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518 E Washington

Pasadena, CA 91104
  • $3,100,000
  • STATUS: Active
  • ON SITE: 9 Days
  • ID#: WS26091595
UPDATED: 3 min ago
$3,100,000
  • 0
    BEDS
  • 0.35
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1961
County:

School Ratings & Info

Listing Agent(s): Kevin Lutz of Keller Williams Realty/Pasadena (626-204-3300) and Kevin Hurley of Keller Williams Realty/Pasadena(626-204-3300)


Description

The Washington Courtyard Apartments present a well-maintained, 9-unit garden-style property comprised of a two-story building constructed in 1961, featuring a pitched composition shingle roof and slab foundation. The property offers both gated entry and parking, with a total of nine spaces including eight detached carports and one tuck-under space. Situated on a 15,442 SF lot, the property encompasses approximately 8,406 SF with a unit mix of five 2-bedroom/1-bath units, three townhouse-style 2-bedroom/1.5-bath units, and one 3-bedroom/1-bath unit (originally a 2-bedroom unit converted without permits).The property has benefited from extensive capital improvements, including copper re-piping of all units in 2020 and comprehensive sewer line upgrades with Perma-Liner technology. Interior upgrades across units include vinyl flooring, stone kitchen countertops, updated appliances, recessed lighting, modern fixtures, ceiling fans, and select mirrored closet doors, with units 3, 6, and 8 featuring fully renovated kitchens with new cabinetry. Additional improvements include the replacement of 56% of windows and 60% of sliding doors with vinyl in 2021, upgraded electrical sub-panels and main panels, and recently installed tankless water heaters (2026).Residents benefit from individually metered gas and electricity, central heating in all units, and a mix of wall A/C units and mini-splits, with one unit featuring full central HVAC. The property also includes an on-site laundry facility with owned machines. Exterior upgrades include a replaced second-floor walkway decking and railing baseplates (2018), as well as a newly replaced carport roof (2025). The main building roof, approximately 20 years old, has been consistently maintained.The property is subject to Pasadena’s Measure H rent control ordinance and has completed its SB 721 inspection, with only minor maintenance recommended, which will be completed by the seller—making this a turnkey investment opportunity with strong in-place improvements and long-term upside potential.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2026-05-15T22:35:44.57. This information 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. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Bob Kelly Team | Berkshire Hathaway Home Services Ca. Properties. Licensed in the State of California, USA.
www.bobkellyteam.com/homes/176145683
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518 E Washington Pasadena, CA 91104

  • Price: $3,100,000
  • Status: Active
  • On Site: 9 Days
  • Updated: 3 min ago
  • ID#: WS26091595
0
Beds
0
Baths
0
½ Baths
0.35
Acres
1961
Built
Neighborhood:
646 - Pasadena (NE)
County:
Los Angeles
Area:
646 - Pasadena (NE)
Property Description
The Washington Courtyard Apartments present a well-maintained, 9-unit garden-style property comprised of a two-story building constructed in 1961, featuring a pitched composition shingle roof and slab foundation. The property offers both gated entry and parking, with a total of nine spaces including eight detached carports and one tuck-under space. Situated on a 15,442 SF lot, the property encompasses approximately 8,406 SF with a unit mix of five 2-bedroom/1-bath units, three townhouse-style 2-bedroom/1.5-bath units, and one 3-bedroom/1-bath unit (originally a 2-bedroom unit converted without permits).The property has benefited from extensive capital improvements, including copper re-piping of all units in 2020 and comprehensive sewer line upgrades with Perma-Liner technology. Interior upgrades across units include vinyl flooring, stone kitchen countertops, updated appliances, recessed lighting, modern fixtures, ceiling fans, and select mirrored closet doors, with units 3, 6, and 8 featuring fully renovated kitchens with new cabinetry. Additional improvements include the replacement of 56% of windows and 60% of sliding doors with vinyl in 2021, upgraded electrical sub-panels and main panels, and recently installed tankless water heaters (2026).Residents benefit from individually metered gas and electricity, central heating in all units, and a mix of wall A/C units and mini-splits, with one unit featuring full central HVAC. The property also includes an on-site laundry facility with owned machines. Exterior upgrades include a replaced second-floor walkway decking and railing baseplates (2018), as well as a newly replaced carport roof (2025). The main building roof, approximately 20 years old, has been consistently maintained.The property is subject to Pasadena’s Measure H rent control ordinance and has completed its SB 721 inspection, with only minor maintenance recommended, which will be completed by the seller—making this a turnkey investment opportunity with strong in-place improvements and long-term upside potential.
Exterior Features

Entry Level 1 Entry Location front Lot Features Level Number Of Separate Electric Meters 10 Parking Total 0 Pool Features None Pool Private YN No Property Attached YN Yes Roof CompositionShingle Spa Features None Spa YN No View None View YN No

Interior Features

Common Walls 2+ Common Walls Cooling Wall/Window Unit(s) Cooling YN Yes Heating Central Heating YN Yes

Property Features

Additional Parcels YN No Association Fee 0 Association YN No Cap Rate 6.08 Common Interest Community Apartment Community Features Gutter(s) Electric Expense 898 Fuel Expense 2052 Garage YN No Gross Income 6960 Gross Scheduled Income 272118 Insurance Expense 5164 Land Lease YN No Laundry Features Common Area Levels Two Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash Maintenance Expense 16327 Net Operating Income 188354 New Construction YN No New Taxes Expense 34739 Number Of Separate Gas Meters 10 Number Of Separate Water Meters 1 Operating Expense 75600 Other Expense 7039 Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Trash Expense 4443 Vacancy Allowance 8164 Vacancy Allowance Rate 3 Water Sewer Expense 2898 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2026-05-15T22:35:44.57. This information 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. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Bob Kelly Team | Berkshire Hathaway Home Services Ca. Properties. Licensed in the State of California, USA.
 
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The Bob Kelly Team | Berkshire Hathaway Home Services Ca. Properties
2355 Northside Drive, Suite 180
San Diego CA, 92108
Listing Agent(s): Kevin Lutz of Keller Williams Realty/Pasadena (626-204-3300) and Kevin Hurley of Keller Williams Realty/Pasadena(626-204-3300)