2548 El Molino Avenue Altadena, CA 91001
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.
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyLos Angeles
- Taxes$0
- HOA/Condo/Coop Fees$0
- Days on Site276 Days
- MLS StatusActive
- MLS ID NumberPW23179293
- Home Size Source N/A
- Year Built1924
- Lot Size0.3629 Acres
- Full BathsN/A
- Partial BathsN/A
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General Features
- Parking Spaces 7
- Sewer Public Sewer
- Number of Stories 1
- Acreage 0.3629
- Water Public
- Garage Spaces 4
- Zoning LCC3*
- Listing Conditions Standard
Interior Features
- Laundry Features Inside
Exterior Features
- Pool Features None
- Lot 6-10 Units/ Acre
Community Features
- Community Features Mountainous
- Senior Community No
- MLS Area 604 - Altadena