Sold
400 S Mentor Avenue
Pasadena CA, 91106
$7,500,000
$302.09 per sqft
Sold
31 Beds
39 Baths
24,827 sqft
Residential
Built in 1966
Listed by Filip Niculete with Marcus & Millichap 818-212-2700
We are proud to present this 21-unit multifamily property at 400 S Mentor Ave. With Caltech University's campus steps to the east and The Shops on Lake Avenue steps to the west, this property is ideally located in one of the most sought pockets of Pasadena, and it has an impressive walk score of 95(walker's paradise). 400 S Mentor has never been sold before. The seller's father built this property 56 years ago, back in 1966, and it has been in the family ever since. Sitting on over a half-acre of land, this 24,827 square foot property boasts a great unit mix of (12) 2 bed / 2 bath units, (5) 1 bed / 1.5 bath units, (2) 1 bed / 1 bath units, and (2) studios. The units are very large, with the average unit size being over 1,000 square feet, and the 1st floor units all come with a large, private patio while the 2nd and 3rd story units come with a private balcony. The property's large laundry room has 3 washers and 3 dryers, all leased from WASH, and the laundry room provides each tenant with their own locker where they can store items outside their unit. Other property features include: 24 parking spaces at the rear of the property, fully secured with 24-hour monitoring, a relaxing entry lobby, an elevator that is serviced monthly, professionally managed, and the property is separately metered for electric (there is no gas at the property). 400 S Mentor is a great opportunity for a value-add investor to capture over 25% upside potential in rent. Also, this property is perfect for ADUs, where a buyer could build two detached, new construction ADUs at the back of the property. In total, we estimate there is the potential to increase this property's annual Net Operating Income by nearly 60% (from $330k currently to $526k pro-forma potential).
23255029
MLSⓇ ID
March 28, 2023
Listed
March 23, 2024
Updated
Map
400 S Mentor Avenue
Pasadena CA, 91106
Interior Features
Total Stories
2
Bedrooms
31 Beds
Bathrooms
39 Baths
Laundry Description
Common Area
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.52 Acres
Other Property Details
Area Name
648 - Pasadena (SE)
Days on Market
6
Garage
No
Parking
Covered, Carport
Parking Total
24
View
No
County
Los Angeles
Pool
No
Zoning
PSR4
Buyer Agency Compensation
2%
Listing History
Date | Event | Price |
---|---|---|
5/31/2023 | Sold | $7,500,000 |
Listing Contact: 818-212-2700
Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.
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Data last updated on 3/23/2024 at 1:17 AM UTC