405 N Mentor Ave
PASADENA, CA 91106
Walking Distance to Gold Line
Call us! 626.204.3300
ABOUT THE ASSET
405 N. Mentor Avenue offers investors the unique opportunity to acquire an 8-unit, garden-style apartment complex in the city of Pasadena. Walking Distance to the Gold Line’s Lake Station, shopping, banks, and restaurants, the property is ideally located.
The property offers a diverse unit mix of (3) studio apartments of ± 365 sq.ft., (1) studio + loft of ± 250 sq.ft., (2) one bed/one-bath of ± 500 sq.ft., (1) two-bed/one-bath unit of ± 700 sq.ft., and (1) two-bed/ one bath + loft of ± 750 sq.ft.
The asset is comprised of two wood frame buildings, 407 N. Mentor in the front and 405 N. Mentor in the rear. Built in 1908, the 407 building is two-stories in the front and one-story in the rear (the rear portion was built in 1954). The building’s roof is pitched composition shingle and has a raised foundation that is reinforced and bolted. Other upgrades include a new service panel, new electric wiring & subpanels, and new copper plumbing. In addition, there are solar water heater panels and approximately a 600 sq. ft. basement with exterior entrance.
The rear building 405, is a one-story, raised foundation with pitched composition shingled roof. This building has new electrical service panels, and a raised deck in front.
There are many exterior improvements and period details in the units.
Current Cap Rate
Market Cap Rate
New Carports and Concrete Driveway. Gated, Controlled-Access
New Electric Service Panel for all Units
New Plumbing, Electric Wiring and Solar Panels in 407 Building
Hardwood Floors, Extensive Improvements to Units and Exterior
CONTACT US FOR ADDITIONAL INFO.