Active

2548 El Molino Avenue

Altadena CA, 91001

$4,350,000


$674.63 per sqft

Active

6,448 sqft

Multi-family

Built in 1924

Listed by Robert Stepp with Keller Williams - Santa Monica 310-482-2200

2548 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.

PW23179293

MLS ID

September 29, 2023

Listed

February 16, 2024

Updated

Map

2548 El Molino Avenue
Altadena CA, 91001

Interior Features

Total Stories

1


Laundry Description

Inside


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.36 Acres


Lot Features

6-10 Units/Acre


Sewer

Public Sewer

Other Property Details

Area Name

604 - Altadena


Days on Market

80


Garage

Yes


Garage Spaces

4


Parking Total

7


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

LCC3*


Buyer Agency Compensation

2%

Listing Contact: 310-482-2200 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 2/16/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 2/16/2024 at 6:20 AM UTC

 

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