308-310 Pasadena Ave.
Super Prime South Pasadena location, NO LOCAL Rent Control (AB1482 Statewide)
High-Barrier-to-Entry Market: A rare multifamily offering in South Pasadena, a market known for extremely limited inventory and sustained high demand for Class-A locations.
Unbeatable Walkability: Steps away from the Mission Street Downtown District and Arroyo Seco Golf Course, with premier shopping, dining, and daily amenities just minutes away.
EXCEPTIONAL Demographics: Average household income ±$178,928 within a one-mile radius
Award-Winning Schools: Zoned for the highly desirable, top-rated South Pasadena Unified School District.
Strategic Connectivity: Adjacent to the City of San Marino and Pasadena, featuring seamless access to Downtown Los Angeles via the 110 Freeway or Huntington Drive.
Proven Value-Add Strategy: 15 of the 20 units have been entirely upgraded with high-end, modern finishes, leaving 5 classic units that provide significant and immediate rental upside for the next investor.
Expansive Lot & ADU Potential: Situated on a massive 21,008 SF R3-zoned lot, providing an excellent opportunity for Accessory Dwelling Unit (ADU) development to maximize yield.
Mid-Century Modern Charm: Built in 1953, this quiet, garden-style apartment community features distinctive architecture, a well-manicured courtyard, and excellent curb appeal.
Premium Unit Features: The optimal unit mix includes two units that boast private decks with scenic views of high-end hillside homes.
Secure & Convenient: Gated entrance, individually metered for gas and electricity, and ample parking with 20 on-site spaces (split between carport and tuck-under). A seller-owned on-site laundry facility provides additional income.
Property Description
Growth Investment Group California is proud to present 308-310 Pasadena Ave, 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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $6,280,000 |
| No. of Units: | 20 |
| Cap Rate: | 5.21% |
| GRM /GIM: | 13.06 |
| Year Built: | 1953 |
| Building Size: | 9,990 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $314,000 |
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