Luka Leader
Associate Investments
CalDRE #02245434
755 E Pine Street
755 E Pine Street, Altadena, CA 91001
755 E Pine St
Exclusively listed by the LAAA Team at Marcus & Millichap
- Listing Price
- $4,950,000
- Cap Rate
- 7.03%
- Units
- 19
- GRM
- 9.91
- Price / Unit
- $260,526
- Price / SF
- $337.15
- Gross SF
- 14,682 SF
- Year Built
- 1958
Offering
Offering Overview
The LAAA Team of Marcus & Millichap is pleased to present 755 East Pine Street, a near-turnkey 19-unit garden-style apartment community in Altadena (unincorporated Los Angeles County), directly north of Pasadena at the base of the San Gabriel Mountains. Built in 1958, the property holds (7) 2BR/1BA, (10) 1BR/1BA, and (2) Studios, 14,682 SF of building area on a 0.51-acre parcel, with 18 of the 19 units renovated. The investment case is finished product in a supply-constrained foothill submarket where renter demand is anchored by Pasadena employment, education and medical nodes, with a path to add detached ADUs under SB 1211.
- 01
Turnkey Product. 18 of the 19 units fully renovated and smoke remediation completed, a move-in-ready offering an investor can operate from day one.
- 02
ADU Potential Under SB 1211. Up to eight detached ADUs in the parking lot, no replacement parking required; a four-unit concept is shown, subject to County review.
- 03
Good Unit Mix. (7) 2BR/1BA, (10) 1BR/1BA, and (2) Studios, with on-site amenities including a pool, on-site laundry and gated parking.
- 04
RUBS Implemented. A ratio utility billing system passes utility costs through to tenants, with $16,020 of bill-back income in place.
- 05
Highest Cap Rate. The highest cap rate of all on-market multifamily listings in Pasadena and Altadena.
- 06
High-Income Foothill Submarket. Directly north of Pasadena below the San Gabriel Mountains, with U.S. Census QuickFacts median household income of $128,720.
- 07
Pasadena Employment Base. Convenient access to Caltech, JPL and the Pasadena corridor's professional employers, in a Very Walkable area.
Gallery
Inside the Offering
755 E Pine Street, Altadena, CA 91001
Location
Location & Neighborhood
755 E Pine Street, Altadena, CA 91001
Altadena sits immediately north of Pasadena with convenient access to the Pasadena employment base, including major institutions such as Caltech and the Jet Propulsion Laboratory (JPL), as well as a broad concentration of professional services and innovation-oriented employers throughout the Pasadena corridor. The neighborhood setting also benefits from proximity to everyday retail and transit stops, and walkability indicators for the immediate area have been described as "Very Walkable" in third-party neighborhood scoring.
Listing Team
Exclusively listed by the LAAA Team.
For offering materials, financials, or offer guidance, reach out directly.
Glen Scher
Senior Managing Director Investments
CalDRE #01962976
Glen Scher
Senior Managing Director Investments
CalDRE #01962976
Filip Niculete
Senior Managing Director Investments
CalDRE #01905352
Filip Niculete
Senior Managing Director Investments
CalDRE #01905352
Next Step
Ready to dig into the financials?
Sign the Confidentiality Agreement to access the full Offering Memorandum for 755 E Pine Street.
