4503 Castle Lane

4503 Castle Lane presents a rare value-add opportunity in La Cañada Flintridge’s coveted Montrose district. Offered at $1,300,000 ($433,333 per unit; $556.75 per square foot), this three-unit low-rise multifamily asset delivers an in-place net operating income of $47,317 (3.64% cap rate) on a 97% occupied basis. With a compact 2,335 SF building on a 0.14-acre lot and average unit rents of $2,024—approximately 12% below market ($2,295)—the property allows an investor to immediately lock in stable cash flow while capturing upside through modest rent adjustments.

Constructed in 1952 and thoughtfully maintained, each of the three units averages 778 SF and enjoys desirable on-site perks, including covered parking stalls, a communal rooftop deck and outdoor seating area. The tight three-unit configuration minimizes exposure to vacancy and operating expense volatility, while common-area amenities reinforce tenant retention in a submarket defined by limited supply and strong barrier-to-entry conditions.

Nestled along Castle Lane just moments from Crescenta Valley Park, Montrose Shopping Park and award-winning La Cañada schools, the asset benefits from Southern California’s resilient job market and affluent demographic base. Excellent freeway access to the 210 and 2 freeways provides seamless connectivity to Pasadena, Glendale and downtown Los Angeles, underpinning sustained renter demand among professionals and families alike. With market rents 13% above current levels, an acquirer can push the stabilized NOI to $57,085—realizing a 4.39% stabilized cap rate—and compress the GRM from today’s 17.84 to 15.73. Whether held long term for stable income or positioned for sale upon achieving full rental re-rate, 4503 Castle Lane delivers an exceptional blend of immediate yield and future appreciation in one of L.A.’s most attractive niche multifamily markets.