Active
2548 El Molino AVE
ALTADENA CA, 91001
$4,350,000
$674.63 per sqft
Active
4 Beds
3 Baths
6,448 sqft
Multi-family
Built in 1924
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.
PW23179293MR
MLSⓇ ID
September 29, 2023
Listed
September 13, 2024
Updated
Map
2548 El Molino AVE
ALTADENA CA, 91001
Interior Features
Total Stories
1
Bedrooms
4
Total Bathrooms
3
Laundry Description
Inside
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.36 Acres
Sewer
Public Sewer
Other Property Details
Area Name
Altadena
Days on Market
336
Garage
Yes
Garage Spaces
4
Parking Total
7
View
No
County
Los Angeles
Water Source
Public
Pool
No
Pool Features
None
Zoning
LCC3*
Listed by Robert Stepp with Keller Williams - Santa Monica
Listing Contact: 310-774-3740
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©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 9/13/2024