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Jason Franklin

jason@shorehomes.info +1(818) 421-2328

$ 5,395,000

Est. payment | -/mo

26 Beds

19 Baths

13,682 SqFt

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$ 5,395,000

Est. payment | -/mo

Save

26 Beds

19 Baths

13,682 SqFt

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 13,682 sqft

Price per Sqft $394

MLS Listing ID 26666319

Bedrooms 26

HOA Y/N No

Year Built 1958

Lot Size 0.510 Acres

Lot Dimensions Assessor

Property Description

The LAAA Team of Marcus & Millichap is pleased to present 755 E Pine St, a 19-unit garden-style community in Altadena, now offered at $5,395,000, reduced from $5,595,000. Four vacant units provide immediate lease-up upside in a supply-constrained foothill submarket directly north of Pasadena, where advertised rents run about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms. The new basis equates to $283,947 per unit with a 6.30% current cap rate and a 6.74% pro forma cap rate. Repriced to $5,395,000 from $5,595,000, a new basis of $283,947 per unit and $394.31 per square foot. Four vacant units, units 3, 9, 11, and 15, provide a day-one renovation and lease-up runway. Advertised area rents of about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms support mark-to-market upon renovation. $340,060 of current NOI delivers a 6.30% going-in cap rate and 10.86 GRM, with a 6.74% pro forma cap rate per the OM.

Location

State CA

County Los Angeles

Area 604 - Altadena

Zoning LCR3YY

Interior

Heating Wall Furnace

Fireplace No

Appliance Refrigerator

Exterior

Parking Features Detached Carport

Total Parking Spaces 19

Building

Story 2

Entry Level Two

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5841030021

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Filip Niculete Marcus & Millichap #01905352

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+1(818) 421-2328

jason@shorehomes.info

24025 Park Sorrento #110, Calabasas, CA 91302, West Hills, CA 91307, USA

755 E Pine ST Altadena, CA 91001

Jason Franklin

Key Details

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Interior

Exterior

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Others

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755 E Pine ST