251 N Oakland Avenue Pasadena, CA 91101

251 N Oakland Ave, a turn-key, fully upgraded, and 100% occupied 14 units luxury apartment in the City of Pasadena. The property is located within the Pasadena Playhouse District, south of 210 Freeway and just within walking distance to Old Town Pasadena area. The properties offer an investor the rare opportunity to own a high cash flowing apartment property in one of the most desirable locations in Pasadena. The property offers 100% occupancy on a master lease until June 2022. This higher cap rate for the area, combined with low interest rates offer investor over 7% cash on cash return with proper financing. This property offers higher allowable annual rent increases under California AB1482 (5% + CPI). It has been completely renovated, and offers an attractive mix of courtyard layouts, and in-unit laundry (laundry machines belong to seller and comes with the property). It is separately metered for gas and electric, is serviced by new central water heaters. Units are spacious and offer an in-unit combo washer/dryer, stove, dishwasher, garbage disposal, ample closet and storage space, ceiling fans, and new mini-split HVAC systems for heating and cooling. It has 12 subterranean parking spaces and a common area in the back. All of the units have undergone a top-to-bottom renovation