Luka Leader
Associate
CalDRE #02245434
755 E Pine Street
755 E Pine Street, Altadena, CA 91001
A 19-Unit Value-Add Opportunity at the Base of the San Gabriels
Exclusively listed by the LAAA Team at Marcus & Millichap
- Listing Price
- $5,395,000
- Cap Rate
- 5.87%
- Units
- 19
- GRM
- 10.78
- Price / Unit
- $283,947
- Price / SF
- $394.31
- Gross SF
- 13,682 SF
- Year Built
- 1958
Offering
The Offering
The LAAA Team of Marcus & Millichap is pleased to present 755 E Pine St, a 19-unit garden-style community in Altadena, now offered at $5,395,000, reduced from $5,595,000. Six vacant units provide immediate lease-up upside in a supply-constrained foothill submarket directly north of Pasadena, where advertised rents run about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms. The new basis equates to $283,947 per unit with a 5.87% current cap rate and a 6.24% pro forma cap rate.
- 01
Repriced to $5,395,000 from $5,595,000, a new basis of $283,947 per unit and $394.31 per square foot.
- 02
Six vacant units, including units 3, 9, 11, 14, 15, and 17, provide a day-one renovation and lease-up runway.
- 03
Advertised area rents of about $2,000 for one-bedroom units and $2,200 to $2,600 for two-bedrooms support mark-to-market upon renovation.
- 04
$316,835 of current NOI delivers a 5.87% going-in cap rate and 10.78 GRM, with a 6.24% pro forma cap rate per the OM.
Gallery
Inside the Offering
755 E Pine Street, Altadena, CA 91001
Location
Location & Neighborhood
755 E Pine Street, Altadena, CA 91001
Altadena sits directly north of Pasadena in unincorporated Los Angeles County, at the base of the San Gabriel Mountains. The supply-constrained foothill submarket draws steady renter demand from nearby Pasadena employment, education, and medical nodes, and 755 E Pine St carries the classic Southern California garden-style character it was built with in 1958.
Listing Team
Exclusively listed by the LAAA Team.
For offering materials, financials, or offer guidance, reach out directly.
Glen Scher
Senior Managing Director Investments
CalDRE #01962976
Glen Scher
Senior Managing Director Investments
CalDRE #01962976
Filip Niculete
Senior Managing Director Investments
CalDRE #01905352
Filip Niculete
Senior Managing Director Investments
CalDRE #01905352
Next Step
Ready to dig into the financials?
Sign the Confidentiality Agreement to access the full Offering Memorandum for 755 E Pine Street.
