Mohr Real Estate Group

Mohr Real Estate Group

1507 Bank Street South Pasadena CA 91030 MLS #WS24184332

1507 Bank Street
South Pasadena, CA, 91030
$3,360,000
Beds
0 Baths
SqFt
0.23 Acres
Add
Add
$3,360,000
1507 Bank Street
South Pasadena, CA, 91030
MLS #WS24184332 img 0

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.

Property Details

Price:
$3,360,000
MLS #:
WS24184332
Status:
Active
Baths:
0
Address:
1507 Bank Street
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
658sopasadena
City:
South Pasadena
Listed Date:
Sep 5, 2024
State:
CA
ZIP:
91030
Lot Size:
10,200 sqft / 0.23 acres (approx)
Year Built:
1976

Schools

Interior

Cooling
Wall/ Window Unit(s)

Exterior

Community Features
Golf, Park, Sidewalks
Garage Spaces
0.00
Lot Features
Landscaped, Lot 10000-19999 Sqft, Rectangular Lot
Parking Features
Assigned
Parking Spots
9.00
Pool Features
None
Sewer
Public Sewer
Stories Total
2
Water Source
Public

Financial

Tenant Pays
Electricity, Gas
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1507 Bank Street
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