ramona 1831 ramona avenue | south pasadena, ca...gas, electric –tenant mechanical: central water...

RAMONA1831 RAMONA AVENUE | SOUTH PASADENA, CA

AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its

contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

3T A B L E O F C O N T E N T S

CONTACT

PRISCILLA NEESenior Vice President

+1 310 550 2508

[email protected]

Lic. 01435254

TABLE OF CONTENTS

SARA KHERADMANDANClient Services Coordinator

+1 310 550 2527

[email protected]

I. ASSET OVERVIEW

II. FINANCIALS

III. SALES COMPARABLES

IV. RENT COMPARABLES

V. MARKET OVERVIEW

ASSET OVERVIEW

5

THE OFFERING

A S S E T O V E R V I E W

CBRE, Inc. is proud to exclusively present 1831 Ramona Avenue, located one block north ofHuntington Drive and one block west of Fremont Avenue in the city of South Pasadena. 1831Ramona Avenue offers an investor the rare opportunity to own an excellent piece of real estatein one of the healthiest and most coveted rental submarkets within the West San Gabriel Valley

1831 Ramona Avenue is a 10 unit multifamily property, constructed in 1963 on a ±11,117square foot lot, with a total building size of ±9,888 square feet. The two-story property isseparately metered for gas and electric, and offers a central water heater, an on-site laundryroom, an enclosed trash area, and 17 carport and tuckunder parking spaces.

1831 Ramona Avenue boasts an excellent unit mix of one one-bedroom/one-and-one-half-bathroom unit, eight two-bedroom/one-and-three-quarters-bathroom units, and one three-bedroom/two-bathroom unit. The spacious units offer carpet and vinyl flooring, a gas stove,dishwasher in select units, wall units for cooling, central heat, and ample closet and storagespace.

While the current ownership has diligently maintained the property, the current ownership hasnot been aggressive in increasing rents, with rents at the property easily ±46% below market.A new owner is presented with the opportunity to immediately increase rents to market withstandard turnover expenses, or further increase rental income with complete unit renovations(examples detailed on page 8).

1831 Ramona Avenue is located in a premier part of South Pasadena, within close proximity toshops, eateries, and markets on Fremont Avenue and Fair Oaks Avenue, and just blocks fromSouth Pasadena High School, South Pasadena Middle School, and Marengo ElementarySchool. South Pasadena’s School District is one of the most highly regarded school districts inthe state, and in the top 2.2% of schools within the nation. 1831 Ramona Avenue is also inclose proximity to South Pasadena Public Library, medical and financial institutions alongHuntington Drive and Fair Oaks Avenue, and the Mission District, housing a plethora of cafesand restaurants. Adjacent to San Marino and Pasadena, the property is situated minutes fromHuntington Hospital, California Institute of Technology, the Shops on Lake Avenue, Old TownPasadena, Pasadena Community College, California State University of Los Angeles, and the110 Freeway, offering ease of access to neighboring cities and entertainment destinations inthe region.

Given the property’s excellent real estate fundamentals, which include its superb, non-rentcontrolled location, large building envelope, excellent unit mix, and outstanding school district,1831 Ramona Avenue is an unmatched investment for an investor seeking growth, stability,and a hedge against inflation.

1 8 3 1 R A M O N A A V E N U E | S O U T H P A S A D E N A

6

PROPERTY DESCRIPTION

INVESTMENT HIGHLIGHTS COMMON AREA AMENITIES

+ Well Maintained, Neatly Landscaped

+ ± 11,117 SF R3 Lot

+ Separately Metered for Gas and Electric

+ Central Water Heater

+ On-Site Laundry Facility

+ Enclosed Trash Area

+ 11 Tuckunder and 6 Carport Parking Spaces

UNIT AMENITIES

+ Carpet & Vinyl Flooring

+ Appliances- Gas Stoves- Dishwasher in Select Units

+ Central Heat

+ Wall Units for Cooling

+ Ample Closet and Storage Space

SUPERB LOCATION

Walking Distance to Shops on Fremont Ave & Fair Oaks Ave

Adjacent to San Marino and Pasadena

Minutes from Local Schools, PCC, CalTech, Old Town Pasadena, and 110 Freeway

EXCELLENT UNIT MIX

One (1+1.)

