Prepared Exclusively for Pasadena Lincoln LLC
August 2026
The LAAA Team has closed 492 transactions totaling $1.55B across 21 states and Washington, D.C., including 340 apartment sales covering 4,668 units.
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Before your building goes to market, our system builds a probable buyer list for it specifically. It pulls the county assessment record for every property in the surrounding area: who owns it, where their mail goes, what they paid, when they bought, who financed it, and how many other buildings they hold. Out of that come the three groups most likely to buy your building. Owners of comparable product nearby. Buyers who have closed on buildings like yours recently. Exchange buyers with money that has to be placed on a deadline.
That list runs well over 100 names, and we call every one of them.
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Sitting on top of it is the part software cannot buy. Careers spanning 20 years of notes on these same buyers. We have their direct numbers and their emails. We know what they bought last, what they passed on and why, and what they are hunting for now. Every seller we take on inherits all of it on day one.
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524 Lincoln Ave is a ten-unit apartment property in Northwest Pasadena consisting of an eight-unit 1925 building that was fully renovated in 2025 and two detached accessory dwelling units completed the same year. The original building totals 5,392 SF on a 10,945 SF PSR3-zoned lot.
Six units are occupied at $13,620 per month per the July 31, 2026 rent roll. Four units are vacant and rent-ready: two renovated one-bedroom units at $2,250 asking and both new two-bedroom ADUs at $2,450 asking. Scheduled income in this analysis includes all four at their asking rents.
Ownership acquired the property in December 2020, completed the renovation and ADU program in 2025, and operates it with third-party professional management.
The property fits private investors seeking turnkey Pasadena rental product: a fully renovated building with two new-construction ADUs, four units of immediate lease-up income, and mark-to-market upside on the occupied units.
The property sits on Lincoln Avenue in Northwest Pasadena, approximately one mile from the Old Pasadena retail and dining district and roughly the same distance from the Rose Bowl and Brookside Park recreation corridor.
Residents reach the 210 freeway in minutes, with Metro L Line service at Memorial Park connecting to downtown Los Angeles. Major employers within a short drive include Huntington Health, Caltech, JPL, and the Playhouse District office core.
Northwest Pasadena draws renters priced out of central Pasadena while keeping walkable access to the same amenity base, supporting durable occupancy for well-maintained smaller properties.
| Property & Location Details | |
|---|---|
| Address | 524 Lincoln Ave |
| City | Pasadena, CA 91103 |
| APN | 5726-015-017 |
| Year Built | 2025 |
| Building SF | 6,592 |
| Lot Size | 10,945 SF (0.251 ac) |
| Units | 10 |
| Parking | On-site parking; verify configuration and count during inspection |
| Property Overview | |
|---|---|
| Units | 10 |
| Year Built | 2025 |
| Building SF | 6,592 |
| Lot SF | 10,945 |
| APN | 5726-015-017 |
| Unit Mix | |
|---|---|
| 4x 1 Bed / 1 Bath | 650 SF |
| 4x 2 Bed / 1 Bath | 698 SF |
| 2x 2 Bed / 1 Bath ADU (2025) | 600 SF |
The original building is a two-story wood-frame structure totaling 5,392 SF with four one-bedroom and four two-bedroom units, fully renovated in 2025 per ownership. The two detached ADUs are new 2025 construction of 600 SF each; total building area of approximately 6,592 SF includes the ADU square footage.
One-bedroom units are approximately 650 SF per the underwriting model. Two-bedroom square footage in the original building is estimated at approximately 698 SF, derived from the gross building area less the one-bedroom allocation. Unit-level square footage, renovation scope, and ADU permits and certificates of occupancy should be verified during inspection.
Photography shown dates to 2020 and predates the 2025 renovation; updated photography is recommended for the marketing campaign.
Turnkey private investor
An owner seeking renovated, low-capex Pasadena product with immediate lease-up income already built in.
Owner-operator
A hands-on investor who executes the four-unit lease-up and manages the asset toward its 6.24% market-rent yield.
