2548 El Molino Avenue, Altadena, Los Angeles, CA, ResidentialIncome, ,

$ 4,350,000
2548 El Molino Avenue,

Overview

  • Updated On:
  • November 26, 2023

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.

Address: 2548 El Molino Avenue
City:
State/County:
Zip: 91001
Country: US
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$ 22,303.31
per month
  • Principal and Interest
  • Property Tax
  • HOA fee
$ 16,865.81
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