Price Reduced Listing
622 Prospect,South Pasadena, CA 91030
South Pasadena, CA 91030
Description
Rare opportunity to own a fully occupied, character-rich 4-unit income property in one of the San Gabriel Valley's most coveted neighborhoods. Set on a generous 10,002 SF lot in walkable South Pasadena, this two-building property combines the timeless charm of a 1907 Craftsman front house with the income efficiency of a modern 1988 rear building - a combination rarely found at this price point. The front house (3BR/2BA) is the crown jewel: a beautifully maintained Craftsman bungalow showcasing original hardwood floors, a stone fireplace, updated kitchen with stainless appliances, and tastefully renovated bathrooms featuring subway tile, floating vanities, and designer fixtures. A covered front porch and exceptional curb appeal make it equally ideal for an owner-user or a premium rental commanding top-of-market rents. The rear building adds three income-producing units - two 2BR/2BA and one 1BR/1BA - each with assigned carport parking and separately metered utilities. Currently 100% occupied generating $131,700 in annual gross income, with estimated market rents of $156,000/year representing an 18.5% upside as leases roll to market - a compelling value-add story for investors. Pro-forma cap rate of approximately 4.5% at the asking price. The generous lot and long driveway also invite exploration of ADU development potential (buyer to verify). Located within the award-winning South Pasadena Unified School District, minutes to the Gold Line Metro, Fair Oaks shops and dining, and Downtown Los Angeles. A rare find for 1031 exchange buyers, value-add investors, and owner-users alike - don't miss this exceptional South Pasadena offering.
Details
| MLS # | AR26143552 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1907 |
| Days On Site | 59 |
| Listing Provided By | Re/Max Premier Properties | Fred Ashkar |
Features
| SQ Feet | 3,460 |
|---|---|
| Car Port | Yes |
| Story(s) | 2 |
| Units | 4 |
| Building(s) | 1 |
| Zoning | R3 |
| Acreage | 0.23 |
Interior
| Heating | Forced Air |
|---|---|
| Heating Yes / No | Yes |
| Window Features | Double Pane Windows, Screens |
| Fireplace Yes / No | No |
Exterior
| Roof | Composition |
|---|---|
| Security Features | Carbon Monoxide Detectors, Smoke Detectors |
| Foundation Details | Raised |
| Fencing | Wood |
Parking
| Parking Features | Carport |
|---|---|
| Garage Yes / No | No |
Utilities
| Sewer | Sewer Tap Paid |
|---|
Location
| Community Features | Gutters, Sidewalks |
|---|
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | South Pasadena |
| Zip Code | 91030 |
| Area | 658 So. Pasadena |
| Listing VS Median (in 91030) | |
Price: $2,688,000 low | high Med: $2,780,000 sqft: 3,460 low | high Med: 4,676 $ / sqft: $777 low | high Med: $595 On site: 59 low | high Med: 33 | |
Market Activity 91030
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | South Pasadena |
| Zip Code | 91030 |
| Area | 658 So. Pasadena |
| Listing VS Median (in 91030) | |
Price: $2,688,000 low | high Med: $2,780,000 sqft: 3,460 low | high Med: 4,676 $ / sqft: $777 low | high Med: $595 On site: 59 low | high Med: 33 | |