Eight (2+1.75’s)

One (3+2)

± 9,888 SF BUILDING ON ±11,117 SF RM LOT

Lot Zoned RM

SEPARATELY METERED FOR GAS AND ELECTRIC

Water, Sewer, Trash – Landlord

Gas, Electric – Tenant

WELL AMENITIZED

On-Site Laundry Facility

Central Heat and Wall Units for Cooling

Units with Gas Stoves and Dishwasher in Select Units

CURRENT RENTS ±46% UNDER MARKET

Area Not Subject to Rent ControlRestrictions; Further Upside with

Complete Unit Renovations

WELL PARKED

11 Tuckunder

6 Carport


COVETED SCHOOL DISTRICT

Blue Ribbon Schools

2013 API Score of 920


7

UTILITIES:Water, Sewer, Trash – LandlordGas, Electric – Tenant

MECHANICAL:Central Water HeaterCentral Heat, Wall Units for Cooling

CONSTRUCTION: Wood Frame, Stucco, Flat Roof

APN: 5319-021-008



ADDRESS PRICE

1831 RAMONA AVENUE $4,100,000SOUTH PASADENA, CA 91030

BUILDING SIZE LOT SIZE YEAR BUILT

±9,888 SF ±11,117 SF 1963

OCCUPANCY ZONING

100% RM Residential Medium Density

# OF UNITS # OF BUILDINGS # OF STORIES

10 1 2

PARKING PARKING RATIO

11 Tuckunder 1.7:16 Carport


8

1831 Ramona Avenue offers an investor the opportunity to

immediately increase rental income by approximately ±46% upon

the expiration of any in-place leases. Most of the tenancies are on a

month-to-month basis and can be increased with proper 30 or 60

day notice. The property is located in an area that is not restricted by

rent control, allowing an investor to better hedge against inflation

and maintain closer-to-market rents. Additionally, by carrying out

complete interior renovations, an investor will be able to significantly

increase value and improve rental income.

INTERIOR RENOVATIONS

• Laminate Wood Floors with New Base Boards - $2.30/SF

• Solid Wood Shaker Kitchen Cabinets - $1,800

• Quartz Kitchen Countertops with Undermount SS Sink - $900

• Bathroom Vanity, Sink and Quartz Countertops - $450

• Tile Floors in Kitchen and Bathroom - $750

• Smooth Ceilings & Recessed Lighting - $1,500

• Sliding Closet Doors - $350/Set

• New SS Appliances (Stove, Refrigerator, Dishwasher, Built-In Microwave) - $1,600 - $1,900

• Ceiling Fans - $150 Each

*Example of possible renovation, not actual unit *Costs are for estimation purposes only, and are not guaranteed.



INTERIOR UNIT RENOVATION PLAN

9




10




11




12




13



14



15

PARCEL MAP



FINANCIALS

17

1831 Ramona Avenue offers an investor the opportunity to immediately increase rental income by approximately ±46% as all rental agreements are

on a month-to-month basis and can be increased with proper 30 or 60 day notice. The property is located in an area that is not restricted by rent

control, allowing an investor to better hedge against inflation and maintain closer-to-market rents.


F I N A N C I A L S

IMMEDIATE UPSIDE POTENTIAL

±46%POTENTIAL UPSIDE

IN RENTS

Number of Units

Unit TypeAverage Unit SF

Actual Rent Actual Rent/SFTotal Monthly Actual Rent

Total Annual Actual Rent

Market RentMarket Rent/SF

Total Monthly Market Rent

Total Annual Market Rent

1 1B/1.5B 800 $1,180 $1.48 $1,180 $14,160 $1,650 $2.06 $1,650 $19,800

8 2B/1.75B 985 $1,300-1,485 $1.32-$1.51 $11,275 $135,300 $2,100 $2.13 $16,800 $201,600

1 3B/2B 1,208 $1,810 $1.50 $1,810 $21,720 $2,400 $1.99 $2,400 $28,800

10 9,888 $14,265 $171,180 $20,850 $250,200

18

FINANCIAL OVERVIEW


R E N T R O L L

Monthly Annual Monthly Annual

Actual Rent Actual Rent Market Rent Market Rent

1 2B/1.75B 985 $1,520 $18,240 $1.54 $2,100 $25,200 $2.13 2 2B/1.75B 985 $1,485 $17,820 $1.51 $2,100 $25,200 $2.13 3 2B/1.75B 985 $1,485 $17,820 $1.51 $2,100 $25,200 $2.13 4 2B/1.75B 985 $1,300 $15,600 $1.32 $2,100 $25,200 $2.13 5 1B/1.5B 800 $1,180 $14,160 $1.48 $1,650 $19,800 $2.06 6 2B/1.75B 985 $1,310 $15,720 $1.33 $2,100 $25,200 $2.13 7 2B/1.75B 985 $1,400 $16,800 $1.42 $2,100 $25,200 $2.13 8 2B/1.75B 985 $1,350 $16,200 $1.37 $2,100 $25,200 $2.13 9 2B/1.75B 985 $1,425 $17,100 $1.45 $2,100 $25,200 $2.13 10 3B/2B 1,208 $1,810 $21,720 $1.50 $2,400 $28,800 $1.99 10 9,888 $14,265 $171,180 $20,850 $250,200

