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.