Mixed-Use Portfolio with
For Sale
$10,950,000
1500 Mission St, South Pasadena, CA 91030
Two adjacent buildings combine apartments, retail space, and on-site parking along Mission Street.
Property Size15,569 SF
Days on Market122
Property Features for 1500 Mission St
General Information
Standard status
Active
Size
15,569 SF
Property subtype
Mixed-Use
Occupancy
64%
Amenities
Irreplaceable Mission Street location in Downtown South Pasadena — a historic, affluent community with a 96 Walk Score, Metro A Line access.
Half-block presence on a 23,253 SF lot — two adjacent parcels forming one of the largest, most unreplicable land positions in Downtown South Pasadena.
The commercial roster blends decades-long South Pasadena tenants with Two Kids Coffee, one of the neighborhood's trendiest gathering spots.
One retail suite delivers vacant at close — a chance to place a credit tenant and boost income in a property with decades of near-full occupancy.
Nearly all retail leases are month-to-month, providing a clear path to restructure the rent roll under new NNN leases and significantly increase NOI.
A rare chance to acquire a trophy mixed-use portfolio in one of LA County's most desirable, supply-constrained communities.
Building Details
Building Size
15,569 SF
Units
8
Listing Agency:
Marcus & Millichap
Listed By:
Sean Rosenzweig · License #License(s): CA: 01406343
(213) 943-1897
Source:
Marcusmillichap
Added: Jun 16
Changed: Oct 4
Last Checked: Oct 14 at 7:35PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
This mixed-use offering includes two adjacent buildings totaling 15,569 square feet on a combined 23,253-square-foot lot. The improvements include a single-story retail building and a two-story structure with ground-floor commercial space beneath residential units. In total, the property contains eight apartments and 11,405 square feet of commercial area. A 3,832-square-foot retail suite is occupied by the owner through July 31. Retail leases are month-to-month except for one tenancy, providing flexibility in future lease structuring.
At-grade parking is positioned behind the buildings and has been recently repaved and restriped. The property fronts Mission Street in Downtown South Pasadena, with additional street parking on nearby side streets. The surrounding corridor includes restaurants, cafés, and independent boutiques, and the area has a 96 Walk Score. The buildings date to 1923 and are subject to SPC1* zoning.
At-grade parking is positioned behind the buildings and has been recently repaved and restriped. The property fronts Mission Street in Downtown South Pasadena, with additional street parking on nearby side streets. The surrounding corridor includes restaurants, cafés, and independent boutiques, and the area has a 96 Walk Score. The buildings date to 1923 and are subject to SPC1* zoning.
Key Highlights
- Two adjacent buildings total 15,569 square feet on a combined 23,253‑square‑foot lot
- Eight apartment units plus 11,405 square feet of commercial space
- 3,832‑square‑foot retail suite occupied by the owner through July 31
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$344,458
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,889,160
$6.9M
Cap Rate 7%
$4,920,829
$4.9M
Cap Rate 9%
$3,827,311
$3.8M
Market Conditions
NOI Build-Up for 15,569 SF
Gross rent
$526.9K $33.84/SF
− Vacancy
−$34.8K −$2.23/SF
EGI
$492.1K $31.61/SF
− OpEx
−$147.6K −$9.48/SF
NOI
$344.5K $22.12/SF
Area
Los Angeles County, CA
Vacancy
6.60%
Lease Rate
$33.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,889,160
Cap Rate 7%
$4,920,829
Cap Rate 9%
$3,827,311
Alternative Uses
Best Use
Retail
$4.92M
$4.31M – $5.74M
NOI $344,458 @ 7.0% cap · market cap 3.15%
Second Best
Mixed Use
$4.50M
$3.94M – $5.25M
NOI $315,272 @ 7.0% cap · market cap 2.88%
Theoretical Best
Office A
$8.34M
$7.29M – $9.72M
NOI $583,491 @ 7.0% cap · market cap 5.33%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,857
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?
Mixed-use property - Two adjacent buildings combine apartments, retail space, and on-site parking along Mission Street.
Where is this mixed-use property located?
The property is located at 1500 Mission St South Pasadena, CA.
What is the asking price?
The asking price for this property is $10,950,000.
What are key features of this property?
This property features: Two adjacent buildings total 15,569 square feet on a combined 23,253‑square‑foot lot; Eight apartment units plus 11,405 square feet of commercial space; 3,832‑square‑foot retail suite occupied by the owner through July 31
