SIGNIFICANT PRICE REDUCTION, 3.3% ASSUMABLE LOAN, ALL 2 bed Turnkey units, Soft-Story Retrofit completed, New Roof, 6.54% Cash-on-Cash return with significant upside. 278 E Washington Blvd is a 24-unit TURNKEY garden style apartment investment opportunity located in the highly desirable City of Pasadena, CA. This offering provides a rare opportunity for investors to acquire a fully upgraded and very well-maintained apartment community in a mature market with high demand for rental units. It has a very attractive assumable loan with ±46% LTV at 3.30% interest rates fixed until September 2026 – 1% loan assumption fee with JP Morgan Chase Bank. This offering and current assumable loan provides an excellent in-place ±6.54% Cash-on-Cash return on year-1 making it a perfect place to park investors fresh capital or even investors 1031 exchange money into a safe and desirable real estate asset in a mature market. The property is an attractive two-story garden style community that was built in 1964 with ±19,002 SF building size and situated on a ±25,460 SF lot size. It has excellent curb appeal with a completely refaced exterior (new paint, new signage, new wood paneled entrance cover) and completely redone landscaping. The current owner has spent a tremendous amount of extra capital further upgrading the property with a new roof, repaved driveway, new water heater, new HVAC for some units, rebuilt balcony for some units, new exterior paint, and other improvements. It offers a superb unit mix of twenty-four (24) 2 bed + 1 bath units. About ±70% of the community are on RUBS program for gas bill reimbursement leaving significant RUBS upside for the remainder of 30% of the units. The building has a secure entrance with gated parking and a security camera system installed. Each unit is spacious with open space layout and has been completely upgraded with recessed lighting, luxury wood plank flooring, new kitchen (cabinets and countertops), stainless steel appliances, new bathroom (new tub, new vanity cabinets, new lighting fixtures), in-unit washer and dryer, LED lighting, mirrored closet doors, and much more. Most of the units have open floor plan providing spacious feel, and some units have private small patio/balcony with modern wood railings. Some of the windows have been upgraded to double pane windows. The property is separately metered for electricity and serviced by a new master water heater. Most recent leases have a RUBS program in place.
Property Details
Property Features
Property Information:
Architectural Style: Mid-Century Modern
Year Built: 1964
Stories: 2
Listing Office:
Office Name: Growth Investment Group Pasade
Office Phone: (626) 224-2495
Listing Agent: Han Chen
Interior Features
Interior Information:
Appliances: Gas Range, Refrigerator, Range Hood, Dryer, Washer
Flooring Type: Vinyl, Wood
Fireplace: None
Exterior Features
Exterior Information:
Private Pool: No
View: None
Parking Information:
Parking: Attached Carport, Assigned
Lot Features
Lot Information:
Lot: Flag Lot, Near Public Transit
Lot Size: 0.58 Acres
Utilities
Utilities Information:
Heating: Wall Furnace
Cooling: Wall/Window Unit(s)
Other
Directions Information:
Directions: Los Robles Ave go north and make left turn on Washington Blvd - building is on south side of the street
Price Information
Listing Price Info
Price Summary:
List Price: $10,900,000
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Housing Market Comparison
See how this home compares to others in Pasadena, CA.
This property is $9.6M more than the Median Sold Price in Pasadena, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #AR24119082
Listing Office:
Office Name: Growth Investment Group Pasade
Office Phone: (626) 224-2495
Listing Agent: Han Chen
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 11/17/2024, 2:20:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
3
/10
Washington Elementary School
1520 N Raymond Ave
Distance between this listing and this school0.29 miles
Public District Grades PK-5
4
/10
Madison Elementary School
515 E Ashtabula St
Distance between this listing and this school0.73 miles
Public District Grades PK-5
6
/10
Longfellow Elementary School
1065 E Washington Blvd
Distance between this listing and this school0.91 miles
Public District Grades PK-5
Nearby Schools
4
/10
Washington STEAM Multilingual Academy
1505 N Marengo Ave
Distance between this listing and this school0.24 miles
Public District Grades 6-8
8
/10
Ocs - South
524 Palisade St
Distance between this listing and this school0.97 miles
Public Charter Grades KG-8
4
/10
Charles W. Eliot Arts Magnet Academy
2184 Lake Ave
Distance between this listing and this school1.29 miles
Public District Grades 6-8
Nearby Schools
5
/10
John Muir High School
1905 Lincoln Ave
Distance between this listing and this school1.09 miles
Public District Grades 9-12
6
/10
Marshall Fundamental
990 N Allen Ave
Distance between this listing and this school1.89 miles
Public District Grades 6-12
2
/10
Rose City High (Continuation)
351 S Hudson Ave
Distance between this listing and this school2.09 miles
The neighbors living near this home have an average income of $58,705. Most Pasadena, CA residents have annual incomes between $35k-100k. The most common type of family is single, no kids. The most common level of education of people living in this area is high school diploma.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 278 E Washington Blvd
What is the listing price of this property?
The listing price of 278 E Washington Blvd property is $10,900,000.
What type of property is this?
The property 278 E Washington Blvd is a condo located in Pasadena, California, 91104.
Is this property for sale now?
Active Listing: 278 E Washington Blvd is For Sale (Active/New) which means the seller is accepting offers.
Which year was this property built?
The year of construction for 278 E Washington Blvd is 1964.
Interested in 278 E Washington Blvd? Let's connect.
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This home is located at 278 E Washington Blvd in Pasadena, CA and zip code 91104 in the The Verdugos neighborhood. This home, which was built in 1964, sits on a 0.58 acre lot. It has been listed on Rocket Homes since June 11, 2024 and is currently priced at $10,900,000.
While more than 38 listings in Pasadena, CA in October 2024 were sold above asking price, there were more than 10 listings sold at asking price, and more than 37 were sold below. The number of homes for sale in Pasadena, CA increased by 4.4% between September 2024 and October 2024. In October 2024, listings were on the market for 40 days. During the same period, the median list price in this real estate market was $1,204,134.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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