Market

Rent/SFUnit Type Unit SF

Actual

Rent/SF

19

FINANCIAL OVERVIEW


E X P E N S E S

10

9,888 SF

Income Current Per Unit Pro Forma Per Unit

GROSS POTENTIAL RENT $171,180 $17,118 $250,200 $25,020

Other Income

Laundry Income $2,220 $222 Estimated at $185/Month $2,220 $222

Total Other Income $2,220 $222 $2,220 $222

GROSS POTENTIAL INCOME $173,400 $17,340 $252,420 $25,242

Vacancy/Collection Allowance (GPR) $5,202 3% $520 $12,621 5% $1,262

EFFECTIVE GROSS INCOME $168,198 $16,820 $239,799 $23,980

Expenses % of EGI % of EGI

Real Estate Taxes 1.11% $45,523 27.07% $4,552 Actual Ad Valorem Rate $45,523 18.98% $4,552

Direct Assessments $3,084 1.83% $308 Actual per 2015/2016 Tax Bill $3,084 1.29% $308

Insurance $3,058 1.82% $306 Actual 2016 Expense $3,058 1.28% $306

Water, Sewer & Trash $10,500 6.24% $1,050 Estimated at $875/Month $10,500 4.38% $1,050

Gas $3,000 1.78% $300 Estimated at $250/Month $3,000 1.25% $300

Electric $840 0.50% $84 Estimated at $70/Month $840 0.35% $84

Landscaping $900 0.54% $90 Estimated at $75/Month $900 0.38% $90

Off-Site Management Fee $6,728 4.00% $673 Estimated at 4% of EGI $9,592 4.00% $959

Repairs & Maintenance $6,000 3.57% $600 Estimated at $600/Unit/Year $6,000 2.50% $600

Business License & Fees $175 0.10% $18 Estimated at $175/Year $175 0.07% $18

Reserves & Replacements $2,000 1.19% $200 Estimated at $200/Unit/Year $2,000 0.83% $200

TOTAL EXPENSES $81,808 48.64% $8,181 $84,672 35.31% $8,467

Expense per SF $8.27 $8.56

NET OPERATING INCOME $86,390 $8,639 $155,127 $15,513

Total Number of Units:

Total Area (Gross):

20


F I N A N C I A L S U M M A R Y

$4,100,000

$2,825,000 69% $1,275,000 31%

10 3.75%

$410,000

Current GRM: 23.95 Index: LIBOR

16.39 4.250% *DCR based on Underwriting Interest Rate

Current CAP: 2.11%

3.78%

Approximate Year Built: 1963

11,117 SF

9,888 SF

$414.64

Current

$ 173,400 252,420$

$ (5,202) 3% (12,621)$ 5%

$ 168,198 239,799$

$ (81,808) 48.64% (84,672)$ 35.31%

$ 86,390 155,127$

$ (70,857) (70,857)$

1.15 2.19

$ 15,534 0.55% 84,270$ 2.98%

Estimated Principal Reduction: $ 23,699 23,699$

$ 39,233 1.39% 107,969$ 3.82%

No. of Unit Approx. Monthly Monthly Monthly Monthly Current Exp. % of EGI

Units Type Square Feet Rent/Unit Income Rent/Unit Income Real Estate Taxes 45,523$ 27.07% Actual Ad Valorem Rate

1 1B/1.5B 800 $1,180 $1,180 $1,650 $1,650 Direct Assessments 3,084$ 1.83% Actual per 2015/2016 Tax Bill

8 2B/1.75B 985 $1,300-1,485 $11,275 $2,100 $16,800 Insurance 3,058$ 1.82% Actual 2016 Expense

1 3B/2B 1,208 $1,810 $1,810 $2,400 $2,400 Water, Sewer & Trash 10,500$ 6.24% Estimated at $875/Month

Gas 3,000$ 1.78% Estimated at $250/Month

Electric 840$ 0.50% Estimated at $70/Month

Landscaping 900$ 0.54% Estimated at $75/Month

Off-Site Management Fee 6,728$ 4.00% Estimated at 4% of EGI

10 Total SF 9,888 Repairs & Maintenance 6,000$ 3.57% Estimated at $600/Unit/Year

Total Scheduled Rent: $14,265 $20,850 Business License & Fees 175$ 0.10% Estimated at $175/Year

Total Other Income: $185 $185 Reserves & Replacements 2,000$ 1.19% Estimated at $200/Unit/Year

Monthly Scheduled Gross Income: $14,450 $21,035 81,808$ 48.64%

Annual Scheduled Gross Income: $173,400 $252,420 Per Net SQFT: 8.27$

Gas & Electric Per Unit: 8,181$

TOTAL EXPENSES

ANNUALIZED RENT ROLL Current Rents Market Rents ANNUALIZED EXPENSES

Utilities Paid by Tenant:

Debt Coverage Ratio:*

Net Cash Flow After Debt Service:

Total Return Before Taxes:

ANNUALIZED OPERATING DATA

Scheduled Gross Income:

