2038 Meridian Avenue

    South Pasadena, CA 91030
    • $5,400,000
    • STATUS: Active
    • ON SITE: 28 days
    • ID#: CV19202285
    $5,400,000
    • 0
      BEDS
    • 0.82
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 10,480
      SQFT
    • $515
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1923
    County:

    School Ratings & Info

    Description

    The Meridian Apartments are a 16-unit investment opportunity located in South Pasadena, California. The offering is comprised of two contiguous parcels, each with 8 units, for a combined lot area of 35,538 square feet. The property located at 2038 Meridian Avenue was built in 1923 and sits on a lot size of 17,685 square feet and has a building size of 5,328 square feet. With its distinctive Spanish style architecture, the buildings are comprised of (four) single story, cottage style one bedroom/one bathroom units with front and rear/side access and (two) 2-story duplex buildings with (four) one bedroom/one bathroom floorplans. There is ample open space parking located behind the property. The property located at 2028 Meridian Avenue was built in 1949 and sits on a lot size of 17,853 square feet and has a building size of 5,152 square feet. The property features (two) single story duplex buildings with one bedroom/one bathroom units with front and rear/side access and (two) 2-story duplex buildings with (four) one bedroom/one bathroom floorplans. The front two cottage style units offer large fenced in front yards. Located behind the property are (8) single car garages, open space parking and an on-site laundry room. All of the units feature hardwood flooring and are individually metered for gas and electricity and have individual hot water heaters.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-21T00:45:27.587. 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 Fred Sed Realty - Keller Williams. Licensed in the State of California, USA.
    www.fredsedgroup.com/homes/98255888

    2038 Meridian Avenue South Pasadena, CA 91030

    • Price: $5,400,000
    • Status: Active
    • ID#: CV19202285
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.82
    Acres
    10,480
    SQFT
    $515
    $/SQFT
    1923
    Built
    Neighborhood:
    658 - So. Pasadena
    County:
    Los Angeles
    Area:
    658 - So. Pasadena
    Property Description
    The Meridian Apartments are a 16-unit investment opportunity located in South Pasadena, California. The offering is comprised of two contiguous parcels, each with 8 units, for a combined lot area of 35,538 square feet. The property located at 2038 Meridian Avenue was built in 1923 and sits on a lot size of 17,685 square feet and has a building size of 5,328 square feet. With its distinctive Spanish style architecture, the buildings are comprised of (four) single story, cottage style one bedroom/one bathroom units with front and rear/side access and (two) 2-story duplex buildings with (four) one bedroom/one bathroom floorplans. There is ample open space parking located behind the property. The property located at 2028 Meridian Avenue was built in 1949 and sits on a lot size of 17,853 square feet and has a building size of 5,152 square feet. The property features (two) single story duplex buildings with one bedroom/one bathroom units with front and rear/side access and (two) 2-story duplex buildings with (four) one bedroom/one bathroom floorplans. The front two cottage style units offer large fenced in front yards. Located behind the property are (8) single car garages, open space parking and an on-site laundry room. All of the units feature hardwood flooring and are individually metered for gas and electricity and have individual hot water heaters.
    Exterior Features

    Garage Spaces 8.00 Lot Features 16-20 Units/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 8.00 Pool Features None Pool Private YN No Property Attached YN Yes

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls 1 Common Wall Laundry Features Common Area Levels Two

    Property Features

    Additional Parcels Description 5319-037-008 Additional Parcels YN Yes Building Area Units Square Feet Cap Rate 2.98 Community Features Suburban Country Us Electric Expense 276.00 Elevation Units Feet Fuel Expense 264.00 Gardener Expense 7200.00 Gross Income 272814.00 Gross Multiplier 19.79 Gross Operating Income 268185.00 Gross Scheduled Income 272814.00 Insurance Expense 4810.00 Land Lease YN No Laundry Income 827.00 Laundry YN Yes Maintenance Expense 12000.00 Net Operating Income 160653.00 New Construction YN No New Taxes Expense 61908.00 Number Of Separate Electric Meters 16 Number Of Separate Gas Meters 16 Number Of Separate Water Meters 0 Number Of Units Leased 16 Operating Expense 107532.00 Professional Management Expense 10694.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Total Actual Rent 22735.00 Total Expenses 107532.00 Trash Expense 4109.00 Vacancy Allowance 5456 Vacancy Allowance Rate 2.00 Water Sewer Expense 6271.00 Water Source Public Year Built Source Public Records Zoning Spr3yy

    Listing provided courtesy of Douglas Mccauley of Marcus & Millichap and David Covarrubias of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-09-21T00:45:27.587. 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 Fred Sed Realty - Keller Williams. Licensed in the State of California, USA.
     
    Fred Sed Realty - Keller Williams
    4010 Barranca Pkwy Suite 100
    Irvine CA, 92604