755 E Pine Street, Altadena, California 91001

The LAAA Team of Marcus & Millichap is pleased to present 755 E Pine St, a 19-unit garden-style community in Altadena, now offered at $5, 395, 000, reduced from $5, 595, 000. Four vacant units provide immediate lease-up upside in a supply-constrained foothill submarket directly north of Pasadena, where advertised rents run about $2, 000 for one-bedroom units and $2, 200 to $2, 600 for two-bedrooms. The new basis equates to $283, 947 per unit with a 6.30% current cap rate and a 6.74% pro forma cap rate. Repriced to $5, 395, 000 from $5, 595, 000, a new basis of $283, 947 per unit and $394.31 per square foot. Four vacant units, units 3, 9, 11, and 15, provide a day-one renovation and lease-up runway. Advertised area rents of about $2, 000 for one-bedroom units and $2, 200 to $2, 600 for two-bedrooms support mark-to-market upon renovation. $340, 060 of current NOI delivers a 6.30% going-in cap rate and 10.86 GRM, with a 6.74% pro forma cap rate per the OM.