755 E Pine ST, Altadena, CA 91001
755 E Pine ST, Altadena, CA 91001
755 E Pine ST, Altadena, CA 91001
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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567
$5,395,000
Est. payment /mo
26 Beds
19 Baths
13,682 SqFt
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UPDATED:

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

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Listed by Filip Niculete Marcus & Millichap #01905352

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Shawn Kormondy

Shawn Kormondy

+1(323) 638-7567

Agent | License ID: 01451888

Agent License ID: 01451888

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