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THE RAYMOND VILLA, a 50-unit value-add garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. The property is within walking distance (±1mile) to Rose Bowl Area and Old Town Pasadena, and situated on a quiet tree-lined street on Raymond Ave and Painter St. This investment offers an ASSUMABLE LOAN with ±57% Loan-To-Value (LTV) at very low 2.9% interest rates fixed until October 2026 and due in 28 years (October 2051). Just by assuming the current loan and operating the building as-is, the new owner could realize a stable ±7.29% cash-on-cash return on year-1 and a whopping ±13.35% return stabilized at proforma/market rent (Buyer to Verify). The property has brand new roofs (3 out of 4 buildings), upgraded electrical panel (each unit has 100amps breaker), and the parking soft story retrofit were recently completed. The Raymond Villa is an attractive two-story garden style community that was built in 1964 with ±36,228 SF building size and situated on a large ±51,227 SF / ±1.18-acre lot size. It has excellent curb appeal with mature trees in the front and a secure entrance and gated parking. Walking into the courtyard area, tenants will enjoy a fenced swimming pool, and multiple large and manicured garden planters and courtyard area that can be re-utilized as barbeque area, dog walking area, kids' play area and other amenities. It offers an excellent unit mix of 30 x 2 bedrooms+1bathroom, and 20 x 1bedroom+1bathroom units. Each unit is large and bright with an excellent layout and a private patio/balcony. Each unit is separately metered for electricity (ALL ELECTRIC building). Each unit has windows A/C, wall heating, ceiling fans, mirrored closets, and plenty of linen cabinets. ±30 units have had some kind of upgrades which may include new kitchen (new cabinets + quartz/granite countertops), and/or new bathroom (new tiled bathroom/shower, new bathroom vanity, and hardware). Parking is provided by combinations of garage on the side, tuck-under parking in the back, and a detached carport in the back. There are 52 parking spaces with 8 garage spaces on the side, 30 tuck under parking in the back, and 14 spaces in a detached carport (buyer to verify). There are 2 laundry rooms with ±5 laundry machines in each room (total 10 machines) and all the machines belong to the owner and come with the sale. The property is separately metered for electricity.
Property Type(s):
Residential Income
| Last Updated | 6/20/2025 | Year Built | 1964 |
|---|---|---|---|
| Community | 645 - Pasadena (NW) | Garage Spaces | 8.0 |
| County | Los Angeles |
Additional Details
| AIR | Wall/Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Gas Range |
| AREA | 645 - Pasadena (NW) |
| GARAGE | Yes |
| HEAT | Wall Furnace |
| LOT | 38.86 acre(s) |
| LOT DESCRIPTION | Landscaped, Level, Near Public Transit, Rectangular Lot |
| PARKING | Attached Carport, Assigned, Asphalt, Covered, Driveway, Private, Community Structure |
| POOL DESCRIPTION | Community |
| SEWER | Public Sewer |
| STORIES | 3+ |
| STYLE | MidCenturyModern |
| UTILITIES | Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected |
| VIEW | Yes |
| VIEW DESCRIPTION | Mountain(s), Neighborhood |
| WATER | Public |
Location
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Listed with Growth Investment Group Pasade
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