Description

First Time Ever on Market – Original Builder Owned - Generational 16-Unit Value-Add Opportunity in a Premium South Pasadena Neighborhood, NO Local Rent Control, 12 units have been Updated. The San Rafael (1818 Ramona Ave), a premium 16-unit apartment community in one of South Pasadena’s most prestigious neighborhoods. Offered for the first time by the original builder, this generational asset sits on a large 16,436 SF R3-zoned lot and boasts approximately 20,000 SF of building space, translating to unusually large, house-like floor plans. It has Exceptional demographics with over $170,017 AHH income within a mile-radius, and within the highly desirable South Pasadena Unified School District. Built in 1968, the building features distinctive architecture and has been exceptionally well-maintained. South Pasadena is a notoriously high-barrier-to-entry market with no local rent control and a severe lack of multifamily inventory. The San Rafael capitalizes on this scarcity, offering an unparalleled unit mix dominated by spacious 2-bedroom apartments. The property is a 3-story building with secured entrance and gated parking. It has fabulous landscaping with superior curb appeal and welcoming entry foyer area complete with seating. With a large building size of ±20,000 SF translating to many oversized units (all 2-bedroom units averaged between ±1200SF to ±1400SF living space, and ±850-900SF for 1-bedroom units). It offers superior unit mix of two (2) x 2bed+2.5bath+den, ten (10) x 2bed+2bath, and four (4) large 1bed+1.25bath. The 2bed+2.5bath+den units are extremely large with oversized den and an estimated size of ±1400SF. The den has sliding pocket door and would easily qualify as the 3rd bedroom or a private home office. The 2bed+2bath are approximately ±1200SF, and the 1bedroom units are estimated at around ±900SF. Each unit has excellent layout with private balcony. Approximately twelve (12) units have been upgraded with upgraded kitchen and bathroom (buyer to verify). The 2nd bathroom in the 2bedroom units is mostly shower stalls. Each unit has central HVAC system, and individual electric water heater in the hallway. With its secure access, elevator service, and abundant parking, the property provides immediate stability while offering tremendous value-add potential for future ownership.