Less Vacancy Rate Reserve:

Effective Gross Income:

Less Expenses:

Net Operating Income:

Less Loan Payments:

Market

Cost Per Unit:

Number of Units:

Down Payment:

Price:

Market CAP:

Term/Amortization: 5 Year Fixed/30 Year Amortized

Approximate Lot Size:

Underwriting Interest Rate:

Proposed Financing

First Loan Amount:

Actual Interest Rate:

Market GRM:

Approximate Building Size:

Cost per Net RSF:

SALES COMPARABLES

22


S A L E S C O M P A R A B L E S

SALES COMPARABLES

23

# ADDRESS PRICE# OF UNITS

UNIT MIX $/UNIT $/SFCAP RATE

GRM SQ FTLOT SIZE

COMMENTS

1

2008 Huntington DrSouth Pasadena, CA

Year Built: 1923Status: Under ContractList Date: 05/19/17

$1,500,000 54 - 1B/1B1 - 2B/1B

$300,000 $541.91 2.91% 20.34 2,768 9,457

Currently on market. This property consists of bungalow

style units, wall units for heating and cooling, large inner courtyard area, and a detached structure with five

parking garages.

2

1143 Diamond AveSouth Pasadena, CA

Year Built: 1928Status: ActiveList Date: 05/12/17

$4,500,000 8 8 - 2B/1B $562,500 $557.28 2.00% 28.19 8,075 11,323

Currently on market. This property has newer roofs,

newer plumbing, and recently renovated units. Units offer

laminate wood flooring, ceramic tile, gas stoves and

garage parking spaces.

3

1728 Grevelia StSouth Pasadena, CA

Year Built: 1951Status: Under ContractList Date: 04/03/17

$3,160,000 86 - 1B/1B2 - 2B/1B

$395,000 $459.30 2.79% 22.54 6,880 9,212

Currently on market. Units offer carpet, hardwood and

vinyl flooring, a stove, a range/oven, wall units for

cooling, and carport parking spaces.

Average $3,053,333 $419,167 $519.50 2.57% $23.69



SALES COMPARABLES – ACTIVE/UNDER CONTRACT

24



GRM SQ FTLOT SIZE

COMMENTS

4

1712 GilletteSouth Pasadena, CA

Year Built: 1965Sold Date: 06/12/17

$1,990,000 6 6 - 1B/1B $331,667 $541.35 3.26% 18.09 3,676 14,119

Financing: N/A. This property consists of bungalow style

units. Units offer large living rooms, hardwood flooring, in-unit washers and dryers, wall units for cooling, tiled kitchens, ample storage

space, and garage/carport parking spaces.

5

1127 Magnolia StSouth Pasadena, CA


$3,880,000 9

1 - Studio3 - 1B/1B4 - 2B/2B1 - 3B/2B

$431,111 $461.47 2.97% 19.56 8,408 9,943

Financing: All Cash. Units offer private patios or balconies, laminate

hardwood floor, granite kitchen countertop, new

cabinets in select units and on-site laundry facilities.

6

265 Monterey RdSouth Pasadena, CA


$9,500,000 3212 - 1B/1B8 - 2B/1B

12 - 2B/2B$296,875 $325.53 2.50% 22.25 29,183 36,674

Financing: $3,900,000 - East West Bank. Units offer private

balconies, walk-in closets, ample storage, wall units for heating and cooling, and

laminate hardwood flooring.

7

1720 Ellincourt DrSouth Pasadena, CA


$4,150,000 10 10 - 2B/1B $415,000 $411.99 3.00% 21.12 10,073 14,185

Financing: All Cash. Units offer new double pane

windows, new electrical subpanels, hardwood flooring

and granite countertops. Select Units offer private

patio.

8

609 Prospect AveSouth Pasadena, CA


$10,575,000 30

5 - Studio4 - 1B/1B7 - 1B/2B3 - 2B/1B

11 - 2B/2B

$352,500 $388.74 2.26% 22.97 27,203 23,243

Financing: All Cash. 50% townhouse style units. The

building has controlled access, a gated pool, 40 assigned subterranean

parking spaces, an elevator, and an on-site laundry facility.

Average $4,995,556 $344,184 $401.75 2.64% $20.86



SALES COMPARABLES

25



GRM SQ FTLOT SIZE

COMMENTS

9


Year Built: 1950Sale Date: 7/21/16

$4,225,000 128 - 1B/1B4 - 2B/1B

$352,083 $382.15 2.77% 20.83 11,056 17,526

Financing: All Cash. This property is separately metered

for gas and electric, and offers copper plumbing,

individual water heaters, a newer pitched roof, dual pane

vinyl windows, an on-site laundry facility, and newer

hardwood floors.

