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2548 El Molino Avenue

2548 El Molino Avenue,Altadena, CA 91001

10

Unit

$4,350,000

Price

Property Details

Price Per Unit

$435,000

Price per SF

$275

Current Cap Rate

4.22%

Market Cap Rate

5.63%

Current GRM

16.12

Market GRM

12.94

2548 El Molino Avenue

2548 El Molino Avenue,Altadena, CA 91001

$4,350,000

Price

Property Details

Price per SF

$275

Price Per Unit

$435,000

Price per SF

$275

Current Cap Rate

4.22%

Market Cap Rate

5.63%

Unit

10

Current GRM

16.12

Market GRM

12.94

Description

2548 El Molino Avenue is a 10-unit asset located in Altadena, California. Current ownership has spent over $400,000 to thoughtfully restore the asset, with $170,000 alone spent on electrical and plumbing ugrades and a new roof. New ownership can take advantage of current ownership’s interior remodels and recognize 20% upside on current rents.

The property is comprised of (2) 2BD/1BA units, (6) 1BD/1BA + Den units, and (2) 1BD/1BA units. Current ownership has implemented resident utility billing (RUBS) across all units, allowing the asset to operate at a sub 30% expense ratio. The property is Mills Act eligible, which would allow new ownership to further drive down operating expenses*.

An existing storage space provides current income, and also has the potential to be converted into two (2) ADUs for additional rental revenue of approximately
$84,000 annually.

2548 El Molino Avenue offers an assumable loan of $1,631,000 at 5.25% with 5 years of interest only payments remaining.

 

*The Mills Act Historical Property Contract Program provides financial incentive for historical preservation through property tax abatement. Contact agent for additional information.

Highlights

  • Over $400,000 Invested in Capital Expenditures
  • Strong Mix of (2) 2BD/1BA, (6) 1BD/1BA + Den, and (2) 1BD/1BA Units
  • Existing Storage Structure Provides Current Income
  • Opportunity to Convert Storage into 2 ADUs
  • Assumable Financing Available Through Freddie Mac at 5.25%

Map

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