Active

1559 N Hill Ave

Pasadena CA, 91104

$6,595,000


$450.48 per sqft

Active

24 Beds

28 Baths

14,640 sqft

Multi-family

Built in 1949

INCREDIBLE 6.04% IN-PLACE CAP RATE! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units. The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting. 1559 N Hill is located in Pasadena's Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores. 1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.

24-451389

MLS ID

October 10, 2024

Listed

December 4, 2024

Updated

Map

1559 N Hill Ave
Pasadena CA, 91104

Interior Features

Total Stories

2


Bedrooms

24


Total Bathrooms

28


Appliances

Other


Fireplace

No


Cooling

Yes


Cooling Description

Wall/Window


Heating

Yes


Heating Description

Wall

Exterior/Building Features

Lot Size

0.48 Acres

Other Property Details

Area Name

Pasadena NE


Days on Market

55


Garage

No


Parking

Assigned


Parking Total

25


View

No


County

Los Angeles


Pool

No


Zoning

PSR1

Listing History

Date

Event

Price

12/4/2024

Price change

$6,595,000

-1%

10/17/2024

Price change

$6,600,000

-3%

Listed by Robert Renshaw with REMAX COMMERCIAL & INVESTMENT REALTY
Listing Contact: 424-293-4770 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Roxanna Godinez | CA DRE# 01137955 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 12/4/2024

Powered byLuxury Presence