10

711-715 Brent AveSouth Pasadena, CA


$5,410,000 24 24 - Studio/1B $225,417 $375.69 1.73% 22.41 14,400 17,980

Financing: $2,500,000 –Citizens Business Bank. This

property is separately metered for gas and electric, and offers copper plumbing,

individual water heaters, a newer pitched roof, dual pane vinyl windows, newer exterior

paint, an on-site laundry facility, and renovated units

with hardwood floors.

11

1744-1750 Huntington DrSouth Pasadena, CA


$1,700,000 53 - 1B/1B2 - 2B/1B

$340,000 $389.46 2.50% 20.32 4,365 9,017

Financing: $715,000 -Chase. This property is

separately metered for gas and electric. Financials for this property are not available at

this time.

12

350 Pasadena AveSouth Pasadena, CA


$3,530,000 103 - 1B/1B7 - 2B/1B

$353,000 $339.39 2.78% 20.15 10,401 14,547

Financing: Assumed -$1,490,000. This property

was previously marketed and sold in August 2015 for

$3,200,000. This property is separately metered for gas and electric, has a central

water heater, on-site laundry facility, and 10 parking

spaces.

Average $4,995,556 $344,184 $401.75 2.64% $20.86



SALES COMPARABLES

RENT COMPARABLES

27


R E N T C O M P A R A B L E S

RENT COMPARABLES

28

# ADDRESS# OF UNITS

YEAR BUILT

BLDG SF

UNIT TYPEUNIT

SFRENT RENT/SF OCC. COMMENTS

1410 Raymondale DrSouth Pasadena, CA

53 1959 39,7561B/1B2B/1B

750N/A

$1,700$1,900

$2.27N/A

98%

Units offer carpet and tile floors, a stove, dishwasher, refrigerator, patio/balcony, wall A/C unit, central heat, and ceiling fans. Amenities:

pool & laundry on-site. Parking: one covered space.

2333 Raymondale Dr

(1690-96 Amberwood Dr)South Pasadena, CA

20 1953 25,5681B/1B2B/1B

N/A$1,645$1,795

N/A 95%

Units offer carpet and tile floors, a new kitchen with

granite countertops, a stove, microwave, fireplace,

balcony, and wall units for heating and cooling.

3 204 Cedar Crest AveSouth Pasadena, CA

8 1946 3,006 1B/1B 751 $1,695 $2.26 88%

Units offer carpet flooring, a stove, fireplace, and wall

units for heating and cooling. Amenities: laundry on site. Parking: one-car garage.

4 1690 Amberwood DrSouth Pasadena, CA

20 1953 25,568 2B/1B 1,200 $2,295 $1.91 95%

Units are renovated and offer carpet and tile floors, a

stove, microwave, granite countertops, fireplace, and wall units for heating and

cooling. Amenities: laundry on-site. Parking: covered.

51601-1627 Amberwood Dr

South Pasadena, CA34 1952 51,904 2B/1B 1,232 $2,125 $1.72 94%

Units offer carpet, laminate, and vinyl floors, a stove,

dishwasher, garbage disposal, ceiling fan, balcony, fireplace, and wall units for

heating and cooling. Amenities: laundry on-site.

Parking: carport.



RENT COMPARABLES

29

# ADDRESS# OF UNITS

YEAR BUILT

BLDG SF

UNIT TYPEUNIT


61800 State St

South Pasadena, CA96 1960 88,961

1B/1B2B/1B

7501,000

$1,750$2,150

$2.33$2.15

99%

Units offer laminate and tile floors, a stove, dishwasher,

granite countertops, balcony, wall A/C units, and central heat. Amenities: controlled

access, pool, gym, & laundry on-site. Parking: one or two

carport spaces.

7 1760 State StSouth Pasadena, CA

42 1957 39,9191B/1B2B/2B

8001,000

$1,595$2,050

$2.00$2.05

98%

Units offer hardwood, carpet, and tile floors, a stove,

microwave, and dishwasher, granite countertops, wall A/C

units, and central heat. Amenities: controlled access,

pool, & laundry on-site. Parking: one space.

8 1810 Hardison PlSouth Pasadena, CA

10 1965 10,430 2B/2B 1,000 $2,450 $2.45 90%

Units have been renovated and offer laminate and carpet floors, a stove,

refrigerator, and dishwasher, granite countertops, and wall units for heating and cooling.

Amenities: laundry on-site. Parking: one space.

9 1768-1798 Grevelia StSouth Pasadena, CA

24 1948 18,970 1B/1B N/A $1,845 N/A 96%

Units offer carpet and tile floors, a stove, granite

countertops, ceiling fan, and wall units for heating and

cooling. Amenities: laundry on-site. Parking: covered.

101750 Grevelia St

South Pasadena, CA20 1949 19,111 1B/1B N/A $1,695 N/A 95%

Units are renovated and offer hardwood and tile floors, a stove, granite countertops, ceiling fans, wall units for

heating and cooling, and a balcony. Amenities: laundry on-site. Parking: covered.



