$6,580,000
PRICE REDUCED for QUICK SALE! 20-unit Value-add in South Pasadena (NO LOCAL Rent Control), Walk to Arroyo Seco Golf Course and Mission Street Downtown District, Prime Large R3 Lot with ADU Potential, South Pasadena School District, Exceptional Demographics. A premier 20-unit value-add investment opportunity in the highly coveted city of South Pasadena. Renowned for its high barriers to entry and exceptionally limited multifamily inventory, South Pasadena offers investors a rare chance to acquire a substantial footprint in a top-tier Southern California submarket with No Local Rent Control (under CA AB1482). Strategically located a block from the Arroyo Seco Golf Course and within walking distance to the vibrant Mission Street Downtown District, the property provides tenants with unparalleled access to premium shopping, dining, and community amenities along Mission Street and Fair Oaks Avenue. The surrounding area boasts exceptional demographics, including an average household income exceeding $178,928 within a one-mile radius, and falls within the prestigious South Pasadena Unified School District. Built in 1953, this distinct Mid-Century Modern garden-style community features a well-manicured front lawn and strong curb appeal. The 9,990 SF building rests on an expansive 21,008 SF R3-zoned lot, presenting significant potential for future ADU development. It has a sparkling and fenced swimming pool, and offers a highly desirable unit mix consisting of two (2) 2-bedroom/1-bathroom unit and eighteen (18) 1-bedroom/1-bathroom units. Each unit has individual water heater. The fully upgraded units have new flooring throughout, new kitchen with new cabinets and quartz countertops, new bathroom with tiled wall, and so much more. Current ownership has successfully proven the value-add concept by fully upgrading 15 units with high-end finishes, including new flooring, modern kitchens and bathrooms, and dual-pane windows throughout. The remaining five classic units provide a clear and actionable path for the new owner to capture significant rental upside. The property is gated, separately metered for electricity and gas, and includes 20 on-site parking spaces in the rear, alongside a seller-owned community laundry facility.
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Listed by Handoko Chen with Growth Investment Group Pasade (626) 594-4900
Property Type
Apartment
Status
Active
MLS Number
AR26054584
Year Built
1953
Lot Size
0.48 acres