15642 Pasadena Ave, Tustin, CA 92780
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15642 Pasadena Ave Tustin, CA 92780

$5,725,000
  • 25 Beds
  • 21.5 Baths
  • 12,092 Sq.Ft.
Pending
$5,725,000 Get Pre-Qualified

Map preview of 15642 Pasadena Ave, Tustin, CA 92780

Property Overview: 15642 Pasadena Ave Tustin, CA has 25 bedrooms, 21.5 bathrooms, 12,092 living square feet and 20,037 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 15642 Pasadena Avenue is an 11-unit multifamily investment opportunity located in Tustin, California. Built in 1989, 15642 Pasadena Avenue consists of 4, one-bedroom units and 7, three-bedroom townhome units. Situated on a 0.46-acre lot, the property features amenities including central air and heat, individual water heaters, private patios, and ample garage parking. Additionally, units at 15642 Pasadena Avenue include desirable features such as stainless steel appliances (select units), quartz countertops (select units), vinyl, tile, and carpet flooring, fireplaces, and in-unit laundry. Furthermore, current ownership has identified the potential for the creation of two accessory dwelling units (ADUs), through the conversion of existing garage space into livable units. This conversion would diversify the unit mix, increase the overall unit count by 18%, and generate substantial additional rental income. 15642 Pasadena Avenue has an excellent central Southern California location, situated just south of the State Route 55 and Interstate 5 interchange, providing residents with easy access to Los Angeles, Orange, and Riverside Counties. Additionally, the property is just over 0.50 miles from Old Town Tustin and a plethora of major retail centers along Newport Avenue.

Listed by Tyler Leeson | BRE #01451551 | Marcus & Millichap RE Invest
Last checked: 10 minutes ago | Last updated: February 13th, 2024 | Source CRMLS | DOM: 5
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Home details

Lot Sq. Ft
20,037
HOA Dues
$0/mo
Year built
1989
Garage
25 Car
Property Type:
Apartment
Status
Pending
MLS#
OC24022409
City
Tustin
County
Orange
Time on Site
24 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 11
  • Total # of Buildings: 2
  • # of Electric Meters: 11
  • # of Gas Meters: 11
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 4
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $8,550
  • Total Rent: $8,550
  • Pro Forma/Market Rent: $9,180
Unit Breakdown 2
  • # of Units: 7
  • # of Beds: 3
  • # of Baths: 3
  • Garage Spaces: 21
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $20,732
  • Total Rent: $20,732
  • Pro Forma/Market Rent: $22,365
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 4.09%
  • Gross Rent Multiplier: 16.26
  • Gross Scheduled Income: $351,389
  • Net Operating Income: $234,427
  • Gross Operating Income: $340,847
  • Vacancy Allowance: $10,542
  • Other Income 1: $600
  • Other Income Description: Misc
Annual Expense Breakdown
  • Total Operating Expense: $107,020
  • Electric: $3,680
  • Gas/Fuel: $3,680
  • New Taxes: $60,803
  • Trash: $3,679
  • Insurance: $6,600
  • Maintenance: $6,600
  • Professional Management: $6,000
  • Water/Sewer: $3,679
  • Other Expenses: $12,299
  • Other Expense Description: Misc

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Property Details for 15642 Pasadena Ave

Interior Features
Laundry Information
  • Has Laundry
  • Inside
Interior Features
  • Levels: Two
Exterior Features
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 25
  • # of Parking Spaces: 28
Lot Information
  • Lot Features: Level with Street
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: No Common Walls
  • Total # of Units: 11
  • Parcel Number: 40217102
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is not Attached
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Subdivision Name: Other (OTHR)
  • Other Subdivision Name: Pasadena
  • Directions: Cross Streets of Pasadena Avenue & McFadden Avenue
Neighborhood Information
  • Community Features: Curbs, Gutters, Sidewalks
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Sale History for 15642 Pasadena Ave

