Michelle Esquivel
michelle@michellehomesellingteam.com
Michelle Esquivel
michelle@michellehomesellingteam.com0.46 Acres Lot
0.46 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR24108024
Construction Status Turnkey
HOA Y/N No
Year Built 1962
Lot Size 0.459 Acres
Property Description
This Master Lease structure bypasses the new Pasadena Rent Control (Measure H), and the property enjoys Property Tax Exemption/Reimbursement for the current tenant. The master lease commenced in June 2019 and has just been renewed with a 3-year terms until June 2026, with three x 1-year option that runs until June 2029. The sale includes a Zoning Analysis Report showing a possibility to add Two (2) ADUs (each ±800SF - Buyer to verify).
The property, which has been completely renovated in 2018-2019 with permits, was built in 1962 is a two-story garden style apartment with an attractive center courtyard and an excellent curb appeal. It offers a superb unit mix of four (4) large 2-bedroom+2-bathroom, and fifteen (15) 1-bedroom+1-bathroom units. Each unit is complete with an in-unit laundry and private patio. It is separately metered for gas and electricity, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 19 parking spaces at the back. The soft-story parking area has been seismically retrofitted.
All of the units have undergone a top-to-bottom renovation in 2018-2019 (ALL PERMITTED) with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless-steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.
Location
State CA
County Los Angeles
Area 647 - Pasadena (Sw)
Zoning PSC-
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Wood
Fireplaces Type None
Fireplace No
Appliance Dishwasher, Disposal, Gas Range, Refrigerator, Water Heater, Dryer, Washer
Laundry Washer Hookup, Gas Dryer Hookup
Exterior
Garage Assigned, Carport
Carport Spaces 19
Pool None
Community Features Valley
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View Neighborhood
Roof Type Flat
Parking Type Assigned, Carport
Total Parking Spaces 19
Private Pool No
Building
Lot Description Landscaped, Street Level
Faces East
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Construction Status Turnkey
Others
Senior Community No
Tax ID 5723005036
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
michelle@michellehomesellingteam.com
515 S Myrtle Ave, Monrovia, CA, 91016, USA