RENT COMPARABLES

30

# ADDRESS# OF UNITS

YEAR BUILT

BLDG SF

UNIT TYPEUNIT


11715 Prospect Ave


Units are renovated. Amenities: laundry on-site.

Parking: carport.

12 711 Orange Grove AveSouth Pasadena, CA

29 1969 37,115 2B/2B 1,200 $2,400 $2.00 100%

Units offer laminate floors, granite countertops, central air and heat, and a balcony. Amenities: pool & laundry

on-site. Parking: one space.

13 1807 Fremont AveSouth Pasadena, CA

14 1968 12,5081B/1B

2B/1.5BN/A

$1,595$2,195

townhouse

N/A 93%

Units offer hardwood, carpet, and tile floors, a stove,

dishwasher, granite countertops, and wall units for heating and cooling.

Amenities: laundry on-site. Parking: carport/two spaces.

14 1711 Oxley StSouth Pasadena, CA

6 1958 4,988 2B/1B 1,000 $1,950 $1.95 83%

Units are renovated and offer hardwood and tile floors, a stove, ceiling fans, and wall

units for heating and cooling. Amenities: laundry on-site.

Parking: one carport.

15

1701 Oxley St(1104 Brent Ave)

South Pasadena, CA13 1930 10,144 1B/1B 650 $1,575 $2.42 92%

MTM lease. Units offer carpet and tile floors, a gas

range, refrigerator, high ceilings, decorative fireplace, ceiling fans, and wall units for heating and cooling.

Amenities: laundry on-site. Parking: none.



RENT COMPARABLES

31

# ADDRESS# OF UNITS

YEAR BUILT

BLDG SF

UNIT TYPEUNIT


16511 El Centro St


Units are renovated and offer hardwood floors, a stove, dishwasher, refrigerator,

washer and dryer hookups, wall units for heating and

cooling, and a balcony/backyard area.

Parking: off-street.

17 640 Arroyo DrSouth Pasadena, CA

5 1954 3,622 2B/1B N/A $2,050 N/A 80%

Units offer laminate floors, granite countertops, a stove, refrigerator, ceiling fans, and

wall units for heating and cooling.

18 316 Pasadena AveSouth Pasadena, CA

13 1962 10,849Studio/1B

2B/2B480N/A

$1,075$1,975

$2.23N/A

92%

Units offer laminate and tile floors, a stove, refrigerator, granite countertops, patio, and wall units for heating and cooling. Amenities:

laundry on-site. Parking: carport.

19 1428 Lyndon StSouth Pasadena, CA

6 1960 5,341 2B/1B 900 $2,395 $2.66 83%

Units are townhouse style and offer laminate and tile

floors, new quartz countertops, new stainless

steel appliances, and central air and heat. Parking: two

spaces.

201818 Ramona Ave

South Pasadena, CA16 1968 19,997 1B/1.5B 825 $1,595 $1.93 94%

Units offer carpet and tile floors, a stove, dishwasher, granite countertops, ceiling

fan, and central air and heat. Amenities: laundry on-site.

Parking: covered.



RENT COMPARABLES

32

# ADDRESS# OF UNITS

YEAR BUILT

BLDG SF

UNIT TYPEUNIT


21909 Summit Dr

South Pasadena, CA8 1924 4,822 1B/1B 600 $1,650 $2.75 88%

Units offer laminate and tile floors, a renovated kitchen

with stainless steel appliances including a stove,

refrigerator, dishwasher, and washer and dryer in unit.

Parking: carport.

22 1119 Huntington DrSouth Pasadena, CA

9 1938 7,737 4B/3B 2,000 $3,994 $2.00 89%

Units are renovated and offer laminate floors, forced air, and large patio. Amenities:

pool, laundry on site. Parking: carport.


24 1928 22,2522B/1B

(townhouse)927 $1,595 $1.72 96%

Units are townhouse style and offer laminate and tile

floors, a stove, granite countertops, and wall units for heating and cooling.

Amenities: laundry on-site. Parking: uncovered.


6 1907 3,754Studio/1B

2B/2BN/A

1,500$895

$2,245N/A

$1.5083%

Units offer laminate floors, a small refrigerator, wall unit for cooling, and a portable heater. Amenities: laundry

on-site.


5 1940 4,365 1B/1B 9,016 $1,850 N/A 80%

Units offer renovated hardwood floors, new kitchen and new bath.

Parking: one-car and two-car garage spaces available.



RENT COMPARABLES

33

# ADDRESS# OF UNITS

YEAR BUILT

BLDG SF

UNIT TYPEUNIT



8 1920 8,4741B/1B2B/1B

800950

$1,650$2,000

$2.06$2.11

100%

Units offer hardwood floors, a dishwasher, fireplace,

crown molding, washer and dryer, individual tank-less water heaters, and dual

entrances.



