Four-Unit Residential Income
For Sale
$2,350,000
1429 Monterey Road, South Pasadena, CA 91030
Four well-maintained units with in-unit laundry, individual gas and electric meters, and gated parking with storage per unit.
Property Size5,124 SF
Days on Market58
Property Features for 1429 Monterey Road
General Information
Standard status
Active
Size
5,124 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Building Details
Building Size
5,124 SF
Year Built
1923
Tenancy
Multi
Listing Agency:
eXp Realty of California, Inc.
(626) 807-6581
Listed By:
Evangelyn Lin · License #01817694
Source:
Hopewayrealtygroup
Added: Jun 30
Changed: Aug 25
Last Checked: Aug 26 at 2:42PM
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 eXp Realty of California, Inc.
Investment Insights
Based on property information with market context.
This well-maintained four-unit residential income property is arranged with two units on the main level and two units on the upstairs level. Each unit features one bedroom and one bathroom, along with in-unit laundry, a living room, and a dining room. Units are individually metered for electric and gas, and provide built-ins and abundant in-unit storage for day-to-day convenience. Upstairs units include a walk-in closet and a large den that can function as a second bedroom. The property also offers gated parking and assigns one parking spot and one storage space per unit, complemented by mature landscaping that adds privacy.
Located in South Pasadena, the property is described as being just blocks from the city’s main corridor on Mission Street, as well as nearby high school and middle school campuses. Residents are also reported to have convenient access to shopping and dining, including Trader Joe’s and Pavilions.
For buyers or operators seeking a smaller multifamily asset, the unit layout and individual utility metering support straightforward management. The combination of in-unit laundry, assigned parking, and on-site storage are practical amenities for maintaining tenant satisfaction and routine occupancy needs.
Located in South Pasadena, the property is described as being just blocks from the city’s main corridor on Mission Street, as well as nearby high school and middle school campuses. Residents are also reported to have convenient access to shopping and dining, including Trader Joe’s and Pavilions.
For buyers or operators seeking a smaller multifamily asset, the unit layout and individual utility metering support straightforward management. The combination of in-unit laundry, assigned parking, and on-site storage are practical amenities for maintaining tenant satisfaction and routine occupancy needs.
Key Highlights
- Four well‑maintained income units in South Pasadena
- Two units on the main level and two units upstairs; each unit is approximately 1,300 SF
- Each unit has 1 bed, 1 bath, in‑unit laundry, living room, and dining room
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
$89,483
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
3.81%
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%
$1,789,660
$1.8M
Cap Rate 7%
$1,278,329
$1.3M
Cap Rate 9%
$994,256
$994.3K
Market Conditions
NOI Build-Up for 5,124 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
$138.3K $27.00/SF
− Vacancy
−$10.5K −$2.05/SF
EGI
$127.8K $24.95/SF
− OpEx
−$38.4K −$7.48/SF
NOI
$89.5K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,789,660
Cap Rate 7%
$1,278,329
Cap Rate 9%
$994,256
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,483 @ 7.0% cap · market cap 3.81%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,449 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $192,036 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,103
Businesses Nearby
Explore this area
Business Placement
Demographics for 91030, CA
26,927
Population
11,040
Households
2.4
Avg Household Size
41
Median Age
73%
College-Educated
97%
High-School Grad
3.4 sq mi
ZIP Area
7,920
Density / Sq Mi
$128,105
Median Household Income
$79,571
Median Earnings
$2,218
Median Rent
$1,545,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four well-maintained units with in-unit laundry, individual gas and electric meters, and gated parking with storage per unit.
Where is this quadplex located?
The property is located at 1429 Monterey Road South Pasadena, CA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Four well‑maintained income units in South Pasadena; Two units on the main level and two units upstairs; each unit is approximately 1,300 SF; Each unit has 1 bed, 1 bath, in‑unit laundry, living room, and dining room
