First Time Ever on Market – Original Builder Owned - Generational 16-Unit Value-Add Opportunity in a Premium South Pasadena Neighborhood, 12 units Updated
Investment Highlights
- Generational Legacy Asset: First time ever offered for sale. A multi-generational hold property poised for continued appreciation and value-add upside.
- Prime South Pasadena Location: Situated in the heart of the city, steps from South Pasadena Middle School and a short walk to the dining, shopping, and amenities of the Mission Street Downtown District and Fair Oaks Ave.
- Top-Tier Demographics & Schools: Located within the highly coveted South Pasadena Unified School District, surrounded by multi-million-dollar single-family homes, with an impressive average household income of ±$170,017 within a one-mile radius.
- High-Demand, Low-Inventory Market: South Pasadena is renowned for its high barriers to entry and limited multifamily inventory. This Class-A location ensures robust rental demand and easy management.
- No local city rent control.
- Strategic Regional Access: Adjacent to San Marino and Pasadena, offering immediate access to Downtown Los Angeles via the 110 Freeway or Huntington Drive.
Property Highlights
- Extremely Well-Maintained: A meticulously cared-for building with superb curb appeal, attractive landscaping, and a welcoming seating foyer.
- Exceptional Unit Mix: 76% of the building consists of highly desirable, oversized 2-bedroom layouts.
- (2) 2-Bed / 2.5-Bath + Den (±1,400 SF): Den features sliding pocket doors, easily qualifying as a 3rd bedroom or private home office.
- (10) 2-Bed / 2-Bath (±1,200 SF)
- (4) 1-Bed / 1.25-Bath (±850–900 SF)
- Premium Unit Amenities: Private balconies/patios, central HVAC, individual electric water heaters, and separate meters for gas and electricity. Select units feature upgraded kitchens and bathrooms.
- 12 out of 16 units have been updated with various levels of upgrade
- Abundant Parking: "Overparked" with 24 gated spaces for 16 units, located at the side and rear of the building.
- Building Amenities: Secured entrance, elevator service, trash chutes, and a shared on-site laundry facility.
Executive Summary
Growth Investment Group California is proud to present The San Rafael (1818 Ramona Ave), a premium 16-unit apartment community in one of South Pasadena’s most prestigious neighborhoods. Offered for the first time by the original builder, this generational asset sits on a large 16,436 SF R3-zoned lot and boasts approximately 20,000 SF of building space, translating to unusually large, house-like floor plans. It has Exceptional demographics with over $170,017 AHH income within a mile-radius, and within the highly desirable South Pasadena Unified School District.
Built in 1968, the building features distinctive architecture and has been exceptionally well-maintained. South Pasadena is a notoriously high-barrier-to-entry market with no local rent control and a severe lack of multifamily inventory. The San Rafael capitalizes on this scarcity, offering an unparalleled unit mix dominated by spacious 2-bedroom apartments.
The property is a 3-story building with secured entrance and gated parking. It has fabulous landscaping with superior curb appeal and welcoming entry foyer area complete with seating. With a large building size of ±20,000 SF translating to many oversized units (all 2-bedroom units averaged between ±1200SF to ±1400SF living space, and ±850-900SF for 1-bedroom units). It offers superior unit mix of two (2) x 2bed+2.5bath+den, ten (10) x 2bed+2bath, and four (4) large 1bed+1.25bath.
The 2bed+2.5bath+den units are extremely large with oversized den and an estimated size of ±1400SF. The den has sliding pocket door and would easily qualify as the 3rd bedroom or a private home office. The 2bed+2bath are approximately ±1200SF, and the 1bedroom units are estimated at around ±900SF. Each unit has excellent layout with private balcony. Approximately twelve (12) units have been upgraded with upgraded kitchen and bathroom (buyer to verify). The 2nd bathroom in the 2bedroom units is mostly shower stalls. Each unit has central HVAC system, and individual electric water heater in the hallway. With its secure access, elevator service, and abundant parking, the property provides immediate stability while offering tremendous value-add potential for future ownership.
Location, Amenities & Access
Strategically located on a quiet residential street lined with mature trees, 1818 Ramona Ave is surrounded by prestigious single-family residences. The property offers exceptional walkability to the Fair Oaks Avenue Retail District, South Pasadena City Hall, and the vibrant Mission Street Downtown District.
Residents enjoy a tranquil neighborhood setting while being just minutes away from major regional hubs, including Old Town Pasadena, the South Lake Avenue District, the Pasadena Playhouse District, and Huntington Hospital. Excellent transit access is provided via Huntington Drive and the nearby 110 Freeway, making the commute to Downtown Los Angeles seamless