RENT COMPARABLES

34

MARKET OVERVIEW

35

South Pasadena is a suburban city located in the West San Gabriel Valley, and is bordered by the city of Pasadena to the north, the

cities of Pasadena and San Marino to the east, the city of Alhambra and the city of Los Angeles community of Monterey Hills to the

south, and the city of Los Angeles community of Highland Park to the west. The city of South Pasadena is situated approximately six

miles from Downtown Los Angeles,

Called the “City of Trees”, South Pasadena has more than 100 acres of parks, and more than 21,000 trees line its streets. Providing

a charming, quaint allure, the City of South Pasadena gives off a small-town feel, while also serving its residents with numerous

eclectic amenities. From nationally recognized brands, to small mom-and-pop shops, South Pasadena’s residents enjoy a wide array

of retail shops, restaurants, and entertainment establishments.

The City is served by the Arroyo Seco Parkway (CA 110), the first freeway in the Western United States, and has exits on Orange

Grove Avenue, as well as Fair Oaks Avenue. South Pasadena has its own city-wide community transit system, which also connects

with the Mission Gold Line Station, allowing for access to Downtown Los Angeles. Known for its stunning homes, unique small

businesses, and renowned schools, South Pasadena is a highly desirable location in the San Gabriel Valley.

OVERVIEWSOUTH PASADENA, CA

36

From academics to athletics, South Pasadena prides itself on its

highly revered schools. The school district consists of five schools,

including Arroyo Vista, Marengo, and Monterey Hills Elementary

Schools, South Pasadena Middle School, and South Pasadena

High School, all of which are distinguished in their own right.

Arroyo Vista, Marengo, and Monterey Hills elementary schools, as

well as South Pasadena Middle School and South Pasadena High

School, have all been recognized as California Distinguished

Schools, and both Arroyo Vista Elementary School and South

Pasadena Middle School have been recognized as national Blue

Ribbon Schools.

Overall, the school district performs on a very high level,

repeatedly exceeding State benchmarks. In 2013, South

Pasadena School District had an API score of 920.

In athletics, South Pasadena High School teams consistently rank

among the top in their leagues. As the only high school in the city,

the campus boasts several main academic buildings, a library, a

performing arts auditorium, a swimming pool, three sets of tennis

courts, two indoor gymnasiums, a state-of-the-art 400-m outdoor

track, and three athletic fields.

South Pasadena High School is one of Newsweek’s top 1,300 (5%) public high schools in the country

Monterey Hills Elementary School is among the few public elementary schools in California to receive a distinguished GreatSchools rating of 9 out of 10

Marengo and Arroyo Vista Elementary Schools have placed 1st

and 2nd in the state, and in the top ten nationally in the Knowledge Bowl Math Competition

SCHOOL DISTRICTSOUTH PASADENA, CA

M A R K E T O V E R V I E W

37

Incorporated in 1888, much of the history of the City is associated with the Cawston Ostrich Farm, America’s first ostrich farm, which

currently serves as a South Pasadena Cultural Landmark. South Pasadena was one of the first suburbs of Los Angeles, and being so, has

many historical sites. Many of these sites are within five major districts which include Oaklawn, Ramona Avenue, El Centro, Oak – Laurel,

and Mission West. The Mission West area is also part of the original U.S. Route 66. On that same route, located on Fair Oaks Avenue,

sits the Fair Oaks Pharmacy and Soda Fountain, which has been a South Pasadena landmark since 1915.

The Rialto Theater in downtown South Pasadena was built in 1925 and is one of the last remaining single screen cinemas in the country. It

is on the National Register of Historic Places and has also been featured in many films and commercials.

With its tree-lined streets, the city has also been the back-drop for many movies, including The Terminator and Gone with the Wind, as well

as major television series including Modern Family, Desperate Housewives, and CSI, providing the city with added revenue.

LANDMARKSSOUTH PASADENA, CA

38

South Pasadena has a very strong and diverse local economy that is

well connected with the greater Los Angeles regional economy.

Some of the major employers include:

ECONOMYSOUTH PASADENA, CA

The City of South Pasadena has many local stores and destinations

for shopping and dining. Most of these lie along the city’s major

thoroughfares, which include Fair Oaks Avenue, Mission Street, and

Huntington Drive. Most of the large franchises and grocery chains

located in the city are included in the aforementioned areas, and

include Bristol Farms, Vons, Pavilions, and Trader Joe’s.

Much of the business district in South Pasadena, also known as the

historic district, is populated by smaller merchants who have been in

business for many years. These include smaller restaurants like

Mike & Anne’s and Tokoro Japanese, as well as specialty retail

stores such as Bikram Yoga and Heirloom Bakery & Café.

