221 N Raymond Ave Pasadena, CA 91103
Old Town Pasadena NeighborhoodEstimated payment $28,955/month
Total Views
697
3
Beds
4
Baths
8,568
Sq Ft
$524
Price per Sq Ft
Highlights
- 0.17 Acre Lot
- 4-minute walk to Memorial Park Station
- Laundry Room
- Blair High School Rated A-
- Park
- 2-minute walk to Memorial Park
About This Home
Attractive Interest Only Seller Financing Offered to Well Qualified Buyers (50% down, 12 month interest only at 5.50%, due in 12 months).
The Fannie Bonham Row House, located at 221 N Raymond Ave, Pasadena, is the only remaining example of rowhouse construction in the city and a proud recipient of the City of Pasadena’s Historic Preservation Award. Originally built in 1898 and meticulously restored, the property blends late 19th-century architectural character with modern upgrades. Situated in the heart of Old Pasadena’s Historic District, directly adjacent to Pasadena Memorial Park and just steps to the Metro Gold Line, St. Andrew Church, and numerous shopping, dining, and cultural attractions, this investment opportunity is unmatched in location and history.
The building offers an attractive unit mix of six (6) single-story 1BD/1BA units and three (3) two-story townhouse-style 2BD/2.5BA units, each townhouse featuring a bonus room off the primary bedroom ideal for a nursery, home office, or additional bedroom. All units enjoy private rear patios, updated systems, separate gas and electric meters, and water submetering, plus access to secure basement storage. Tenants benefit from nearby offsite parking options including the Marriott and other affordable alternatives.
Extensive restoration preserved original details with custom-milled Douglas fir siding, crown moldings, and historically accurate window restoration, while integrating modern systems such as updated HVAC, Noritz tankless water heaters, Siemens electrical panels, and a new roof (2017).
Financial highlights include a recent $630,000 price reduction, an actual CAP Rate of 5.01% with ProForma CAP Rate of 6.01%, a current GRM of 15.33 (ProForma 13.04), and attractive seller financing available to qualified buyers (50% down, 12-month interest-only at 5.5%). The property also benefits from Mills Act tax protection, with annual property taxes at only $22,325, generating an estimated $30,000 yearly savings—effectively the income equivalent of an additional one-bedroom unit.
A rare opportunity to own Pasadena’s last historic rowhouse, offering charm, stability, and strong returns in one of Southern California’s most desirable rental markets.
Listing Agent
LE INVESTMENT GROUP Brokerage Phone: 909-256-7889 License #01468313 Listed on: 08/19/2025
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1898
Lot Details
- 7,408 Sq Ft Lot
- 1 Common Wall
- Density is 2-5 Units/Acre
Home Design
- Apartment
Interior Spaces
- 8,568 Sq Ft Home
- 2-Story Property
- Laundry Room
Bedrooms and Bathrooms
- 3 Bedrooms
- 4 Bathrooms
Listing and Financial Details
- Legal Lot and Block 7 / B
- Tax Tract Number 19
- Assessor Parcel Number 5723001019
- $2,492 per year additional tax assessments
Community Details
Overview
- 9 Units
Recreation
- Park
Building Details
- Rent Control
- 9 Separate Electric Meters
- 9 Separate Gas Meters
- 9 Separate Water Meters
- Electric Expense $2,703
- Fuel Expense $2,703
- Insurance Expense $6,000
- Trash Expense $2,703
- Water Sewer Expense $2,703
- New Taxes Expense $22,325
- Operating Expense $69,753
- Gross Income $292,800
- Net Operating Income $225,063
Map
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Home Values in the Area
Average Home Value in this Area
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/19/2025 08/19/25 | For Sale | $4,490,000 | 0.0% | $524 / Sq Ft |
| 09/23/2023 09/23/23 | Rented | $2,380 | 0.0% | -- |
| 09/17/2023 09/17/23 | Under Contract | -- | -- | -- |
| 09/07/2023 09/07/23 | Price Changed | $2,380 | -4.8% | $3 / Sq Ft |
| 08/21/2023 08/21/23 | For Rent | $2,500 | +26.3% | -- |
| 06/13/2021 06/13/21 | Rented | $1,980 | 0.0% | -- |
| 06/11/2021 06/11/21 | Under Contract | -- | -- | -- |
| 06/01/2021 06/01/21 | For Rent | $1,980 | 0.0% | -- |
| 04/05/2018 04/05/18 | Sold | $4,758,000 | -0.9% | $552 / Sq Ft |
| 03/15/2018 03/15/18 | Pending | -- | -- | -- |
| 02/17/2018 02/17/18 | For Sale | $4,800,000 | -- | $557 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
Similar Home in Pasadena, CA
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: IV25187386
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