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251 N Oakland Ave, Pasadena, CA 91101
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251 N Oakland Ave Pasadena, CA 91101

$6,225,000 Sold Price as of 09/30/2021
  • 14 Beds
  • 14 Baths
  • -- Sq.Ft.
Sold
$6,225,000 Sold Price as of 09/30/2021 Refinance Your Mortgage
Map preview of 251 N Oakland Ave, Pasadena, CA 91101

Property Overview: 251 N Oakland Ave Pasadena, CA has 14 bedrooms, 14 bathrooms, -- living square feet and 9,785 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 251 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own a high cash flowing apartment property in one of the most desirable locations in Pasadena. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate for the area, combined with low interest rates offer investor over 7% cash on cash return with proper financing. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI). It has been completely renovated, and offers an attractive mix of courtyard layouts, and in-unit laundry (laundry machines belong to seller and comes with the property). It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 12 subterranean parking spaces and a common area in the back. All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. Given its excellent real estate fundamentals, complete renovation, full seismic retrofitting, and an unbeatable location, the 251 N Oakland Ave is an unparalleled investment for an investor seeking stable risk-adjusted returns, wealth preservation, and a hedge against inflation. It is in the highly desirable downtown area of Pasadena – more specifically, in the renowned Pasadena Playhouse district situated south of the 210 Freeway. Boasting a Walk Score of 87 in the most walkable zip code in all of Pasadena, the Arroyo Collection is conveniently located just a few blocks from Old Town Pasadena, the Paseo Colorado, and the Pasadena Playhouse. The properties are also a quick walk from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue.

Listed by Handoko Chen | BRE #01749321 | GIG Real Estate Inc.
Last checked: 4 minutes ago | Last updated: March 22nd, 2022 | Source CRMLS | DOM: 51

Home details

Lot Sq. Ft
9,785
HOA Dues
$0/mo
Year built
1954
Garage
--
Property Type:
Apartment
Status
Sold
MLS#
AR21102436
City
Pasadena
County
Los Angeles
Time on Site
1225 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 14
  • Total # of Buildings: 1
  • # of Leased Units: 14
  • # of Electric Meters: 15
  • # of Gas Meters: 15
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 14
  • # of Beds: 1
  • # of Baths: 1
  • Garage Spaces: 12
  • Garaged Attached? No
  • Furnishing: Unfurnished
  • Actual Rent: $2,443
  • Total Rent: $34,202
  • Pro Forma/Market Rent: $38,000
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 0%
  • Gross Rent Multiplier: 0
  • Gross Scheduled Income: $0
  • Net Operating Income: $0
  • Gross Operating Income: $0
  • Vacancy Allowance: $0
  • Other Income Description: 0
Annual Expense Breakdown
  • Total Operating Expense: $0
  • Electric: $0
  • Gas/Fuel: $0
  • New Taxes: $0
  • Trash: $0
  • Gardener: $0
  • Insurance: $0
  • Workman's Comp: $0
  • Professional Management: $0
  • Water/Sewer: $0

Property Details for 251 N Oakland Ave

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Dryer Included, Gas Dryer Hookup, Inside, Washer Hookup, Washer Included
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Wood
Kitchen Information
  • Has Appliances
  • Gas & Electric Range
Interior Features
  • Levels: Two
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 12
  • Has Parking
  • Parking Features: Assigned, Carport
Lot Information
  • Lot Features: Level with Street, Rectangular Lot, Near Public Transit, Sprinkler System, Value In Land
  • Lot Size Source: Assessor
  • Common Interest: Community Apartment
Property Information
  • Common Walls: 2+ Common Walls
  • Total # of Units: 14
  • Parcel Number: 5723005043
  • Year Built Source: Assessor
  • Property is Attached
  • Has Additional Parcels
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Connected, Sewer Connected, Water Connected
Assessment Information
  • Has Assessments
  • Assessments: Buyer to Verify
Location / Neighborhood
Location Information
  • Directions: one block east of Los Robles Ave, north of Walnut St
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
Neighborhood Information
  • Community Features: Suburban, Valley
View more facts & features

Local Pasadena Agent

Sale History for 251 N Oakland Ave

Last sold for $6,225,000 on September 30th, 2021

  • October, 2021

  • Oct 1, 2021

    Date

    Sold

    CRMLS: AR21102436

    $6,225,000

    Price

  • Aug 7, 2021

    Date

    Pending

    CRMLS: AR21102436

    $6,500,000

    Price

  • Jul 1, 2021

    Date

    Active

    CRMLS: AR21102436

    $6,500,000

    Price

  • May 28, 2021

    Date

    Pending

    CRMLS: AR21102436

    $6,500,000

    Price

  • May 13, 2021

    Date

    Active

    CRMLS: AR21102436

    $6,500,000

    Price

  • January, 2021

  • Jan 1, 2021

    Date

    Expired

    CRMLS: AR20035260

    $14,350,000

    Price

  • Feb 25, 2020

    Date

    Active

    CRMLS: AR20035260

    $14,350,000

    Price

  • Listing provided courtesy of CRMLS

    THE ARROYO COLLECTION, a two-property portfolio totaling 27-unit apartment investment opportunity in the City of Pasadena, CA. The portfolio is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own an excellent portfolio of real estate in one of the most coveted submarkets in the SGV. The properties, all of which have been completely renovated and seismically retrofitted, offer a solid mix of courtyard layouts, in-unit laundry and multiple on-site laundry facilities for, and are well-parked with 25 total parking spaces, nearly all of which are covered. The properties are separately metered for gas and electric, and each property is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures. A new owner is presented with the security of in-place master leases for both properties.