1031 exchange buyer
An exchange buyer seeking a manageable, recently renovated Pasadena asset with day-one income and identifiable upside.
Lease the four vacant units
Units 101 and 102 plus both new ADUs are rent-ready at a combined $9,400 per month asking, taking the property from $13,620 to $23,020 of monthly scheduled income.
Mark occupied rents to market on turnover
Occupied rents average $2,270 against $2,250 to $2,450 underwritten market levels. State law permits a reset to market rent when a unit turns over.
Own new-construction income with minimal capex
The 2025 renovation and new ADUs minimize near-term capital needs and position the asset for durable rents at the top of the submarket.
| Address | Unit Type | SF | Asking Rent | Distance |
|---|---|---|---|---|
| 231 E Villa St, Pasadena | 1 Bed / 1 Bath | 671 | $2,250 | 0.45 mi |
| 275 N Oakland Ave, Pasadena | 1 Bed / 1 Bath | 727 | $2,291 | 0.79 mi |
| 456 E Orange Grove Blvd, Pasadena | 1 Bed / 1 Bath | 570 | $2,300 | 0.85 mi |
| 380 Parke St, Pasadena | 1 Bed / 1 Bath | 480 | $2,100 | 0.64 mi |
| 820 N Raymond Ave, Pasadena | 2 Bed / 1 Bath | 880 | $2,495 | 0.48 mi |
| 869 Lincoln Ave, Pasadena | 2 Bed / 1 Bath | 900 | $2,495 | 0.40 mi |
| 570 N Los Robles Ave, Pasadena | 2 Bed / 1 Bath | 856 | $2,495 | 0.71 mi |
| 853 N Raymond Ave, Pasadena | 2 Bed / 1 Bath | 975 | $2,300 | 0.48 mi |
| 303 N Oakland Ave, Pasadena | 2 Bed / 1 Bath | 827 | $2,363 | 0.78 mi |
| Average (9 rent comps) | 765 | $2,343 | 0.62 mi | |
Current asking rents at nearby properties range from $2,250 to $2,300 for one-bedroom units and $2,300 to $2,495 for two-bedroom units, supporting the underwritten market rents of $2,250 and $2,450 and the $2,450 asking rents on the new ADUs. The $2,100 asking rent at 380 Parke St reflects a substantially smaller 480 SF unit.
Comparable rents are current asking rents at nearby properties. They provide a market sensitivity and are not represented as achieved subject rents.
| Address | Yr | Units | Bldg SF | Sale Price | $/Unit | $/SF | GRM | Cap | Date |
|---|---|---|---|---|---|---|---|---|---|
| 826 N Summit Ave, Pasadena | 1956 | 5 | 3,658 | $1,085,000 | $217,000 | $297 | 11.24 | 6.04% | April 28, 2026 |
| 965 N Summit Ave, Pasadena | 1958 | 6 | 4,275 | $1,512,000 | $252,000 | $354 | 12.82 | 5.17% | December 31, 2025 |
| 1757 E Villa St, Pasadena | 1959 | 6 | 3,936 | $1,500,000 | $250,000 | $381 | - | - | July 10, 2026 |
| 696 Earlham St, Pasadena | 1965 | 6 | 5,640 | $1,800,000 | $300,000 | $319 | 12.48 | 5.45% | November 6, 2025 |
| 679 Earlham St, Pasadena | 1965 | 8 | 6,291 | $2,260,000 | $282,500 | $359 | 10.91 | 6.52% | August 27, 2025 |
| 423 N Garfield Ave, Pasadena | 1962 | 12 | 9,272 | $2,850,000 | $237,500 | $307 | 11.24 | 6.14% | May 8, 2026 |
| Median (6 comps) | 4,958 | $1,656,000 | $251,000 | $336 | 11.24 | 6.04% | - | ||
Pasadena multifamily continues to trade actively in the 5 to 8 unit range, with six closed sales in the surrounding blocks since August 2025 spanning $217,000 to $300,000 per unit and 5.17% to 6.52% cap rates on in-place income.
