1940 Meridian Avenue

Incredibly Rare Opportunity to own a fourplex in South Pasadena. Property consists of a house with 3 additional units in an adjacent building on a 8,976 SF lot with a total of 4,838 SF of interior space. All units are currently fully occupied with great tenants in place on month-to-month leases. New owners can choose to live in one unit while collecting income from the other 3 units. The owner covers water, trash and gardening with all other utilities are covered by the tenants (electricity and gas separately metered). Current CAP Rate is 3.89% on the below market rents and can be improved to an estimated 5.72% CAP Rate. Portions of the property have been updated with paint, appliances (dishwasher & range), window AC, and central heat. Units have mixed flooring which includes hardwood and carpet floors with the main house having its own private balcony. Each unit has its own assigned garage and patios to enjoy lounging in great weather, summer BBQ's, and al fresco dining.