Sell Your Pasadena Apartment Building

Call Glen Scher at (818) 212-2808 or Filip Niculete at (818) 212-2748 for a confidential valuation. The LAAA Team's published record includes 22 Pasadena transactions totaling $58.1M, including apartment sales at 400 S Mentor Ave and a development-land sale at 233 S Euclid Ave. Luka Leader covers Pasadena and the San Gabriel Valley for the team.

Yes. Measure H, approved by Pasadena voters in 2022, applies local rent stabilization to multifamily buildings built before February 1, 1995. Annual increases on covered units are limited to 75% of the change in the Los Angeles area CPI, set each year by the Rental Housing Board, and covered units are registered with the city. Measure H also requires just cause for evictions and relocation assistance on no-fault evictions. Buildings built after February 1, 1995, single-family homes and condominiums are exempt from the local cap, though AB 1482 can still apply. Pasadena is separate from the LA RSO.

Buyers underwrite a covered building on its in-place income, because annual increases are capped at 75% of CPI, and on turnover, because Costa-Hawkins still lets a vacated unit reset to market rent. Expect buyers to ask for the building's city registration and registered rents alongside the rent roll; having both ready shortens due diligence. A building completed after February 1, 1995 is exempt from the local cap. Pasadena sits outside the City of Los Angeles, so the Measure ULA transfer tax does not apply.

The team's historical Pasadena apartment sample averages $300,727 per unit across 18 sales with usable price and unit counts. The overall transaction record runs from 09/09/2015 through 05/31/2023. A current value requires recent comparable sales and the building's actual income, expenses, condition, unit mix and rent-rule coverage.

The team's historical Pasadena apartment cap rates average 4.09% across 18 sales with a positive recorded rate. The average excludes apartment sales without a usable recorded rate and excludes land and commercial properties. Compare the timing, actual income, condition and capital needs of individual sales before using a cap rate for a current valuation.

For a specific building, assess its access to employment, schools, services and transit together with current competing rentals. Verify demand through the property's actual occupancy, collections and leasing history. Proximity to an institution or station does not establish a particular occupancy rate or rent premium.

Useful location comparisons include Old Town and Colorado Boulevard, South Lake Avenue, East Pasadena toward Sierra Madre Villa, and Fair Oaks Avenue. Review individual comparable sales in the closing table rather than assume that every building in one corridor commands the same pricing. Unit mix, leases, income and condition can outweigh a neighborhood average.

Check the actual walk to transit, competing rentals and comparable sales for the building's location. Station proximity can be relevant to a buyer's assessment, but this historical LAAA sample does not isolate a transit-related pricing premium. We do not apply a fixed premium based on station distance alone.