$4,350,000
2548 El Molino Avenue, Altadena 91001
4
Beds
3
Baths
15,810
Lot Size
10
# Of Units
Listing Agent
Robert Stepp - Keller Williams - Santa Monica2548 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.
Facts & Features
MLS® # | PW23179293 |
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Price | $4,350,000 |
Bedrooms | 4 |
Bathrooms | 3.00 |
Lot Size | 15,810 |
Year Built | 1924 |
Type | Residential Income |
Sub-Type | Mixed Use |
Status | Active |
# Of Units | 10 |
Community Information
Address | 2548 El Molino Avenue |
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Area | 604 - Altadena |
City | Altadena |
County | Los Angeles |
Zip Code | 91001 |
Amenities
Parking Spaces | 7 |
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# of Garages | 4 |
Is Waterfront | No |
Has Pool | No |
Pool | None |
Interior
Has Basement | No |
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Fireplace | No |
# of Stories | 1 |
Exterior
Lot Description | 6-10 Units/Acre |
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Additional Information
Date Listed | September 29th, 2023 |
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Days on Market | 212 |
Zoning | LCC3* |
Foreclosure | No |
Short Sale | No |
RE / Bank Owned | No |
Listing Details
Agent | Robert Stepp |
---|---|
Office | Keller Williams - Santa Monica |