Active
2548 El Molino AVE
ALTADENA CA, 91001
$4,350,000
$674.63 per sqft
Active
4 Beds
3 Baths
6,448 sqft
Residential
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
May 9, 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
80
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
Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor The Luczyski Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.
©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 5/9/2024
