Renovated 12-Unit Apartment
New
For Sale
$3,975,000
90 -92 Monterey Road, South Pasadena, CA 91030
South Pasadena property with updated interiors, building systems, and individually metered utilities across three walk-up structures.
Property Size8,355 SF
Lot Size0.32 Acres
Price / SF$475.76
Days on Market5
Property Features for 90 -92 Monterey Road
General Information
Standard status
Active
Size
8,355 SF
Lot size
0.32 Acres
Property subtype
Apartment
Zoning
SPR4
Units
Unit Mix
12 x 2BR/1BA
Multifamily Units
12
Building Details
Building Size
8,355 SF
Year Built
1963
Year Renovated
2008
Buildings
3
Stories
2
Listing Agency:
Keller Williams Realty/Pasadena
Listed By:
KEVIN LUTZ · License #00925595
Source:
Velocityrealtysd
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 23 at 9:04AM
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 Keller Williams Realty/Pasadena
Investment Insights
Based on property information with market context.
This multifamily property includes three two-story walk-up buildings with 12 total units and 8,355 gross square feet. The unit mix consists entirely of two-bedroom, one-bathroom residences, with six units averaging approximately 655 square feet and six averaging approximately 670 square feet. Originally built in 1963, the property received a comprehensive renovation in 2008 that addressed plumbing, electrical systems, windows, flooring, kitchens, appliances, cabinetry, bathrooms, fixtures, water heaters, and central air conditioning units. Soft-story parking reinforcement was also completed in 2008, and the SB 721 decking inspection has been completed.
Located at 90–92 Monterey Road in South Pasadena, the property occupies a 14,040-square-foot lot within a residential area containing condominiums, apartments, and single-family homes. SPR4 zoning may allow development of up to 20 units, subject to buyer verification. Utilities are individually metered.
Located at 90–92 Monterey Road in South Pasadena, the property occupies a 14,040-square-foot lot within a residential area containing condominiums, apartments, and single-family homes. SPR4 zoning may allow development of up to 20 units, subject to buyer verification. Utilities are individually metered.
Key Highlights
- 12‑unit multifamily property with 8,355 gross square feet
- Three two‑story walk‑up buildings on a 14,040‑square‑foot lot
- Twelve 2‑bedroom/1‑bathroom units
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
$134,439
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
3.38%
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%
$2,688,780
$2.7M
Cap Rate 7%
$1,920,557
$1.9M
Cap Rate 9%
$1,493,767
$1.5M
Market Conditions
NOI Build-Up for 8,355 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
$265.7K $31.80/SF
− Vacancy
−$21.3K −$2.54/SF
EGI
$244.4K $29.26/SF
− OpEx
−$110.0K −$13.17/SF
NOI
$134.4K $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%
$2,688,780
Cap Rate 7%
$1,920,557
Cap Rate 9%
$1,493,767
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,439 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.47M
$3.91M – $5.22M
NOI $313,126 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
701
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?
Apartment building - South Pasadena property with updated interiors, building systems, and individually metered utilities across three walk-up structures.
Where is this apartment building located?
The property is located at 90 -92 Monterey Road South Pasadena, CA.
What is the asking price?
The asking price for this property is $3,975,000.
What are key features of this property?
This property features: 12‑unit multifamily property with 8,355 gross square feet; Three two‑story walk‑up buildings on a 14,040‑square‑foot lot; Twelve 2‑bedroom/1‑bathroom units
