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839 N Summit Avenue, Pasadena, California 91103, Pasadena, 91103 - bed, bath

839 N Summit Avenue, Pasadena, California 91103 home-pic-0
ACTIVE$4,429,000
839 N Summit Avenue, Pasadena, California 91103
0Bed
0Bath
8,902Sqft
14,992Lot
Year Built
1989
Close
-
List price
$4.43M
Original List price
$4.43M
Price/Sqft
$498
HOA
-
Days on market
-
Sold On
-
MLS number
OC25017098
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $4.43M(92th), sqft - 8902(92th), beds - undefined(23th), baths - undefined(15th).

Introducing an exceptional opportunity to acquire Summit Apartments, a value-add property located in the desirable Villa Parke community of Pasadena. 5 units ready for immediate move in including 3 units fully remodeled and 9 units with long term tenants. This apartment building offers a combination of one- and two-bedroom units, featuring amenities such as new laminate wood flooring and private balconies. The property is situated in a gated community and includes a laundry room, covered parking, and copper plumbing. Built in 1989, this asset presents significant potential for rental income growth. The building includes 9 units with long-term, well-established tenants and 5 vacant units, each 1-bedroom, 1-bath. 3 of these vacant units have been fully renovated, boasting new floors, fresh paint, updated kitchens, and modern bathrooms allowing the new owner the flexibility to choose and put their own tenants in place right away.

Price History

Date
Event
Price
02/12/25
Listing
$4,429,000
Condition Rating
Fair
The property, built in 1989, is described as a 'value-add' opportunity, indicating that while some units have been recently renovated (new laminate flooring, updated kitchens and bathrooms), the majority (11 out of 14 units) and common areas likely require further updates. The images of the renovated units show modern kitchens with new cabinets, countertops, and sinks, and modern bathrooms with subway tile and new vanities. However, the absence of visible major kitchen appliances and the presence of wall-mounted heaters and window AC units suggest a lack of central HVAC. The exterior and common hallway images also reflect an older building that has not undergone a full, comprehensive renovation across all units and shared spaces. This mixed condition, with recent updates in a few units but an overall older infrastructure and the need for further investment, aligns with a 'fair' rating.
Pros & Cons

Pros

Significant Value-Add Potential: The property is explicitly marketed as a 'value-add' opportunity, with 5 vacant units (3 of which are fully remodeled) allowing for immediate rent optimization and further renovations to increase overall income.
Immediate Income Stream: Nine units are currently occupied by long-term, well-established tenants, providing a stable and existing cash flow from day one of ownership.
Recent Unit Renovations: Three of the vacant units have been fully renovated with new floors, fresh paint, updated kitchens, and modern bathrooms, making them immediately attractive to new tenants at potentially higher rental rates.
Desirable Location: Situated in the 'desirable Villa Parke community of Pasadena,' the property benefits from a strong rental market and attractive neighborhood amenities, enhancing tenant appeal and long-term value.
Key Property Amenities: The building offers attractive amenities such as a gated community, a dedicated laundry room, covered parking, and updated copper plumbing, which are desirable features for tenants and contribute to property maintenance.

Cons

High Vacancy Rate: With 5 vacant units out of a total of 14 (assuming 9 occupied + 5 vacant), the property has a significant vacancy rate (approximately 35.7%), which translates to immediate lost rental income and requires active leasing efforts.
Substantial Renovation Capital Expenditure: While 3 units are renovated, the remaining 11 units (6 vacant and 9 occupied) likely require further capital investment for renovations to maximize rental income across the entire property, representing a significant future expense.
Lack of Detailed Unit Mix Information: The description mentions 'one- and two-bedroom units' but does not provide a specific breakdown of how many of each unit type exist, which is crucial for precise financial modeling and understanding market demand for different unit sizes.

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