Four-Unit Residential Income
For Sale
$2,200,000
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 Market106
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.
Listed By:
Evangelyn Lin · License #01817694
(626) 807-6581
Source:
Hopewayrealtygroup
Added: Jun 30
Changed: Sep 30
Last Checked: Oct 13 at 1:40AM
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 / Yr
$89,483
Cap Rate
4.07%
Suggested Prices Based on Cap Rates
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
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 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 4.07%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,449 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $192,036 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,103
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
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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 $2,200,000.
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