  • August, 2020

  • Aug 1, 2020

    Date

    Expired

    CRMLS: AR19215754

    $7,150,000

    Price

  • Jul 27, 2020

    Date

    Withdrawn

    CRMLS: AR19215754

    $7,150,000

    Price

  • Sep 10, 2019

    Date

    Active

    CRMLS: AR19215754

    $7,150,000

    Price

  • Listing provided courtesy of CRMLS

    251 N Oakland Ave is a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. This property is part of THE ARROYO COLLECTION, a five-property portfolio totaling 80-unit non-rent-controlled apartment investment opportunity in the City of Pasadena, CA. The portfolio is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own an excellent portfolio of real estate in one of the most coveted submarkets in the San Gabriel Valley. The property, which has been completely renovated, was built in 1954 and offers an attractive mix of courtyard layouts, in-unit laundry. It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 12 subterranean parking spaces and a common area in the back. All of the units have undergone a top-to-bottom renovation with full electrical and plumbing upgrades, new high durability wood vinyl and tile flooring, new windows, state of the art mini-split HVAC systems, new kitchens, which include new cabinets, quartz countertops, and new stainless steel appliances, and new bathrooms with new vanities, toilets, bathtubs, and name brand fixtures.

  • April, 2018

  • Apr 29, 2018

    Date

    Expired

    CRMLS: AR17224062

    $3,660,000

    Price

  • Nov 7, 2017

    Date

    Withdrawn

    CRMLS: AR17224062

    $3,660,000

    Price

  • Sep 29, 2017

    Date

    Active

    CRMLS: AR17224062

    $3,660,000

    Price

  • Listing provided courtesy of CRMLS

    251 N Oakland Ave is a 14-unit value-add non-rent controlled apartment investment opportunity located in the highly desirable City of Pasadena, CA. The property is located within the Pasadena Playhouse District, an eclectic cosmopolitan community rich in history and architecture. Because of this superb location, it has a Walk Score 87 out of 100, demonstrating “VERY WALKABLE” location to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues. Built in 1954, the property is a two-story garden style apartment with 12 subterranean parking spaces. Amenities include a shared laundry room, gated parking, secured entry, and basketball court in the back. The property is separately metered for electricity and gas. The property has a total of fourteen (14) 1-bedroom + 1-bedroom units. Each unit is bright with good layout and many windows. The property is being sold completely vacant in an as-is condition. This presents a clean slate opportunity for value-add investors to acquire a TRUE value-add apartment deal in a Class A location in San Gabriel Valley submarket.

  • January, 2018

  • Jan 4, 2018

    Date

    Sold (Public Records)

    Public Records

    $22,750,000

    Price

  • July, 2013

  • Jul 11, 2013

    Date

    Sold (Public Records)

    Public Records

    $27,600,276

    Price

Show More

Tax History for 251 N Oakland Ave

Assessed Value (2020): $4,152,278
Year Land Value Improved Value Assessed Value
2020 $2,859,019 $1,293,259 $4,152,278

Home Value Compared to the Market

This property vs the competition

251 N Oakland Ave sold on September 30, 2021 for 441.67% higher than the current median sold price for the city of Pasadena which is $1,200,000.

About 251 N Oakland Ave

Detailed summary of property

251 N Oakland Ave is a apartment that recently sold in Pasadena, CA 91101. This apartment offered 14 bedrooms, 14 bathrooms, roughly -- living square feet, and sits on an approximately 9,785 square foot lot. 251 N Oakland Ave was first listed on ArdentRealEstateGroup.com on May 13, 2021. The homeowner sold the property for $6,225,000. Home in Pasadena are selling for a median price of $1,200,000 and a median price per square foot of $781. Based on Ardent Real Estate Group's Pasadena Market Data, this home is sold 441.67% higher than the current median priced home. Local homes that are currently for sale include 2060 S Hobart Blvd, 1908 Hillcrest Rd and 3600 Country Club Dr. While the average home in Pasadena, CA is selling in 56 days, 251 N Oakland Ave has a days on market of 51 days. There are currently 335 homes for sale in the Pasadena real estate market and 179 of them are single family homes while 119 of them are condos and 37 are townhomes. For more information on this home for sale at 251 N Oakland Ave Pasadena, CA 91101 contact Ardent Real Estate Group and we will put you in touch with one of our Pasadena agents.

Public Facts for 251 N Oakland Ave

Public county record property details
Beds
--
Baths
--
Year built
1954
Sq. Ft.
7,712
Lot Size
9,785
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
2
APN
5723-005-043

The source for these homes facts are from public records.

91101 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$819,900
Median List Price/Sq.Ft.
$728
Median Sold Price
$800,000
Median Sold Price/Sq.Ft.
$798
Total Inventory
59
Median Sale to List Price %
99.01%
Avg Days on Market
60
Loan Type
Conventional (45.45%), FHA (0%), VA (0%), Cash (36.36%), Other (18.18%)

Thinking of Selling?

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Recently Sold Homes Near 251 N Oakland Ave

275 N Oakland Ave, Pasadena, CA 91101
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12 Baths
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275 N Oakland Ave
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285 N Oakland Ave, Pasadena, CA 91101
$9,600,000 Last Sold Price
30 Beds
27 Baths
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285 N Oakland Ave
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303 N Oakland Ave, Pasadena, CA 91101
$6,500,000 Last Sold Price
19 Beds
13 Baths
9658 Sq.Ft.
303 N Oakland Ave
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395 N Oakland Ave, Pasadena, CA 91101
$1,140,000 Last Sold Price
4 Beds
4 Baths
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395 N Oakland Ave
Pasadena, CA 91101

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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.

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