Property Detail

Description

2 TURNKEY MID-CENTURY-MODERN HOUSES (VACANT) on Large Lot –Brand New Back House Re-Built in 2025, Front Houses Beautifully Upgraded - Allows Additional 3 ADUs. Extremely High Proforma CAP Rate 7.35%! Perfect Blank Canvas for Owner User or Investors. DOWNLOAD OM IN THE SUPPLEMENTAL FILE! Approved drawing for a 4-car garage is included! 261-263 N Oak Ave, a 2 Mid-Century-Modern designer house situated on a large lot within the central Pasadena area - south of the 210 Freeway and minutes to Old Pasadena. This offering currently includes two distinct residences totaling ±2,057 SF on a deep ±8,737 lot, with clear upside to add 3 ADUs (buyer to verify). With excellent high-proforma CAP Rate of 7.35%, this extremely rare offering provides new owner with perfect blank canvas to either use this as an investment or owner-user. The property is situated on a quiet residential area close to almost all amenities city of Pasadena has to offer. It offers excellent curb appeal with very attractive and low maintenance drought-tolerant landscaping. The back house was completed in March 2025 (BUYER TO VERIFY) and re-built with excellent taste and designer finishes. Built with modern architecture techniques, it features multiple decks for tenants to use, providing a cozy living atmosphere. The unit also has hard wood floors, a wide-open living room layout, a spacious kitchen setup, and a bedroom that has doors leading directly to the backyard patio area. It is a 2 bedroom + 2 bathroom ±1300SF (BUYER TO VERIFY) house complete with entry foyer, open floor design, in-unit laundry, a private backyard deck, and so much more! The living area has attractive designer lighting, wood slate wall paneling in the dining area, farmhouse style kitchen sink, and stainless-steel kitchen appliances. The 2 bathrooms have high-end finishes with freestanding tub, bidet toilet seats, shower stall, and tiled shower/tub. The front house is a 2bedroom + 1bathroom that was built in 1913 and was completely renovated with permits in 2023. It has about ±760SF (BUYER TO VERIFY) living space, wood covered ceiling, wood paneled wall covering, barnyard door that leads to fully upgraded kitchen, and beautifully upgraded high-end bathroom complete with freestanding bathtub and shower. It has a private backyard area tiled with beautiful outdoor tiles and fenced off with privacy screens. Other features include hard wood flooring, vintage kitchen layout, an open living room setup, etc.