The Chateau Apartments is a well-maintained, pride-of-ownership, two-story walk-up apartment building, built in 1940, offering 5 units across 4,365 square feet on a 9,017-square-foot lot. The building features a pitched composition shingle roof, a raised foundation, and detached parking with 5 garage spaces. The unit mix consists of 3 one-bedroom, one-bath units (about 730 SF each) and 2 two-bedroom, one-bath units (about 980 SF each), with individual metering for gas, electricity, and hot water. 4 of the 5 units have been upgraded with recessed lighting, tile countertops and floors, newer kitchen cabinets, and updated bathrooms, while the 5th unit (1825 Milan) remains unchanged with a long-term tenant. All units feature hardwood floors, decorative fireplaces, and dining rooms. The property also offers a shared outdoor seating area for tenants, a common laundry room with owned machines, and recent improvements, including new copper plumbing, upgraded electrical panels, and a new roof installed in 2023. The building is under statewide rent control (AB 1482) but there is no local rent control.
Courtesy: Coldwell Banker Realty
1609 Raymond Hill Road offers an exceptional investment opportunity in prestigious South Pasadena. Rarely available, fully occupied rental income property with space to add additional dwellings via ADU laws. Current monthly rents are $11,540/month, $138,408/Year. Built in 1946 on the grounds of the Raymond Hotel, this 4 unit property consists of four, 2 bedroom, 1 bath apartments of approximately 950 square feet each. Built in an era of good quality apartment homes, the property was fully updated in 2004 with new roofs, central HVAC units for each of the four apartments, new plumbing and updates to the interiors. Bathrooms feature subway tile. All kitchens updated with granite countertops, stainless steel appliances. Bathrooms feature subway tile. Central entrance for all four apartments with two located on the main level and two upstairs The property attracts long term tenants who value amenities like in-home stackable laundry, fireplaces, hardwood floors, window nooks with seating, and very functional floorplans that are light and bright along with easy parking. Detached 4 car garage provides one space per tenant in addition, there are 4 more uncovered parking spaces on site. Triangular shaped parcel creates multiple yard spaces with large trees, sitting areas and room for tenants to host BBQ's. South Pasadena is well known for excellent schools, sense of community and great access to job centers in the region. This property abounds with quality and character while offering a savvy investor the opportunity to add value in a top quality rental market. One of the sellers is a licensed realtor.
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.
South Pasadena is located in California. South Pasadena, California has a population of 26,837. South Pasadena is more family-centric than the surrounding county with 37.66% of the households containing married families with children. The county average for households married with children is 30.99%.
The median household income in South Pasadena, California is $115,088. The median household income for the surrounding county is $76,367 compared to the national median of $69,021. The median age of people living in South Pasadena is 40.4 years.
The average high temperature in July is 87.2 degrees, with an average low temperature in January of 45 degrees. The average rainfall is approximately 18.9 inches per year, with 0 inches of snow per year.
