755 East Pine Street

755 East Pine Street is a 19-unit, low-rise workforce housing community ideally situated on a 0.51-acre parcel in Altadena’s Foothill submarket. Constructed in 1958 and fully modernized over time, the property delivers 13,682 rentable square feet of living space with an average unit size of 720 square feet. Residents enjoy well-maintained communal outdoor areas and ample surface parking, while the building’s 97% occupancy underscores strong demand in this stable, family-oriented neighborhood.

Offered at $5,595,000 ($408.93 per square foot), the asset currently produces $322,419 of in-place net operating income—equating to a 5.76% in-place cap rate. Stabilized pro forma projections anticipate NOI increasing to $332,205 (5.94% cap rate), with a potential gross rent multiplier tightening from 10.99 to 10.77. Average in-place rents of $2,233 per unit sit just below the market average of $2,279, with only two units currently under market rates, presenting immediate rent-up and re-lease upside. Investors can also anticipate a 6.21% return on cost and a 4.19% cash-on-cash yield at current leverage assumptions.

This offering benefits from limited workforce housing supply and persistent rental demand throughout the greater Los Angeles region. Located minutes from Altadena’s commercial nodes, the property provides convenient access to Pasadena, Glendale, and downtown Los Angeles via major thoroughfares and public transit. With established occupancy, a tangible value-add path, and a foothold in a high-barrier submarket, 755 East Pine Street represents a compelling addition to any multifamily portfolio.