12 bedroom house for sale

Overview

2548 El Molino Avenue is a 10-unit asset located in Altadena, California

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.