221 Raymond Ave
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221 Raymond Ave
9 Unit Apartment Building $7,191,962 CAD ($799,107 CAD/Unit) 5.27% Cap Rate Pasadena, CA 91103
Investment Highlights
- The property is protected from auto-reassessment after sale under the Mills Act. Property tax are currently set at just $22,325 per year
- Attractive in-place offering actual CAP Rate of 4.63% With a ProForma CAP Rate of 5.27% / 2017 Historic Preservation Award
- Tenants have access to offsite parking at the Marriott, with several additional local options available for more affordable solutions
- Estimated saving under the Mills Act are $30,000 annually. In essence adding the income of an additional one-bedroom unit, with no expenses.
- Three (3) two-story, two-bedroom, two-and-one half bathroom units (2B2.5B) + bonus room in master bedroom.
- Individually metered for all utilities. Water submetering is in place. Currently master-metered for water, 9 individual water meters in place.
Executive Summary
(MILLS ACT PROTECTED PROPERTY) The Historic Fannie Bonham Row House at 221 N Raymond Ave, Pasadena, CA, is a meticulously restored property and the only remaining example of rowhouse construction in the city!
The property features a desirable unit mix, including six (6) single-story, 1-bedroom, 1-bathroom units, and three (3) townhouse-style, 2-bedroom, 2.5-bathroom units. Each townhouse unit also includes a bonus room in the master bedroom, offering flexible space ideal for a nursery, home office, or additional bedroom.
This historic building underwent an extensive restoration to preserve its original architectural details while modernizing essential key building systems. Jackson Milling & Lumber, Inc. contributed significantly to this effort, utilizing custom-milled Douglas fir to replace wood
siding & replicate intricate crown moldings true to the materials used in the original construction. Additionally, American Window Restoration repaired or replaced all windows to maintain historical accuracy. This dedication to preserving the building's heritage earned it a Historic Preservation Award from the City of Pasadena and recognition from then-Senator Anthony Portantino.
The property features a desirable unit mix, including six (6) single-story, 1-bedroom, 1-bathroom units, and three (3) townhouse-style, 2-bedroom, 2.5-bathroom units. Each townhouse unit also includes a bonus room in the master bedroom, offering flexible space ideal for a nursery, home office, or additional bedroom.
This historic building underwent an extensive restoration to preserve its original architectural details while modernizing essential key building systems. Jackson Milling & Lumber, Inc. contributed significantly to this effort, utilizing custom-milled Douglas fir to replace wood
siding & replicate intricate crown moldings true to the materials used in the original construction. Additionally, American Window Restoration repaired or replaced all windows to maintain historical accuracy. This dedication to preserving the building's heritage earned it a Historic Preservation Award from the City of Pasadena and recognition from then-Senator Anthony Portantino.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $7,191,962 CAD | Apartment Style | Townhome |
| Price Per Unit | $799,107 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 5.27% | Building Size | 8,568 SF |
| Gross Rent Multiplier | 14.87 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1898/2017 |
| Property Subtype | Apartment | Cross Streets | Walnut Ave |
| Price | $7,191,962 CAD |
| Price Per Unit | $799,107 CAD |
| Sale Type | Investment |
| Cap Rate | 5.27% |
| Gross Rent Multiplier | 14.87 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 8,568 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1898/2017 |
| Cross Streets | Walnut Ave |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | $3,926 CAD | 714 |
| 2+2.5 | 3 | $5,584 CAD | 1,428 |
1 of 1
Walk Score ®
Walker's Paradise (96)
Transit Score ®
Excellent Transit (72)
Bike Score ®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 5723-001-019 | Total Assessment | $2,551,572 CAD |
| Land Assessment | $1,785,114 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $766,458 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
5723-001-019
Land Assessment
$1,785,114 CAD
Improvements Assessment
$766,458 CAD
Total Assessment
$2,551,572 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | PSC- |
| PSC- |
-
Anthony Le -
Le Investment Group
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221 Raymond Ave
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