Active

1507 Bank Street

South Pasadena CA, 91030

$3,360,000


$650.41 per sqft

Active

5,166 sqft

Condo

Built in 1976

Listed by Jo Lin with IRN REALTY [email protected]

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.

WS24184332

MLS ID

September 8, 2024

Listed

October 7, 2024

Updated

Map

1507 Bank Street
South Pasadena CA, 91030

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

No

Exterior/Building Features

Lot Size

0.23 Acres


Lot Features

Landscaped, Rectangular Lot


Sewer

Public Sewer

Other Property Details

Area Name

658 - So. Pasadena


Days on Market

22


Garage

No


Parking

Assigned


Parking Total

9


View

No


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

SPR310000*

Listing Contact: 626-447-5100 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/7/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 10/7/2024 at 12:31 PM UTC

 

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