The project, built in 1924, consists of 10 buildings on a site of just under one acre and was 100% occupied at the time of the sale. It includes one non-conforming unit and is about a mile north of Old Town Pasadena and a half mile north of the 210 Freeway, reports Polen, who represented the seller, an international investor and hotel operator. The buyer was represented by Catherine Rubenstein of Colliers Seeley International. The deal closed at $103,000 per unit, a gross rent multiplier of 9.8, $228 per sf and a cap rate of 6.5%.
The 21 units include 15 one-bedrooms, four two-bedrooms and two singles, one of them the non-conforming unit. Rents are $675 for the studio units, $725 to $850 for the one-bedroom units, and $850 to $975 for the two-bedroom apartments. The unit range from approximately 400 to 600 sf.
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