Duplex with Music and Movement
For Sale
$1,350,000
1394 N Raymond, Pasadena, CA 91103
A 1923 duplex with two 2BR/1BA units plus in-unit laundry, central air, and two bonus studio spaces.
Property Size1,812 SF
Days on Market90
Property Features for 1394 N Raymond
General Information
Standard status
Active
Size
1,812 SF
Property subtype
MULTI_FAMILY
Amenities
in-unit laundry
central air
professional music studio
dedicated movement studio
Building Details
Building Size
1,812 SF
Year Built
1923
Tenancy
Multi
Listing Agency:
Berkshire Hathaway Homeservices California Realty
Listed By:
Boyd Williams · License #01871180
(909) 633-1498
Source:
Milsteinestates
Added: Jul 5
Changed: Sep 30
Last Checked: Oct 1 at 3:52PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway Homeservices California Realty
Investment Insights
Based on property information with market context.
A 1923 duplex featuring two separate 2-bedroom, 1-bath residences, each with in-unit laundry. Central air is provided for each unit, with one unit having central air “one unit up” and the other “one down,” supporting privacy between the two homes. Off-street parking is available via a driveway and a two-car carport serving both units.
Beyond the duplex layout, the property includes bonus spaces: a professional music studio and a dedicated movement studio. This combination can support flexible live/work or revenue-generating use alongside the residential units, with permitted uses and any rental potential to be verified with the City of Pasadena.
A newer roof was replaced within the last 5 years, per seller. The setting is described as being near a library, the Rose Bowl, Old Town, Huntington Hospital, and a park across the street.
Beyond the duplex layout, the property includes bonus spaces: a professional music studio and a dedicated movement studio. This combination can support flexible live/work or revenue-generating use alongside the residential units, with permitted uses and any rental potential to be verified with the City of Pasadena.
A newer roof was replaced within the last 5 years, per seller. The setting is described as being near a library, the Rose Bowl, Old Town, Huntington Hospital, and a park across the street.
Key Highlights
- Two 2BR/1BA units in a 1923 duplex
- In‑unit laundry for both residences
- Central air provided—one unit up and one down
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,813
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$776,260
$776.3K
Cap Rate 7%
$554,471
$554.5K
Cap Rate 9%
$431,256
$431.3K
Market Conditions
NOI Build-Up for 1,812 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.9K $33.60/SF
− Vacancy
−$9.1K −$5.04/SF
EGI
$51.8K $28.56/SF
− OpEx
−$12.9K −$7.14/SF
NOI
$38.8K $21.42/SF
Area
Pasadena, CA
Vacancy
15.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$776,260
Cap Rate 7%
$554,471
Cap Rate 9%
$431,256
Alternative Uses
Best Use
Multifamily LT 5
$40.79M
$35.69M – $47.59M
NOI $2,855,174 @ 7.0% cap · market cap 211.49%
Second Best
Apartment 5plus
$35.99M
$31.50M – $41.99M
NOI $2,519,622 @ 7.0% cap · market cap 186.64%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
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Business Placement
Demographics for 91103, CA
26,887
Population
9,392
Households
2.9
Avg Household Size
39
Median Age
38%
College-Educated
80%
High-School Grad
4.6 sq mi
ZIP Area
5,845
Density / Sq Mi
$84,683
Median Household Income
$43,591
Median Earnings
$1,925
Median Rent
$960,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Duplex - A 1923 duplex with two 2BR/1BA units plus in-unit laundry, central air, and two bonus studio spaces.
Where is this duplex located?
The property is located at 1394 N Raymond Pasadena, CA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Two 2BR/1BA units in a 1923 duplex; In‑unit laundry for both residences; Central air provided—one unit up and one down
