400 S Mentor Ave, Pasadena, CA 91106

Property Description

We are proud to present this 21-unit multifamily property at 400 S Mentor Ave. With Caltech University's campus steps to the east and The Shops on Lake Avenue steps to the west, this property is ideally located in one of the most sought pockets of Pasadena, and it has an impressive walk score of 95(walker's paradise). 400 S Mentor has never been sold before. The seller's father built this property 56 years ago, back in 1966, and it has been in the family ever since. Sitting on over a half-acre of land, this 24,827 square foot property boasts a great unit mix of (12) 2 bed / 2 bath units, (5) 1 bed / 1.5 bath units, (2) 1 bed / 1 bath units, and (2) studios. The units are very large, with the average unit size being over 1,000 square feet, and the 1st floor units all come with a large, private patio while the 2nd and 3rd story units come with a private balcony. The property's large laundry room has 3 washers and 3 dryers, all leased from WASH, and the laundry room provides each tenant with their own locker where they can store items outside their unit. Other property features include: 24 parking spaces at the rear of the property, fully secured with 24-hour monitoring, a relaxing entry lobby, an elevator that is serviced monthly, professionally managed, and the property is separately metered for electric (there is no gas at the property). 400 S Mentor is a great opportunity for a value-add investor to capture over 25% upside potential in rent. Also, this property is perfect for ADUs, where a buyer could build two detached, new construction ADUs at the back of the property. In total, we estimate there is the potential to increase this property's annual Net Operating Income by nearly 60% (from $330k currently to $526k pro-forma potential).