The analysis considers current income with the vacant units at asking rents, supported market rents from nearby availabilities, and the recent transaction evidence summarized in the comparable sections.
1. 826 N Summit Ave, Pasadena - A five-unit 1950s property eight blocks north of the subject that closed at $1,085,000. Sets the entry point of the range at $217,000 per unit and a 6.04% cap rate on in-place income. Smaller building with a lower rent basis than the subject's two-bedroom-heavy mix.
2. 965 N Summit Ave, Pasadena - A six-unit 1958 property in the same northwest quadrant that closed at $1,512,000. Demonstrates buyers paying $354 per SF and a 12.82 GRM for below-market in-place rents. The lowest cap rate in the set, reflecting rental upside priced into the deal.
3. 1757 E Villa St, Pasadena - The most recent closing in the set, a six-unit property in east Pasadena at $1,500,000. The freshest evidence of per-unit pricing at $250,000 and the highest per-SF print in the set at $381. Income terms were not disclosed; east Pasadena location commands a modest premium.
4. 696 Earlham St, Pasadena - A six-unit 1965 building of larger two-bedroom units near Pasadena City College that closed at $1.8M. Tops the per-unit range at $300,000, showing what larger two-bedroom floor plans command. Bigger average unit size than the subject; central location east of Lake Ave.
5. 679 Earlham St, Pasadena - The only eight-unit sale in the set, directly across the street from 696 Earlham, closed at $2.26M. The closest match to the subject's unit count, at $282,500 per unit and a 6.52% cap rate. 1965 construction with larger building area; sold with stronger in-place income than the subject.
6. 423 N Garfield Ave, Pasadena - A twelve-unit 1962 property near the Playhouse District that closed at $2.85M. The largest transaction in the set, demonstrating depth of demand for Pasadena multifamily above $2.5M at a 6.14% cap rate. Fifty percent more units than the subject; per-unit pricing reflects the larger unit count.
| Units | Type | Approx SF | Current Rent | Current Monthly | Market Rent | Market Monthly |
|---|---|---|---|---|---|---|
| 4 | 1 Bed / 1 Bath | 650 | $2,185 | $8,740 | $2,250 | $9,000 |
| 4 | 2 Bed / 1 Bath | 698 | $2,345 | $9,380 | $2,450 | $9,800 |
| 2 | 2 Bed / 1 Bath ADU (2025) | 600 | $2,450 | $4,900 | $2,450 | $4,900 |
| Total Scheduled Rent | $2,302 | $23,020 | $2,370 | $23,700 | ||
| Additional Income | - | $0 | - | $0 | ||
| Monthly Scheduled Gross Income | - | $23,020 | - | $23,700 | ||
| Current | Market | |
|---|---|---|
| Scheduled Gross Income | $276,240 | $284,400 |
| Vacancy Reserve at 3.0% | ($8,287) | ($8,532) |
| Gross Operating Income | $267,953 | $275,868 |
| Operating Expenses | ($79,764) | ($80,159) |
| Net Operating Income | $188,189 | $195,709 |
| Loan Payments | ($150,562) | ($150,562) |
| Pre-Tax Cash Flow | $37,627 | $45,147 |
| Principal Reduction | $23,878 | $23,878 |
| Total Return Before Taxes | $61,505 | $69,025 |
| Current | Pro Forma | |
|---|---|---|
| Real Estate Taxes[1] | $38,561 | $38,561 |
| Insurance[2] | $8,995 | $8,995 |
| Utilities - Electric[3] | $1,043 | $1,043 |
| Utilities - Water & Sewer[3] | $1,272 | $1,272 |
| Trash Removal[3] | $2,400 | $2,400 |
| Repairs & Maintenance[4] | $3,497 | $3,497 |
| Landscaping[4] | $2,331 | $2,331 |
| Pest Control[4] | $1,286 | $1,286 |
| General & Administrative[5] | $1,500 | $1,500 |
| Miscellaneous[5] | $1,481 | $1,481 |
| Replacement Reserves[6] | $2,000 | $2,000 |
| Operating Reserves[6] | $2,000 | $2,000 |
| Management Fee[7] | $13,398 | $13,793 |
| Total Operating Expenses | $79,764 | $80,159 |
| Expense Ratio | 29.8% | 29.1% |
| Per Unit | $7,976 | $8,016 |
| Per Square Foot | $12.10 | $12.16 |
[1] Real Estate Taxes: Underwritten at reassessment on the recommended list price at the 1.23% effective rate for tax rate area 7-695. Current taxes are $19,141 (2025) on a $1,510,791 assessed value.
