Contact Xavier Gomez
Schedule A Showing
1507 Bank Street, South Pasadena, CA 91030
Priced at Only: $3,360,000
For more Information Call
Mobile: 714.478.6676
Address: 1507 Bank Street, South Pasadena, CA 91030
Property Photos
Property Location and Similar Properties
- MLS#: WS24184332 ( Apartment )
- Street Address: 1507 Bank Street
- Viewed: 12
- Price: $3,360,000
- Price sqft: $0
- Waterfront: No
- Year Built: 1976
- Bldg sqft: 0
- Days On Market: 111
- Additional Information
- County: LOS ANGELES
- City: South Pasadena
- Zipcode: 91030
- Provided by: IRN REALTY
- Contact: Jo Jo
- DMCA Notice
-
DescriptionPresenting 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.
Features
Building Area Total
- 5166.00
Carport Spaces
- 9.00
Commoninterest
- Community Apartment
Common Walls
- No Common Walls
Cooling
- Wall/Window Unit(s)
Country
- US
Days On Market
- 100
Electric Expense
- 660.00
Entry Location
- Front
Fuel Expense
- 500.00
Garage Spaces
- 0.00
Insurance Expense
- 3026.00
Laundry Equipment Own Lease
- Own
Laundry Features
- Community
Laundry Income
- 1200.00
Levels
- Two
Lockboxtype
- None
Lot Features
- Landscaped
- Lot 10000-19999 Sqft
- Rectangular Lot
Netoperatingincome
- 139899.00
Parcel Number
- 5319004025
Parking Features
- Assigned
Pool Features
- None
Professionalmanagementexpense
- 0.00
Property Type
- Apartment
Sewer
- Public Sewer
Sourcesystemid
- CRM
Sourcesystemkey
- 422505561:CRM
Tenant Pays
- Electricity
- Gas
Totalexpenses
- 61431.00
Trash Expense
- 2493.00
Views
- 12
Water Sewer Expense
- 4656.00
Water Source
- Public
Year Built
- 1976
Year Built Source
- Other
Zoning
- SPR310000*
- Xavier Gomez, BrkrAssc,CDPE
- RE/MAX College Park Realty
- BRE 01736488
- Mobile: 714.478.6676
- Fax: 714.975.9953
- salesbyxavier@gmail.com