1559 N Hill Avenue

Pasadena, CA 91104

PRICE REDUCED

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-$205,000 (-3.01%)

$6,595,000

List Price

24

bed Beds

28

shower Baths

14,640 sqft

straighten / sqft

1949

calendar_month Built

Property Description

INCREDIBLE 6.04% IN-PLACE CAP RATE! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units. The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting. 1559 N Hill is located in Pasadena's Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores. 1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.

Listing Information

List Price $6,595,000
Status Active
MLS 24451389
Type Residential Income
Year Built 1949
Lot Size 20,860
Structure Size 14,640
DOM 55
Courtesy Of REMAX COMMERCIAL & INVESTMENT REALTY
Listing Agent Robert Renshaw DRE#01332831

Interior Features

Total Bedroom
Bedrooms 24
Total Bathroom
Bathrooms 28
Cooling Type
Cooling Type Wall/Window Unit(s)

Exterior Information

Maps

Listing information courtesy of: Robert Renshaw, REMAX COMMERCIAL & INVESTMENT REALTY 424-293-4770. *Based on information from the Association of REALTORS/Multiple Listing as of Dec 4th, 2024 at 9:52 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.