[2] Insurance: Pro forma allowance per the underwriting model; obtain current quotes during diligence.
[3] Utilities and Trash: Annualized from the July 2026 fiscal year-to-date operating statement (Focus Property Services). Trailing figures reflect the original eight units; ADU utility costs and full-occupancy trash service to be confirmed.
[4] Repairs, Landscaping, Pest Control: Normalized allowances informed by trailing operations; verify the trailing 12-month repair history during diligence.
[5] General, Administrative and Miscellaneous: Underwriting allowances per the pricing model.
[6] Reserves: Replacement and operating reserve allowances.
[7] Management Fee: Underwritten at 5.0% of effective gross income. The property is currently managed by a third-party manager, Focus Property Services Inc.
Owner-reported figures are unaudited. A buyer should verify all income and expenses in due diligence.
| Operating Data | |
|---|---|
| Price | $3,135,000 |
| Number of Units | 10 |
| Price per Unit | $313,500 |
| Price per SF | $475.58 |
| Current GRM | 11.35 |
| Market GRM | 11.02 |
| Current Cap Rate | 6.00% |
| Market Cap Rate | 6.24% |
| Proposed Financing | |
|---|---|
| Loan Amount | $2,037,750 |
| Down Payment | $1,097,250 |
| Interest Rate | 6.25% |
| Amortization | 30 years |
| DCR | 1.25 |
The recommended list price is $3,135,000, within a supported range of $3.05M to $3.25M. On the ten units with the four vacant units at asking rents, the price reflects a 6.00% current cap rate and 11.35 GRM, improving to a 6.24% cap rate at underwritten market rents on turnover. Real estate taxes are underwritten at reassessment on the list price.
At $313,500 per unit the price sits just above the $217,000 to $300,000 per unit range set by the comparable sales, every one of which is unrenovated 1950s and 1960s product. The premium is carried by the 2025 renovation, the two new-construction ADUs, and a 6.00% day-one yield against comparable sales trading between 5.17% and 6.52% on older, un-upgraded buildings.
The lease-up of the four vacant units is the primary execution item; at asking rents they represent $112,800 of the $276,240 annual scheduled gross income.
Supported value range: $3,050,000 to $3,250,000
Rent roll and operating figures for the original eight units are transcribed from the July 31, 2026 rent roll and July 2026 cash flow statement prepared by Focus Property Services Inc. The two ADUs do not yet appear on the property management rent roll.
Units 101 and 102 and both ADUs are vacant; scheduled income includes all four at asking rents of $2,250 (one-bedroom) and $2,450 (ADU).
The property was originally constructed in 1925; the Year Built shown reflects the 2025 full renovation and ADU completion per ownership. Renovation scope, ADU permits, certificates of occupancy, and ADU square footage (600 SF each per ownership) should be independently verified.
Total building area of approximately 6,592 SF includes the ADU square footage; the original building is 5,392 SF per county records.
The property is subject to the City of Pasadena rent stabilization ordinance (Measure H). Annual increases on occupied units are limited by the ordinance; state law permits re-rent at market on vacancy. New-construction ADUs may be exempt from local rent caps under state law; verify applicability.
Property photography dates to 2020 and predates the 2025 renovation.
Comparable sale data is drawn from public records and industry databases and should be independently verified. The 1757 E Villa St sale recorded at $1,457,000 in county transfer records; the table reflects the reported price of $1,500,000.
This analysis is a broker opinion of value, not an appraisal. All figures should be independently verified during due diligence.