Alden Pacific Investments Completes $1.91 Million Sale of 5-Unit Apartment Complex in South Pasadena
Updated: Mar 29, 2020
Alden Pacific Investments, a division of Buckingham Investments has completed the sale of a 5 unit apartment building located at 334 Pasadena Avenue in South Pasadena. The property is ideally situated within South Pasadena, near metro stops and award winning schools.
Broker, John Alden and Brian Zuckerman of Alden Pacific Investments represented the seller and buyer both private investors. The property sold for $382,000 per unit and at a cap rate of 1.8%.
Built in 1961, the property is situated on a 8,031 square foot lot and is composed of a mix of one and two bedroom units.
“The asset was owned for years by the family of the original builder who were looking to re-leverage their equity”, said Alden. “This property offered the new owner an opportunity to update and modernize a great asset in a competitive market”.
Zuckerman added, “With a 30% upside in rental income and opportunities to collect additional income from parking and laundry, this building was a great asset for the buyer to add to their existing portfolio.”