot with a high-density zoning of RM-48, the property directly across the street with a similar lot size currently has 9 townhome units being developed. There is potential to create an ADU within the property (Buyer to verify with City).
For an investor, this property presents the opportunity to achieve a much higher rental income as units become vacant since the property is subject to the recent Pasadena Rent Control restrictions. Given the location, property features and incredibly strong rental demand of Pasadena, this multifamily property is a very strong long-term investment and hedge against inflation.
As one of the premier markets in Los Angeles County, Pasadena, including South Pasadena, boasts one of the strongest demographic profiles providing historically low unemployment, a highly educated workforce and access to an abundance of recently constructed multi-family residential housing and affluent executive housing in the adjacent communities of San Marino, Arcadia, South Pasadena and La Canada.
Small Town Feel
Pasadena has small-town charms, yet exudes global spirit and style. It is a vibrant city with international cachet, as host of “America's New Year Celebration” that includes the Rose Bowl and parade, as well as home to Caltech and NASA’s Jet Propulsion Laboratory. Opportunities abound in Pasadena from cultural and entertainment to economic ones. Anchored by great science institutions and fortune 500 companies, the city is a technology and financial hub unrivalled in Southern California
Pasadena attracts $1.9 billion in federal R&D funds annually, $25 billion since 2001. That’s over $14,000 per capita more than any other innovation hub in the U.S. Nearly 1 in 6 jobs in Pasadena are in professional or creative fields, beating out Seattle, San Jose, Austin, and Portland. Between Caltech/JPL and IdeaLab, more than 311 new companies have been created, leading to 40 successful IPOs and acquisitions.