About 2548 El Molino Ave
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.
Features of 2548 El Molino Ave
MLS® # | PW23179293MR |
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Price | $4,350,000 |
Units | 10 |
Bedrooms | 4 |
Bathrooms | 3.00 |
Square Footage | 6,448 |
Acres | 0.36 |
Year Built | 1924 |
Type | Residential Income |
Status | Active |
Community Information
Address | 2548 El Molino Ave |
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Area | Altadena |
City | ALTADENA |
County | Los Angeles |
State | CA |
Zip Code | 91001 |
Amenities
Parking Spaces | 7 |
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# of Garages | 4 |
Is Waterfront | No |
Has Pool | No |
Pool | None |
Interior
Fireplace | No |
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# of Stories | 1 |
Has Basement | No |
Additional Information
Date Listed | September 29th, 2023 |
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Days on Market | 232 |
Zoning | LCC3* |
Foreclosure | No |
RE / Bank Owned | No |
Cap Rate | 4.22 |
Net Operating Income | $183,630 |
Unit 1 Details
Beds | 2 |
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Baths | 1.00 |
Rent | $5,240 |
Unit 2 Details
Beds | 1 |
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Baths | 1.00 |
Rent | $12,792 |
Unit 3 Details
Beds | 1 |
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Baths | 1.00 |
Rent | $3,800 |
Listing Details
Agent | Robert Stepp (01456379) |
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Office | Keller Williams - Santa Monica |