2548 El Molino Avenue, Altadena, CA 91001
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Listed Price :
$4,350,000
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Beds :
N/A
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Baths :
N/A
-
Property Size :
N/A sqft
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Year Built :
1924
Property Description
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.
Interior Features
Bedroom Information |
Bedrooms |
N/A |
Bathroom Information |
Bathrooms |
N/A |
Listing Information
Address |
2548 El Molino Avenue |
City |
Altadena |
State |
CA |
Zip |
91001 |
County |
Los Angeles |
Listing Agent |
Robert Stepp DRE #01456379 |
Courtesy Of |
Keller Williams - Santa Monica |
List Price |
$4,350,000 |
Status |
Active |
Type |
Residential Income |
Subtype |
Commercial/Residential |
Structure Size |
N/A |
Lot Size |
15,810 |
Year Built |
1924 |
Listing information courtesy of: Robert Stepp, Keller Williams - Santa Monica. *Based on information from the Association of REALTORS/Multiple Listing as of May 23rd, 2024 at 3:41 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.