1507 Bank Street

South Pasadena, CA 91030

  • 0 Bed(s)
  • 0 Bath(s)
  • 5,166 Sqft
  • 10200
    Sqft(Lot)
$3,360,000

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 Type

    Residential Income

  • County

    Los Angeles

  • Style

    Residential Income

  • AD ID

    46866442

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Property Details

  • Water/Sewer

    • Water Source : Public
    • Sewer : Public Sewer

    Cooling Features

    • Wall/Window Unit(s)
    • Air Conditioning

  • Building Information

    • Year Built: 1976
    • Building Area Total: 5,166

    Pool Features

    • None

    Laundry Features

    • Common Area

  • Lot Details

    • Lot Dimensions Source: Vendor Enhanced
    • Lot Size Acres: 0.2342
    • Lot Size Source: Assessor
    • Lot Size Square Feet: 10200

  • Listing Price Information

    • Original List Price: 3,360,000
    • Listing Contract Date: 2024-09-05

    Lease Information

    • Listing Agreement: Exclusive Right To Sell

  • Tax Information

    • Parcel Number: 5319004025

  • Garage and Parking

    • Garage Description: Assigned

    Homeowners Association

    Rental Info

    • Lease Term: Negotiable
    • Tenant Pays: Electricity,Gas

  • Other Property Info

    • Source Listing Status: Active
    • Source Neighborhood: 658 - So. Pasadena
    • Directions: South side of Bank St between Fair Oaks Ave & Fremont Ave
    • Zoning: SPR310000*
    • Source Property Type: Residential Income
    • Area: 658 - So. Pasadena
    • Property SubType: Apartment

    Building and Construction

    • Property Age: 48
    • Common Walls: No Common Walls
    • Structure Type: Apartment
    • Year Built Source: Other
    • Entry Level: 1
    • Entry Location: Front
    • Levels or Stories: Two
    • Building Total Stories: 2
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BuyOwner last updated this listing 11/16/2024 @ 23:45

  • MLS: WS24184332
  • LISTING PROVIDED COURTESY OF: ,
  • SOURCE: CRMLS

is a Home, with 0 bedrooms which is for sale, it has 5,166 sqft, 10,200 sized lot, and 0 parking. A comparable Home, has bedrooms and baths, it was built in and is located at and for sale by its owner at . This home is located in the city of South Pasadena , in zip code 91030, this Los Angeles County Home are nearby neighborhoods.