Jing Li Acquires Multifamily Property In Pasadena For $2.35M

Located at 260 Linda Rosa Ave in Pasadena, this multifamily property was recently sold for $2,350,000. The property consists of 7 units, offering a per unit price of $335,714. Spanning across 6,068 square feet, the property has a price per square foot of $387. With a Gross Rent Multiplier (GRM) of 15.02x and a Capitalization Rate (CAP) of 4.36%, this transaction showcases a valuable investment opportunity in the Pasadena market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,350,000
• Address: 260 Linda Rosa Ave.
• Market: Pasadena

The buyer, Jing Li, made this acquisition from Robert Horgan and Katherine Horgan. Kevin Li from Treelane Realty Group represented the buyer in this transaction, while Filip Niculete, Glen Scher, and Michael McNulty Jr. from Marcus & Millichap LAAA Team represented the seller. It is worth noting that this property was sold at 98% of its list price and attracted 10 offers. Additionally, the seismic retrofit for the property has not been completed, and the buyer will be responsible for the $70,000 retrofit cost.