686 S Grand Avenue, Pasadena, CA 91105

$2,725,000
Sold Price
$2,725,000
List Price
$2,500,000
Closing Date
Jan 09, 2024
Status
CLOSED
MLS#
P1-15978
Year Built
1917
Lot Size
12,018
Acres
0.28
Lot Location
Landscaped, Sprinklers None
Days on Market
4
Property Type
Multifamily
Style
Bungalow, Craftsman
Stories
One Level
Neighborhood
Not Applicable

Property Description

A rare opportunity to acquire one of Southwest Pasadena's quintessential Bungalow Courts, consisting of (5) five free-standing Craftsman Style bungalows on lush landscaped common grounds, each unit measuring approximately 830 SqFt. Commissioned in 1917 by Edwin F. Hahn, founder of one of Pasadena's oldest businesses, the law firm Hahn & Hahn, this trophy property is located on a highly desirable street, just minutes away from the Arroyo and Old Town Pasadena, and presents a wonderful investment opportunity for its future owner. 686-694 South Grand Avenue pairs period details such as original windows, hardwood floors and fireplace with modern amenities including in-unit washer/ dryer, individually metered utilities and hot water heater in each unit. Units offer a slightly varied layout, ranging between 815 - 870 SqFt each, and are entered through a front-porch opening up to a light-filled living room space with adjacent kitchen. The two bedrooms are connected by a full bathroom with a tub. Four of the five units currently rented, yielding a monthly income of $11,820; its projected rent, fully occupied, is $15,220. Front South unit is vacant and staged for viewings. Three units are currently rented at market value and one below market value.

Additional Information

Other Buildings
Shed(s)
Appliances
Dishwasher, Gas Range, Microwave, Refrigerator, Water Heater
Pool Description
None
Fireplace Description
Decorative
Heat
Floor Furnace, Wall Furnace
Cooling
Yes
Cooling Description
Wall/Window Unit(s)
View
None
Roof
Composition
Sewer
Public Sewer
Water
Public
Interior Features
Built-in Features
Attached Structure
Detached
Number Of Units Total
5
Gross Scheduled Income
$182,640
Operating Expense
24326

Listing courtesy of Listing Agent: George Penner (george.penner@compass.com) from Listing Office: COMPASS.

Listing sold by Mark Jerusalem from Engel & Voelkers Pasadena

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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.