About 451 E Sacramento St
Built in 1924, 451 E. Sacramento Street offers an investor the opportunity to acquire an 8-unit asset on an over 30,000-square-foot lot in Altadena, California. The property is comprised of (8) 1BD/1BA + Den units with over $540,000 spent on capital improvements, including new plumbing, roofing and electrical ugrades already completed. Current ownership has received approval from the City allowing the lot to be subdivided into three (3) separate parcels with the ability to build eight (8) new ADUs across the parcels, for additional rental revenue of approximately $386,400 annually. With the construction of the ADUs, the property can be stabilized at a 11.85% cap rate and 6.98 GRM. Resident utility billing (RUBS) has been implemented across the property to lower operational expenses. The property is Mills Act eligible, allowing new ownership the opportunity for significant tax savings*. 451 E. Sacramento Street offers an assumable Freddie Mac loan of $1,646,000 at 5.25% with 5 years of interest only payments remaining.
Features of 451 E Sacramento St
MLS® # | PW23179341MR |
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Price | $5,000,000 |
Units | 8 |
Bedrooms | 1 |
Bathrooms | 1.00 |
Square Footage | 4,896 |
Acres | 1.00 |
Year Built | 1924 |
Type | Residential Income |
Status | Active |
Community Information
Address | 451 E Sacramento St |
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Area | Altadena |
City | ALTADENA |
County | Los Angeles |
State | CA |
Zip Code | 91001 |
Amenities
Parking Spaces | 20 |
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# of Garages | 12 |
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 | LCR110 |
Foreclosure | No |
RE / Bank Owned | No |
Cap Rate | 3.48 |
Net Operating Income | $173,852 |
Unit 1 Details
Beds | 1 |
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Baths | 1.00 |
Rent | $26,312 |
Listing Details
Agent | Robert Stepp (01456379) |
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Office | Keller Williams - Santa Monica |