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451 E Sacramento Street

Altadena, CA 91001
  • $5,000,000
  • STATUS: Active
  • ON SITE: 66 Days
  • ID#: PW23179341
UPDATED: 27 min ago
$5,000,000
  • 0
    BEDS
  • 0.74
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1924
County:

School Ratings & Info

Listing Agent(s): Robert Stepp of Keller Williams - Santa Monica (310-482-2200)


Description

Built in 1924, 451 E. Sacramento Street offers an investor the opportunity to acquire an 8-unit asset on an over 30,000-square-foot lot in Altadena, California. The property is comprised of (8) 1BD/1BA + Den units with over $540,000 spent on capital improvements, including new plumbing, roofing and electrical ugrades already completed. Current ownership has received approval from the City allowing the lot to be subdivided into three (3) separate parcels with the ability to build eight (8) new ADUs across the parcels, for additional rental revenue of approximately $386,400 annually. With the construction of the ADUs, the property can be stabilized at a 11.85% cap rate and 6.98 GRM. Resident utility billing (RUBS) has been implemented across the property to lower operational expenses. The property is Mills Act eligible, allowing new ownership the opportunity for significant tax savings*. 451 E. Sacramento Street offers an assumable Freddie Mac loan of $1,646,000 at 5.25% with 5 years of interest only payments remaining.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2023-12-05T10:29:20.113. 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 Twiss Realty Group - Brokered by EXP. Licensed in the State of California, USA.
www.twissrealty.com/homes/143935743
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451 E Sacramento Street Altadena, CA 91001

  • Price: $5,000,000
  • Status: Active
  • On Site: 66 Days
  • Updated: 27 min ago
  • ID#: PW23179341
0
Beds
0
Baths
0
½ Baths
0.74
Acres
1924
Built
Neighborhood:
604 - Altadena
County:
Los Angeles
Area:
604 - Altadena
Property Description
Built in 1924, 451 E. Sacramento Street offers an investor the opportunity to acquire an 8-unit asset on an over 30,000-square-foot lot in Altadena, California. The property is comprised of (8) 1BD/1BA + Den units with over $540,000 spent on capital improvements, including new plumbing, roofing and electrical ugrades already completed. Current ownership has received approval from the City allowing the lot to be subdivided into three (3) separate parcels with the ability to build eight (8) new ADUs across the parcels, for additional rental revenue of approximately $386,400 annually. With the construction of the ADUs, the property can be stabilized at a 11.85% cap rate and 6.98 GRM. Resident utility billing (RUBS) has been implemented across the property to lower operational expenses. The property is Mills Act eligible, allowing new ownership the opportunity for significant tax savings*. 451 E. Sacramento Street offers an assumable Freddie Mac loan of $1,646,000 at 5.25% with 5 years of interest only payments remaining.
Exterior Features

Entry Level 1 Entry Location 1 Lot Features 6-10 Units/Acre Number Of Separate Electric Meters 8 Open Parking Spaces 8 Parking Total 20 Pool Features None Pool Private YN No Property Attached YN No

Interior Features

Common Walls No Common Walls

Property Features

Additional Parcels YN No Cap Rate 3.48 Common Interest Community Apartment Community Features Mountainous Electric Expense 295.5 Fuel Expense 295.5 Garage YN Yes Gross Income 257566 Gross Scheduled Income 265532 Insurance Expense 3038 Land Lease YN No Laundry Features Inside Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan1031 Exchange Maintenance Expense 5200 Net Operating Income 173852 New Construction YN No New Taxes Expense 57096 Number Of Separate Gas Meters 8 Number Of Separate Water Meters 1 Operating Expense 83715 Other Expense 1800 Pest Control Expense 900 Property Sub Type Mixed Use Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 295.5 Water Sewer Expense 295.5 Water Source Public Zoning LCR110



Based on information from California Regional Multiple Listing Service, Inc. as of 2023-12-05T10:29:20.113. 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 Twiss Realty Group - Brokered by EXP. Licensed in the State of California, USA.
 
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Twiss Realty Group - Brokered by EXP
5036 Highway 140
Mariposa CA, 95338
Listing Agent(s): Robert Stepp of Keller Williams - Santa Monica (310-482-2200)