308 Pasadena South Pasadena, CA 91030
0.48 Acres Lot
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26054584
Construction Status Repairs Cosmetic,Updated/Remodeled
HOA Y/N No
Year Built 1953
Annual Tax Amount $74,774
Lot Size 0.482 Acres
Property Sub-Type Apartment
Property Description
A premier 20-unit value-add investment opportunity in the highly coveted city of South Pasadena. Renowned for its high barriers to entry and exceptionally limited multifamily inventory, South Pasadena offers investors a rare chance to acquire a substantial footprint in a top-tier Southern California submarket with No Local Rent Control (under CA AB1482).
Strategically located a block from the Arroyo Seco Golf Course and within walking distance to the vibrant Mission Street Downtown District, the property provides tenants with unparalleled access to premium shopping, dining, and community amenities along Mission Street and Fair Oaks Avenue. The surrounding area boasts exceptional demographics, including an average household income exceeding $178,928 within a one-mile radius, and falls within the prestigious South Pasadena Unified School District.
Built in 1953, this distinct Mid-Century Modern garden-style community features a well-manicured front lawn and strong curb appeal. The 9,990 SF building rests on an expansive 21,008 SF R3-zoned lot, presenting significant potential for future ADU development. It has a sparkling and fenced swimming pool, and offers a highly desirable unit mix consisting of two (2) 2-bedroom/1-bathroom unit and eighteen (18) 1-bedroom/1-bathroom units. Each unit has individual water heater. The fully upgraded units have new flooring throughout, new kitchen with new cabinets and quartz countertops, new bathroom with tiled wall, and so much more.
Current ownership has successfully proven the value-add concept by fully upgrading 15 units with high-end finishes, including new flooring, modern kitchens and bathrooms, and dual-pane windows throughout. The remaining five classic units provide a clear and actionable path for the new owner to capture significant rental upside. The property is gated, separately metered for electricity and gas, and includes 20 on-site parking spaces in the rear, alongside a seller-owned community laundry facility.
Location
State CA
County Los Angeles
Area 658 - So. Pasadena
Interior
Interior Features Ceiling Fan(s), Quartz Counters
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Gas Range
Laundry Common Area
Exterior
Parking Features Assigned, Carport
Carport Spaces 19
Fence Wrought Iron
Pool Community
Community Features Suburban, Valley, Pool
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View Hills
Roof Type Flat
Accessibility None
Total Parking Spaces 20
Private Pool No
Building
Lot Description 31-35 Units/Acre, Landscaped, Level, Near Public Transit, Rectangular Lot, Street Level
Faces Southeast
Story 2
Entry Level Two
Foundation Raised
Sewer Public Sewer
Water Public
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic,Updated/Remodeled
Others
Senior Community No
Tax ID 5313011004
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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