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Altadena, CA 91001 2548 El Molino Avenue

$4,350,000

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Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916
  • MLS# PW23179293
  • 09/29/2023
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  • BedBeds • 12
  • BathBaths • 3
  • FootageSQFT • 6,448
  • GarageGarage • 4

Home Details

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.
Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916

Interior Features for 2548 El Molino Avenue

Other Interior Features

Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem1CommonWall
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesInside
Street SuffixAvenue
Total Stories1

Other Rooms

Entry Level1

General for 2548 El Molino Avenue

Additional Parcels Y/NNo
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate4.22
Carport Y/NNo
CityAltadena
Community FeaturesMountainous
CountyLos Angeles
Days on Market80
DirectionsLake Ave & El Molino Ave
Electric Expense196.5
Entry Location1
Fuel Expense196.5
Garage Spaces4.0
Garage Y/NYes
Gross Income261727.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense2026.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
Listing TermsCash, CashtoNewLoan, Item1031Exchange
Lot Size Square Feet15810.0
MLS Area604 - Altadena
MaintenanceExpense6500.0
MobileHomeRemainsYNNo
Net Operating Income183630.0
New ConstructionNo
Open Parking Spaces3.0
Operating Expense78097.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Street NameEl Molino
Tax Lot4
Taxes$50,928
Total Units10
Trash Expense196.5
View Y/NNo
Water Sewer Expense196.5
Waterfront Y/NNo
Year Built1924
Year Built SourceAssessor
ZoningLCC3*

Exterior for 2548 El Molino Avenue

Building Area Total6448.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem610UnitsAcre
Lot Size Acres0.3629
Lot Size Area15810.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings1
Number of Separate Electric Meters10
Number of Separate Gas Meters10
Number of Separate Water Meters1
Open Parking Y/NNo
SpaNo
Total Parking7.0
Water SourcePublic

Additional Details

Price History

1527188455

First Team Client Services

Price $4,350,000
MLS#PW23179293
List Date 09/29/2023
Property Type Multi-Family
Phone 714.964.3311
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CRMLS Compliance Statements & Disclaimers

*According to the National Association of Realtors