39

Downtown Revitalization Project

The South Pasadena Downtown Revitalization Project is anestimated $40 million revitalization project that will change thelandscape of South Pasadena from Oxley Street to Hope street.The project includes the redevelopment of five buildings, as well astwo key parcels at 1503 and 1507 El Centro Street. Thedevelopment project will cover a three block area that will includepedestrian paths, gathering spaces, a town plaza, restaurants,retails stores, office space, affordable housing up to 60 units, and427 parking spaces.

The project has been completely designed and entitled, and

Genton Property Group has been chosen as the developer.Currently, the developer is in talks to reach an agreement withstore owners within the development site.

DEVELOPMENTSOUTH PASADENA, CA

Mission Place Project

The Mission Place Project is a development project planned for a

property that is owned by the South Pasadena Unified SchoolDistrict. The nearly 100,000 square foot project will be a mixed-use development that will include 91 residential units and 7,400square feet of retail space.The development is currently in its early planning phase and isprojected to bring in between $300,000 and $400,000 annuallyto the school district.

The site of the project is a vacant lot that is currently underutilized.Donald Getman, an architect working on the project said that the

project, which is one block from a Metro Gold Line stop, is “transitoriented”, and designed to fit the aesthetic of Mission Street.


40

MARKET OVERVIEW

2000 Population 24,2222010 Population 25,6192016 Population 26,5922021 Population 27,630

2016 Median Age 42.12016 Average Age 40.7

2016 Households 10,8192021 Households 11,2212010 Households 10,4682000 Households 10,436Percent HH Change: 2010 to 2016 3.4%Percent HH Change: 2016 to 2021 3.7%Average Household Size 2.4

2016 Population 26,592White 13,542 50.9%African American 829 3.1%Asian 8,747 32.9%Native Hawaiian/Pacific Islander 12 0.0%American Indian/Alaska Native 114 0.4%Some Other Race 1,612 6.1%2 or More Races 1,735 6.5%2016 Hispanic Population 5,124 19.3%Not Hispanic/Latino, White 10,770 40.5%

SOUTH PASADENA, CA


– POPULATION

– HOUSEHOLDS

– AGE

– RACE AND ETHNICITY

DEMOGRAPHIC PROFILE

41

MARKET OVERVIEW2016 Median Household Income $82,5102016 Average Household Income $116,2102016 Per Capita Income $47,280

2016 Population Age 25 and Over 18,807High School thru Associates 6,481 34.5%Bachelor's Degree 6,183 32.9%Graduate Degree 5,247 27.9%

2016 Employed Population 14,630Blue Collar 1,241 8.5%White Collar 11,914 81.4%Service & Farm 1,474 10.1%

SOUTH PASADENA, CA

34.50%

32.90%

27.90% HS-Assoc.

Bach

Grad

8.50%

81.40%

10.10%

Blue Collar

White Collar

Service & Farm


– EDUCATION

– INCOME – JOB TYPE

DEMOGRAPHIC PROFILE

42

2016 Owner-Occupied Housing Units 4,981Value < $20,000 16 0.3%Value $20,000 - $39,999 7 0.1%Value $40,000 - $59,999 16 0.3%Value $60,000 - $79,999 12 0.2%Value $80,000 - $99,999 5 0.1%Value $100,000 - $149,999 3 0.1%Value $150,000 - $199,999 19 0.4%Value $200,000 - $299,999 36 0.7%Value $300,000 - $399,999 134 2.7%Value $400,000 - $499,999 264 5.3%Value $500,000 - $749,999 946 19.0%Value $750,000 - $999,999 1,257 25.2%Value $1,000,000+ 2,265 45 .5%2016 Median Home Value $956,5762016 Average Home Value $1,001,209

2016 Travel Time Population 14,231< 15 Minutes 2,567 18.0%15 - 29 Minutes 4,891 34.4%30 - 44 Minutes 3,029 21.3%45 - 59 Minutes 1,449 10.2%60+ Minutes 1,454 10.2%Average Travel Time 32

2016 Housing Units 11,4791 Unit Detached 5,265 45.9%1 Unit Attached 862 7.5%2 Units 324 2.8%3 to 4 Units 841 7.3%5 to 19 Units 2,520 22.0%20 to 49 Units 1,428 12.4%50+ Units 231 2.0%Mobile Home 7 0.1%Other 0 0.0%

Total Businesses 1,239Daytime Employment (Total Employees) 9,435

DEMOGRAPHIC PROFILESOUTH PASADENA, CA


– HOUSEHOLDS

– TRAVEL TIME TO WORK – UNITS IN STRUCTURE

– PLACE OF WORK

Capi ta l Markets | Inves tment Proper t ies

CONTACT

PRISCILLA NEESenior Vice President

+1 310 550 2508

[email protected]

Lic. 01435254

SARA KHERADMANDANClient Services Coordinator

+1 310 550 2527

[email protected]

ramona 1831 ramona avenue | south pasadena, ca...gas, electric –tenant mechanical: central water...

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