38.86 Acres Lot
38.86 Acres Lot
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR25139098
Construction Status Repairs Cosmetic,Updated/Remodeled
HOA Y/N No
Year Built 1964
Lot Size 38.860 Acres
Property Sub-Type Apartment
Property Description
This investment offers an ASSUMABLE LOAN with ±57% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable ±7.29% cash-on-cash return on year-1 and a whopping ±13.35% return stabilized at proforma/market rent (Buyer to Verify). The property has brand new roofs (3 out of 4 buildings), upgraded electrical panel (each unit has 100amps breaker), and the parking soft story retrofit were recently completed.
The Raymond Villa is an attractive two-story garden style community that was built in 1964 with ±36,228 SF building size and situated on a large ±51,227 SF / ±1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secure entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids' play area and other amenities.
It offers an excellent unit mix of 30 x 2 bedrooms+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for electricity (ALL ELECTRIC building). Each unit has windows A/C, wall heating, ceiling fans, mirrored closets, and plenty of linen cabinets. ±30 units have had some kind of upgrades which may include new kitchen (new cabinets + quartz/granite countertops), and/or new bathroom (new tiled bathroom/shower, new bathroom vanity, and hardware).
Parking is provided by combinations of garage on the side, tuck-under parking in the back, and a detached carport in the back. There are 52 parking spaces with 8 garage spaces on the side, 30 tuck under parking in the back, and 14 spaces in a detached carport (buyer to verify).
There are 2 laundry rooms with ±5 laundry machines in each room (total 10 machines) and all the machines belong to the owner and come with the sale. The property is separately metered for electricity.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning PSR1
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Gas Range
Laundry Common Area
Exterior
Parking Features Attached Carport, Assigned, Asphalt, Controlled Entrance, Covered, Driveway, Private, Community Structure
Garage Spaces 8.0
Carport Spaces 44
Garage Description 8.0
Fence Wrought Iron
Pool Community
Community Features Street Lights, Valley, Pool
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View Mountain(s), Neighborhood
Roof Type Flat
Accessibility None
Total Parking Spaces 52
Private Pool No
Building
Lot Description Lawn, Lot Over 40000 Sqft, Landscaped, Level, Near Public Transit, Rectangular Lot, Sprinkler System, Street Level
Faces South
Story 3
Entry Level Three Or More
Sewer Public Sewer
Water Public
Architectural Style Mid-Century Modern
Level or Stories Three Or More
New Construction No
Construction Status Repairs Cosmetic,Updated/Remodeled
Others
Senior Community No
Tax ID 5725011023
Security Features Security Gate,Resident Manager,Smoke Detector(s)
Acceptable Financing Cash, Cash to Existing Loan, Cash to New Loan
Listing Terms Cash, Cash to Existing Loan, Cash to New Loan
Special Listing Condition Standard
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