Description

14-unit Trophy Asset in South Pasadena (NO LOCAL Rent Control), Excellent Location in the heart of South Pasadena – steps from So Pas Middle School, South Pasadena Unified School District, Superb Mid-Century Modern Architecture, First Time for Sale Since 1976, High Quality units and Large units. A True Trophy Mid-Century Modern 14-unit apartment in one of the best locations in the City of South Pasadena, California. This is the first time this property is being offered for sale since 1976 (49 years)! City of South Pasadena apartment market does not have any local rent control, and it has always been known as a “high-barrier-to-entry” and “no inventory” market as there are always very limited numbers of multifamily community offered for sale. Situated in the heart of South Pasadena on Huntington Dr and Fair Oaks Ave, this Gem is only steps away from So Pas Middle School on Fair Oaks, and just minutes away from all the shopping, dining, and area amenities on Fair Oaks Ave and Mission St Downtown District. It has Exceptional demographics with over $159,143 AHH income within a mile-radius, and within the highly desirable South Pasadena Unified School District. The property consists of 2 separate buildings with center landscape area. The main building is a two-story walk-up apartment, and the 2nd building is a single story fourplex. It has fabulous landscaping with well-manicured lawn, a fruit tree, and flowering trees. The property was built in 1948 with distinctive Mid-Century Modern architecture and sits on a large 18,243 SF R3 zoned lot. The owner has made many capital improvements such as upgrading several units (including one of the owner’s past units) and completed electrical panel upgrades. The property has good unit mix of Two (2) x large 2bedroom+1bathroom, Six (6) x spacious 1bedroom+1bathroom, and Six (6) Studio units. Each unit has the original hardwood flooring, smooth ceiling, ceiling fans in living room and bedroom, windows a/c and wall heating. The non-upgraded unit has tiled kitchen countertops, with retro gas range with oven, and retro wall heating unit. The owner’s previous unit (1515-D) has been fully upgraded with brand new kitchen, brand new bathroom, and in-unit laundry machines. Four (4) units have been upgraded with updated kitchen, In-unit Laundry, mini-split AC. The property has a shared laundry room (leased) and master water heater. Parking is provided via 8 garage spaces – accessible from the alley.