Mixed-Use Portfolio with
For Sale
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1500 Mission Street, South Pasadena, CA 91030
Two adjacent buildings combine apartments, retail space, and on-site parking along Mission Street.
Property Size15,569 SF
Price / SF$703.32
Days on Market82
Property Features for 1500 Mission Street
General Information
Standard status
Active
Size
15,569 SF
Total Parking Spaces
23
Property subtype
Retail, Multifamily, Mixed Use
Zoning
SPC1*
Building Details
Year Built
1923
Buildings
2
Stories
2
Listing Agency:
Marcus & Millichap - Los Angeles
(213) 943-1800
Listed By:
Sean Rosenzweig · License #CA 01406343
Source:
Crexi
Added: Jun 11
Changed: Aug 30
Last Checked: Aug 30 at 3:00AM
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 - Los Angeles
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 = 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
$344,458
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
3.15%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,857
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?
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 Street 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
