CA > South Pasadena
South Pasadena, CA 91030,1507 Bank ST
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South Pasadena, CA 91030,1507 Bank ST
South Pasadena, CA 91030,1507 Bank ST
South Pasadena, CA 91030,1507 Bank ST
South Pasadena, CA 91030,1507 Bank ST
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Ryan Shimp

Ryan Shimp

Engel & Völkers Americas

+1(818) 314-8606
$ 3,360,000
Est. payment /mo
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Active

1507 Bank ST South Pasadena, CA 91030

10,201 Sqft Lot

UPDATED:

10/01/2024 06:48 AM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

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*

Interior

Cooling Wall/Window Unit(s)

Fireplace No

Laundry Common Area

Exterior

Parking Features Assigned

Carport Spaces 9

Pool None

Community Features Golf, Park, Sidewalks

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

California Regional MLS (CRMLS)
Listed by Jo Lin • IRN REALTY • [email protected]

Ryan Shimp

Private Office Advisor | License ID: 01864245

+1(818) 314-8606

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1507 Bank ST