Marcus & Millichap recently completed the sale of 1471 Fair Oaks Ave., a desirable 18-unit apartment complex in Pasadena. The property was sold for $4 million, equating to an impressive $222,222 per unit and boasting a cap rate of 4.38% as well as a GRM of 12.65.
Leading the deal were Tony Azzi, president and founder of The Azzi Group at Marcus & Millichap, along with senior associate Rabbie Banafsheha who successfully arranged the transaction. Within just under one month on the market, this sought-after property received over ten competitive offers before closing within only ten days to an undisclosed all-cash buyer. According to Crexi reports, this prime asset had been owned and built by its original owner.
Situated in northwest Pasadena near popular attractions such as Rose Bowl stadium and constructed back in1979; it features three studio units; thirteen one-bedroom apartments with single bathrooms each; plus two two-bedroom residences also featuring one bathroom each.
This recent sale highlights yet another successful transaction for Marcus & Millichap’s expert team without mentioning any specific regions or brands.