Last sold for $5,250,000 on May 5th, 2023
  • February, 2024

  • Feb 12, 2024

    Date

    Pending

    CRMLS: OC24022409

    $5,725,000

    Price

  • Jan 31, 2024

    Date

    Active

    CRMLS: OC24022409

    $5,725,000

    Price

  • May, 2023

  • May 5, 2023

    Date

    Sold

    CRMLS: OC23042325

    $5,250,000

    Price

  • Mar 15, 2023

    Date

    Active

    CRMLS: OC23042325

    $5,600,000

    Price

  • Listing provided courtesy of CRMLS

    15642 Pasadena Avenue is an 11-unit multifamily investment opportunity located in Tustin, California. Built in 1989, 15642 Pasadena Avenue consists of 4, 1 bed/1 bath units and 7, 3 bed/2.5 bath townhome units. Situated on a 0.46-acre lot, the property offers amenities including stainless steel appliances*, quartz countertops*, vinyl, tile, and carpet flooring, central A/C and heat, fireplaces, individual water heaters, private patios, two-car garages with direct access (townhome units), single-car garage parking, and in-unit laundry (*select units). Additionally, 15642 Pasadena Avenue’s in-place rents are currently below market rates, representing an attractive value-add opportunity for a new owner. 15642 Pasadena Avenue has an excellent central Southern California location, situated just south of the State Route 55 and Interstate 5 interchange, providing residents with easy access to Los Angeles, Orange, and Riverside Counties. Additionally, the property is just over 0.50 miles from Old Town Tustin and a plethora of major retail centers along Newport Avenue. The property presents residents with great local employment opportunities as it is within 0.60 miles of the Tustin Unified School District Administration Center as well as the Foothill Regional Medical Center, the first and fourth principal employers, respectively, per Tustin’s 2022 Annual Comprehensive Financial Report.

  • May, 2016

  • May 10, 2016

    Date

    Sold (Public Records)

    Public Records

    $3,158,000

    Price

  • December, 1993

  • Dec 9, 1993

    Date

    Sold (Public Records)

    Public Records

    $900,000

    Price

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Tax History for 15642 Pasadena Ave

Assessed Value (2020): $3,418,319
Year Land Value Improved Value Assessed Value
2020 $2,205,996 $1,212,323 $3,418,319

Home Value Compared to the Market

This property vs the competition

15642 Pasadena Ave is listed 445.24% higher than the median list price for the city of Tustin which has a median list price of $1,050,000. The median price per/sqft for Tustin is $642 and this home is listed at $473.45 per/sqft which puts the price per square foot 26.25% lower than the median price per square foot for the city of Tustin.

About 15642 Pasadena Ave

Detailed summary of property

15642 Pasadena Ave is a apartment located in Tustin, CA 92780 and is currently in escrow to be sold. This apartment offers 25 bedrooms, 21.5 bathrooms, roughly 12,092 living square feet, and sits on an approximately 20,037 square foot lot. 15642 Pasadena Ave was first listed on ArdentRealEstateGroup.com on January 31, 2024. The homeowner is currently asking $5,725,000. The median priced home in Tustin is $1,050,000 with a median price per square foot of $642. Based on Ardent Real Estate Group's Tustin Market Data, this home is listed 445.24% higher than the median priced home. Local competing homes currently for sale include 4015 Marcus Ave, 215 32nd St and 215 32nd St. While the average home in Tustin, CA is selling in 38 days, 15642 Pasadena Ave has a days on market of 5 days. There are currently 74 homes for sale in the Tustin real estate market and 36 of them are single family homes while 32 of them are condos and 6 are townhomes. For more information on this home for sale at 15642 Pasadena Ave Tustin, CA 92780 contact Ardent Real Estate Group and we will put you in touch with one of our Tustin agents.

Public Facts for 15642 Pasadena Ave

Public county record property details
Beds
3
Baths
2
Year built
1962
Sq. Ft.
1,747
Lot Size
20,297
Stories
1
Type
Multi-Family Dwellings (Generic, Any Combination 2+)
Pool
No
Spa
No
County
Orange
Lot#
M
APN
402-171-02

The source for these homes facts are from public records.

92780 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$895,000
Median List Price/Sq.Ft.
$588
Median Sold Price
$1,186,250
Median Sold Price/Sq.Ft.
$667
Total Inventory
39
Median Sale to List Price %
97.31%
Avg Days on Market
40
Loan Type
Conventional (53.85%), FHA (7.69%), VA (0%), Cash (30.77%), Other (7.69%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information 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. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.