Charming Remodeled South Pasadena
For Sale
$3,750,000
Pending
1714 1718 Grevelia St, South Pasadena, CA 91030
Eight-unit apartment building with remodeled units and modern amenities.
Property Size7,702 SF
Days on Market145
Property Features for 1714 1718 Grevelia St
General Information
Standard status
Pending
Size
7,702 SF
Property subtype
Investment
Building Details
Building Size
7,702 SF
Year Built
1951
Units
8
Listed By:
Rudy Gallegos
(760) 985-9600
Source:
Elliman
Added: Apr 24
Changed: Sep 9
Last Checked: Sep 15 at 9:09AM
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 Rudy Gallegos
Investment Insights
Based on property information with market context.
This property features an eight-unit apartment building consisting of six 2-bedroom/1-bath units and two 1-bedroom/1-bath units. Four of the apartments have undergone complete remodeling, including the addition of tankless water heaters. These units now feature modern bathrooms and hardwood floors. The upgraded kitchens include new Shaker cabinets, quartz countertops, and stainless-steel appliances. The renovated bathrooms feature new tubs, vanities, toilets, and tile work. The building has been enhanced with new windows, a freshly painted exterior, updated landscaping with irrigation, and a dedicated laundry room equipped with newer owner-owned washers and dryers. Carports provide off-street parking. The location has a bike score of 55, indicating it is bikeable, a walk score of 57, indicating it is somewhat walkable, and a transit score of 56, indicating good transit options.
Key Highlights
- Eight‑unit courtyard apartment building with a mix of two‑bedroom and one‑bedroom units.
- Four units completely remodeled with modern bathrooms, hardwood floors, and tankless water heaters.**
- Upgraded kitchens featuring new Shaker cabinets, quartz countertops, and stainless‑steel appliances.**
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
$123,931
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
3.30%
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%
$2,478,620
$2.5M
Cap Rate 7%
$1,770,443
$1.8M
Cap Rate 9%
$1,377,011
$1.4M
Market Conditions
NOI Build-Up for 7,702 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
$244.9K $31.80/SF
− Vacancy
−$19.6K −$2.54/SF
EGI
$225.3K $29.26/SF
− OpEx
−$101.4K −$13.17/SF
NOI
$123.9K $16.09/SF
Area
Los Angeles County, CA
Vacancy
8.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
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%
$2,478,620
Cap Rate 7%
$1,770,443
Cap Rate 9%
$1,377,011
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $123,931 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.12M
$3.61M – $4.81M
NOI $288,653 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,861
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit apartment building with remodeled units and modern amenities.
Where is this apartment building located?
The property is located at 1714 1718 Grevelia St South Pasadena, CA.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Eight‑unit courtyard apartment building with a mix of two‑bedroom and one‑bedroom units.; Four units completely remodeled with modern bathrooms, hardwood floors, and tankless water heaters.**; Upgraded kitchens featuring new Shaker cabinets, quartz countertops, and stainless‑steel appliances.**
