Income property in Pasadena offers many different possibilities depending upon your needs and desires. For the first time investor, there are many two unit duplex properties for sale or maybe even a house with a guest house located in the backyard. For the more experienced or better capitalized, Pasadena has many options consisting of older apartment homes or new mixed use retail properties. Pasadena offers a unique variety with the added benefit of not imposing rent control upon the owner. Today we will take a look at four different properties currently for sale.

13 Unit Apartment Complex in SE Pasadena

These units are described as a townhome styled apartment complex with super low turnover. Built in 1987, the listing description throws out the idea of making this into a condo conversion.
With 11 of the 13 units consisting of 2 beds and 2.5 baths in approximately 1120 square feet. These units have thier own 2 car attached garages and two master suites. Priced at $4,300,000, average cost per unit would be $330,769. Taking a quick look at comparable properties in the area, one unit on Vista St., is showing “pending” at $399,999. It was built in 1988 has 2 beds / 3 baths and 1084 sq ft. This comparable unit appears totally fixed up and is described as “turnkey”.

51 Apartment Units, Close to Old Town

Just reduced $500,000 to $7,900,000, this property was built in 1924. Floor plans range from a 295 sq ft entry level unit to a 1247 sq ft consisting of one bed and one bath, den unit. Upgrades have been made to the common areas in the building. It’s hard to find buildings that offer this much style and character. Certainly none of the new construction offered today has the charm that is found in these older buildings. Also you don’t see any new construction being built with bricks.

Mixed Use Apartment / Condo/ Retail

The listing price on this property has been reduced $1,100,000, and is now listed at $19,900,000. Must be a sign of the times. Offering 53 total units made up two properties consisting 30 & 23 units. Property is made up of apartment/condo and retail locations on street level. Apartment/Condo units are 2 & 3 bedroom with 2 baths.

34 Unit Apartment Building

Described as 31 units in the pictured building along with a parking lot and 3 units this property is available for $4,200,000. Indicating a gross rent multiplier of 12.28 (meaning at the
current rents it would take you 12 years and 3 months to pay for the building at the listing price. This is a quick analysis to get an idea of value). Other tax incentives may be available through the Mills Act.

Analyzing investment property from beginning to end will almost always require a CPA. You need someone who understands your tax situation, and can provide consultation along the way. It is much better to know your alternatives before you make any mistakes that could be costly.