2548 El Molino Avenue, Altadena, CA 91001

  • $4,350,000
  • $675
2548 El Molino Avenue, Altadena, CA 91001
  • Residential Income
  • Property Type
  • 4.00
  • Garages
  • 1924
  • Year Built
For Sale
2548 El Molino Avenue, Altadena, CA 91001
  • $4,350,000
  • $675

Overview

Property ID: SGR-14404906
  • Residential Income
  • Property Type
  • 4.00
  • Garages
  • 1924
  • Year Built

Description

2548 El Molino Avenue is a 10-unit asset located in Altadena, California. Current ownership has spent over $400,000 to thoughtfully restore the asset, with $170,000 alone spent on electrical and plumbing ugrades and a new roof. New ownership can take advantage of current ownership’s interior remodels and recognize 20% upside on current rents. The property is comprised of (2) 2BD/1BA units, (6) 1BD/1BA + Den units, and (2) 1BD/1BA units. Current ownership has implemented resident utility billing (RUBS) across all units, allowing the asset to operate at a sub 30% expense ratio. The property is Mills Act eligible, which would allow new ownership to further drive down operating expenses*. An existing storage space provides current income, and also has the potential to be converted into two (2) ADUs for additional rental revenue of approximately $84,000 annually. 2548 El Molino Avenue offers an assumable loan of $1,631,000 at 5.25% with 5 years of interest only payments remaining.

  • Address 2548 El Molino Avenue
  • City Altadena
  • State/county CA
  • Zip/Postal Code 91001
  • Area 604 - Altadena
  • Country United States

Details

Updated on December 19, 2023 at 2:29 am
  • Property ID: SGR-14404906
  • Price: $4,350,000
  • Land Area: 15810.00 m²
  • Garages: 4.00
  • Year Built: 1924
  • Property Type: Residential Income
  • Property Status: For Sale
  • Living Area: 6448.00
  • MLS#: PW23179293
  • Office Name: KELLER WILLIAMS - SANTA MONICA
  • Agent Name: Robert Stepp
  • MLS Status: Active
  • Living Area Prefix: Sqft
  • Agent State License: 01456379
  • IDX Contact Info: 310-463-2916

Additional details

  • Sewer: Public Sewer
  • County: Los Angeles
  • Property SubType: Commercial/Residential
  • Parking: 7.00
  • Water Source: Public

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