2548 El Molino Avenue
Altadena, CA 91001
0.36 acres | #PW23179293
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.
Property Details
- Lot DescriptionItem610UnitsAcre
- Property TypeMulti-Family
- Sewer InformationPublicSewer
- CountyLos Angeles
- Original List Price$4,350,000
- MLS #PW23179293
- MLS #PW23179293
- Property SubtypeMixedUse
- Cost4350000
- Acres0.3629
- Utility SourcePublic
- Year Built1924
- Stories1
- Parking Spaces4
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Robert Stepp (#PSTEPROB)
Listing Office: Keller Williams - Santa Monica (#PB20859)
Note: The results shown are estimates only and do not include all factors. Speak with a licensed agent or loan provider for exact details. This tool is sourced from CloseHack.
