1507 Bank ST Active Save Request In-Person Tour Request Virtual Tour
South Pasadena,CA 91030
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 5,166 sqft
Price per Sqft $650
MLS Listing ID WS24184332
HOA Y/N No
Year Built 1976
Lot Size 10,201 Sqft
Property Description
Presenting a rare opportunity to acquire a 7-unit multifamily property, ideally situated in the heart of South Pasadena. This well-maintained asset comprises a diverse unit mix, including three 1-bedroom units, one 1-bedroom unit with a den, two 2-bedroom, 1-bathroom units, and a spacious 3-bedroom, 2-bathroom unit with a den. The two 2-bedroom and one 3-bedroom units were built in 1976. Together, these units offer approximately 5,166 square feet of rentable space on a generous 10,197 square foot lot. The property features a laundry facility, assigned covered parking spaces, and each unit is separately metered for gas and electricity.
This property is being offered on the market for the first time in over 30 years, presenting a unique value-add opportunity with substantial rental upside. South Pasadena is not subject to local rent control, allowing for maximum allowable rent increases under California's AB1482 legislation. Additionally, there is potential to enhance rental income further through the addition of an accessory dwelling unit (ADU), subject to buyer.
The property's prime location is a significant draw, being within walking distance to the highly ranked South Pasadena Senior High School and South Pasadena Middle School. Residents also enjoy close proximity to supermarkets, national retailers, restaurants, 110 freeway access, and the South Pasadena Metrolink Station. The area boasts exceptional demographics, with an average household income exceeding $140,000 and a median home value over $1 million within a 1-mile radius.
This sought-after location provides investors with the prospect of acquiring a lucrative multifamily asset poised to generate substantial cash flow while offering a hedge against inflation in the thriving city of South Pasadena.
Location
State CA
County Los Angeles
Area 658 - So. Pasadena
Zoning SPR310000*
Rooms
Ensuite Laundry Common Area
Interior
Laundry Location Common Area
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Garage Assigned
Carport Spaces 9
Pool None
Community Features Golf,Park,Sidewalks
Parking Type Assigned
Total Parking Spaces 9
Private Pool No
Building
Lot Description Landscaped,Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5319004025
Energy Description 500.0
Acceptable Financing Cash,Cash to New Loan,Conventional
Listing Terms Cash,Cash to New Loan,Conventional
Special Listing Condition Standard