1685 N Summit Avenue, Pasadena, CA 91103

Property Description

1685 N. Summit Avenue presents a 20-unit multifamily investment opportunity in Northwest Pasadena. Built in 1921, the property contains approximately 11,808 square feet of building area on a combined approximately 31,514-square-foot site consisting of two parcels (APNs 5837-006-016 and 5837-006-002). Situated at the corner of Summit Avenue and Penn Street, this bungalow court community offers vintage Pasadena character, in-place income, and rental upside potential. The property features a uniform unit mix of twenty one-bedroom, one-bathroom residences, arranged as a combination of apartment flats and private bungalows. Property features include mostly updated interiors, washer and dryer hookups in every unit, individual hot water heaters, private outdoor areas, and 32 parking spaces. Additional improvements noted in the property setup include updated roofs, vinyl windows, and electrical panels. The investment offers approximately 14.2% potential residential rental upside based on current modeled rents compared to projected market rents, providing an opportunity for future income growth through leasing and rent adjustments, subject to applicable rent regulations and market conditions. Further enhancing the offering is a separate approximately 3,658-square-foot parcel (APN 5837-006-002), adding another element to the investment. Buyers should independently verify parcel boundaries, zoning, permitted uses, and any future development potential with the City of Pasadena. Located in Northwest Pasadena, the property is near Old Pasadena, the Playhouse District, the Rose Bowl, Arroyo Seco, and Washington Park. Nearby employment, educational, and research institutions include NASA's Jet Propulsion Laboratory, Caltech, Huntington Hospital, and Pasadena City College. The 210, 134, and 110 Freeways and nearby Metro A Line service provide regional transportation options throughout Los Angeles County.