1507 Bank ST South Pasadena, CA 91030
UPDATED:
12/15/2024 10:28 PM
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID WS24184332
HOA Y/N No
Year Built 1976
Lot Size 10,201 Sqft
Property Description
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.
Location
State CA
County Los Angeles
Area 658 - So. Pasadena
Zoning SPR310000*
Interior
Cooling Wall/Window Unit(s)
Fireplace No
Laundry Common Area
Exterior
Parking Features Assigned
Carport Spaces 9
Pool None
Community Features Golf, Park, Sidewalks
Total Parking Spaces 9
Private Pool No
Building
Lot Description Landscaped, Rectangular Lot
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5319004025
Energy Description 500.0
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Special Listing Condition Standard
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