520-524 N Hill Ave 520 N Hill Ave Immeuble residentiel 6 lots 1 533 600 € (255 600 €/Lot) Pasadena, CA 91106

Nestled in a charming tree-lined neighborhood of Pasadena, this unique multi-building property presents a compelling opportunity for both investors and developers. The front building consists of four spacious apartment units in a two-story structure, complemented by two detached cottages at the rear—totaling six rental units. Behind the cottages, existing carports offer the potential to add Accessory Dwelling Units (ADUs), significantly increasing the property’s income potential. Rents are currently below market and subject to the Pasadena Rent Control Ordinance, allowing for rent growth as units turn over. Recent capital improvements include full roof replacements on all structures and resurfaced asphalt in the common driveway areas. While these updates are notable, the property still requires additional renovations and repairs, presenting an opportunity for further value enhancement. With its desirable location, flexible configuration, and untapped development potential, this is a rare investment opportunity with strong long-term upside
Unit & Bldg Mix:
Four 1bd/1ba units in a 2-story Apartment Bldg.
Detached Cottage 1bd/1ba w-fenced yard
Detached Cottage 2bd/1ba
Utilities:
Separate Gas & Electric meters for each unit
1 water meter serving property
Water & Trash paid by owner
The three structures built over time (1927/1929/1954) provide architectural character and long-term stability