1507 Bank Street

South Pasadena, CA 91030

$3,360,000
Price
6
Beds
8
Baths
5,166 Sq. Ft.
$650 / Sq. Ft.
5,166
Sq. Ft.
$650
per Sq. Ft.

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.
  1. 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 Pool
No
Cooling Type
Wall/Window
Total Units
7.0
Building Type
Detached
Lot Size Source
Assessor
Living Area
5166
Assessor Parcel Number
5319-004-025
LISTING UPDATED: 09/30/2024 04:45 PM

Property Details for 1507 Bank Street

StatusActive
MLS #WS24184332
Days on Market70
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1976
CountyLos Angeles County

Building Information for 1507 Bank Street

Building/Complex1507 Bank StFloor-Stories2Residences-Pet Policy-Year Built1976Building Size-

Property Information for 1507 Bank Street

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $1,200
  • Gross Scheduled Income: $189,996
  • Net Operating Income: $130,243
  • Laundry Income: $1,200
Expense Details
  • Operating Expense: $60,953
  • Fuel Expense: $500
  • Electric Expense: $660
  • Insurance Expense: $3,026
  • Professional Management Expense: $0
  • Trash Expense: $2,493
  • Water Sewer Expense: $4,656
  • Total Expenses: $60,430
Tax / Assessment Info
  • Tax Tract Number: 480704
  • Tax Census Tract: 4807.04
  • CFD/Mello-Roos Fee: $2,536
  • Tax Lot: 14
Community / Development
Community / Development
  • Community Features: Golf, Park, Sidewalks
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Community
  • Laundry Equipment Own Lease: Own
  • Cooling: Wall/Window Unit(s)
Exterior Features
  • Entry Location: Front
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
Land/Lot Info
  • Lot Features: Landscaped, Lot 10000-19999 Sqft, Rectangular Lot
  • Number Of Units: 7
  • Land Lease: No
  • Land Lease Type: Fee
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Assigned
  • Parking Garage Spaces: 0
  • Carport Spaces: 9
  • Parking Features: Assigned
Unit Information
Unit 1
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $1,810
  • Unit Type Total Rent: $7,240
  • Unit Type Pro Forma: 9000
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $2,605
  • Unit Type Total Rent: $5,210
  • Unit Type Pro Forma: 5310
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 3
  • Unit Type Baths Total: 2
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 0
  • Unit Type Actual Rent: $3,386
  • Unit Type Total Rent: $3,386
  • Unit Type Pro Forma: 3700
  • Unit Type Type: 3
Unit Information
  • Number Of Units Leased: 7
  • Rent Controlled: No
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1

Property History for 1507 Bank Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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.

Similar Homes

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1507 Bank Street is a multi-family home for sale in South Pasadena, CA 91030. This property was listed for sale on September 5, 2024 by IRN REALTY, it's currently listed at $3,360,000. It has been on the market for a total of 70 days and was last sold on July 11, 2014. This listing's school district is South Pasadena Unified School District. Nearby schools include Arroyo Vista Elementary School, South Pasadena Middle School and South Pasadena Senior High School. 1507 Bank Street is a 6-bed, 8-bath, 5,166 sqft multi-family home built in 1976.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of IRN REALTY, Jo Lin, DRE #02072996

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.