Consistent Increasing CAP Rates w/ ZERO Vacancy for the next 2 to 5 years! 265 N Oakland Ave, a turnkey, fully upgraded (with permits), and ZERO VACANCY 19 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area (Walk Score 90 and Bike Score 85). This offering provides a Recession Proof, ZERO VACANCY apartment opportunity secured by a master lease with a local Christian College based in Pasadena. It provides the benefits of a commercial master lease while providing reliability of a turnkey multifamily asset in a strong and mature market. With known annual rent increases, the return/CAP Rate on this investment will be significantly higher as time progresses. 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.
Property Details
Property Features
Property Information:
Architectural Style: Mid-Century Modern
Year Built: 1962
Stories: 2
Listing Office:
Office Name: Growth Investment Group Pasade
Office Phone: (626) 594-4900
Listing Agent: Han Chen
Interior Features
Interior Information:
Appliances: Dishwasher, Disposal, Gas Range, Refrigerator, Water Heater, Dryer, Washer
Flooring Type: Wood
Fireplace: None
Exterior Features
Exterior Information:
Private Pool: No
View: Neighborhood
Parking Information:
Parking: Assigned, Carport
Lot Features
Lot Information:
Lot: Landscaped
Lot Size: 0.46 Acres
Utilities
Utilities Information:
Heating: Wall Furnace
Cooling: Wall/Window Unit(s)
School Info
Assigned Schools Information:
Marshall Fundamental, Public District Grades 6-12
John Muir High School, Public District Grades 9-12
McKinley, Public District Grades KG-8
Norma Coombs Alternative, Public District Grades KG-5
Don Benito Fundamental, Public District Grades KG-5
Other
Directions Information:
Directions: SOUTH of FWY 210, one block east of Los Robles Ave, and 1 block north of Walnut St
Price Information
Listing Price Info
Price Summary:
List Price: $10,950,000
Tax Information:
Annual Amount: $1,734
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Pasadena, CA.
This property is $9.7M more than the Median Sold Price in Pasadena, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #AR24108024
Listing Office:
Office Name: Growth Investment Group Pasade
Office Phone: (626) 594-4900
Listing Agent: Han Chen
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 9/18/2024, 4:20:51 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Dec 02, 2019
Dec 02, 2019Home Sold
$9,950,000
Jan 04, 2018
Jan 04, 2018Home Sold
$22,750,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$1,734
$10,053,082
2020
$858
$9,950,000
2019
$32,096
$5,503,920
2018
$31,770
$2,742,980
2017
$31,770
$2,689,197
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
6
/10
Norma Coombs Alternative
2600 Paloma St
Distance between this listing and this school2.57 miles
Public District Grades KG-5
6
/10
Don Benito Fundamental
3700 Denair St
Distance between this listing and this school4.15 miles
Public District Grades KG-5
Middle School
3
/10
McKinley
325 S Oak Knoll Ave
Distance between this listing and this school0.78 miles
Public District Grades KG-8
High School
6
/10
Marshall Fundamental
990 N Allen Ave
Distance between this listing and this school1.82 miles
Public District Grades 6-12
4
/10
John Muir High School
1905 Lincoln Ave
Distance between this listing and this school2.23 miles
Public District Grades 9-12
Assigned Schools
6
/10
Norma Coombs Alternative
2600 Paloma St
Distance between this listing and this school2.57 miles
Public District Grades KG-5
6
/10
Don Benito Fundamental
3700 Denair St
Distance between this listing and this school4.15 miles
Public District Grades KG-5
Nearby Schools
4
/10
Madison Elementary School
515 E Ashtabula St
Distance between this listing and this school0.61 miles
Public District Grades KG-5
Assigned Schools
3
/10
McKinley
325 S Oak Knoll Ave
Distance between this listing and this school0.78 miles
Public District Grades KG-8
Nearby Schools
4
/10
Washington Middle School
1505 N Marengo Ave
Distance between this listing and this school1.48 miles
Public District Grades 6-8
4
/10
Charles W. Eliot Middle School
2184 Lake Ave
Distance between this listing and this school2.33 miles
Public District Grades 6-8
Assigned Schools
6
/10
Marshall Fundamental
990 N Allen Ave
Distance between this listing and this school1.82 miles
Public District Grades 6-12
4
/10
John Muir High School
1905 Lincoln Ave
Distance between this listing and this school2.23 miles
Public District Grades 9-12
Nearby Schools
2
/10
Rose City High (Continuation)
351 S Hudson Ave
Distance between this listing and this school0.81 miles
The neighbors living near this home have an average income of $46,900. Residents of Pasadena, CA typically earn between $35k-100k each year. Most families are single, no kids. The majority of residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 265 N Oakland Ave
What is the listing price of this property?
The listing price of 265 N Oakland Ave property is $10,950,000.
What type of property is this?
The property 265 N Oakland Ave is a condo located in Pasadena, California, 91101.
Is this property for sale now?
Active Listing: 265 N Oakland Ave is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 265 N Oakland Ave are: Norma Coombs Alternative: GreatSchools Rating 6/10Don Benito Fundamental: GreatSchools Rating 6/10McKinley: GreatSchools Rating 3/10Marshall Fundamental: GreatSchools Rating 6/10John Muir High School: GreatSchools Rating 4/10
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $1,734 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on December 2, 2019 for $9,950,000. (source: MLS/tax record).
Which year was this property built?
The year of construction for 265 N Oakland Ave is 1962.
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This home is located at 265 N Oakland Ave in Pasadena, CA and zip code 91101 in the The Verdugos neighborhood. This home, which was built in 1962, sits on a 0.46 acre lot. It has been listed on Rocket Homes since May 29, 2024 and is currently priced at $10,950,000.
In August 2024 more than 50 listings in Pasadena, CA were sold above the asking price. During the same period more than 12 listings were sold at asking price, while more than 36 were sold below. The inventory of homes for sale in Pasadena, CA between July 2024 and August 2024 increased by 1.9%. While the average time on the market in August 2024 was 33 days, the median list price was $1,205,000.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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