1507 Bank Street
$3,360,000
6
8
5,166
5,166
$650
Description
Presenting 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...Presenting 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.
- Listed by Jo Lin • DRE #02072996 • Brokerage DRE #01983717 • IRN REALTY • jolinrealestate@gmail.com
Property Details for 1507 Bank Street
Parking Spaces Total
9
Private PoolNo
Cooling TypeWall/Window
Total Units7.0
Building TypeDetached
Lot Size SourceAssessor
Living Area5166
Assessor Parcel Number5319-004-025
LISTING UPDATED: 09/30/2024 04:45 PM
Property Details for 1507 Bank Street
Status | Active |
---|---|
MLS # | WS24184332 |
Days on Market | 70 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 1976 |
County | Los Angeles County |
Building Information for 1507 Bank Street
Building/Complex1507 Bank StFloor-Stories2Residences-Pet Policy-Year Built1976Building Size-
Property Information for 1507 Bank Street
Property History for 1507 Bank Street
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1507 Bank Street
Taxable ValueLand$1,366,806Additions$731,951Total$2,098,757
Tax Record2024$26,886 ($2,240 / month)
Home Facts
Total Finished SqFt5,166 SqFtAbove Grade Finished SqFt5,166 SqFtLot Size10,196 SqFtStyleMulti-Family Res (5+ Units)Year Built1912ZoningSPR310000*CountyLOS ANGELESAPN5319-004-025
Schools near 1507 Bank Street
This home is within South Pasadena Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Private - | K to 8 |
Rating | School | Distance |
---|---|---|
Arroyo Vista Elementary School PublicK to 5 | ||
South Pasadena Middle School Public6 to 8 | ||
South Pasadena Senior High School Public9 to 12 | ||
Holy Family Catholic School PrivateK to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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