308 Pasadena Ave South Pasadena, CA 91030
Estimated payment $39,297/month
Highlights
- 0.48 Acre Lot
- Midcentury Modern Architecture
- Property is near public transit
- Arroyo Vista Elementary Rated A+
- View of Hills
- Wood Flooring
About This Home
REDUCED by $520,000! 20-unit Value-add in South Pasadena (NO LOCAL Rent Control), Walk to Arroyo Seco Golf Course and Mission Street Downtown District, Prime Large R3 Lot with ADU Potential, South Pasadena School District, Exceptional Demographics. A premier 20-unit value-add investment opportunity in the highly coveted city of South Pasadena. Renowned for its high barriers to entry and exceptionally limited multifamily inventory, South Pasadena offers investors a rare chance to acquire a substantial footprint in a top-tier Southern California submarket with No Local Rent Control (under CA AB1482). Strategically located a block from the Arroyo Seco Golf Course and within walking distance to the vibrant Mission Street Downtown District, the property provides tenants with unparalleled access to premium shopping, dining, and community amenities along Mission Street and Fair Oaks Avenue. The surrounding area boasts exceptional demographics, including an average household income exceeding $178,928 within a one-mile radius, and falls within the prestigious South Pasadena Unified School District. Built in 1953, this distinct Mid-Century Modern garden-style community features a well-manicured front lawn and strong curb appeal. The 9,990 SF building rests on an expansive 21,008 SF R3-zoned lot, presenting significant potential for future ADU development. It has a sparkling and fenced swimming pool, and offers a highly desirable unit mix consisting of two (2) 2-bedroom/1-bathroom unit and eighteen (18) 1-bedroom/1-bathroom units. Each unit has individual water heater. The fully upgraded units have new flooring throughout, new kitchen with new cabinets and quartz countertops, new bathroom with tiled wall, and so much more. Current ownership has successfully proven the value-add concept by fully upgrading 15 units with high-end finishes, including new flooring, modern kitchens and bathrooms, and dual-pane windows throughout. The remaining five classic units provide a clear and actionable path for the new owner to capture significant rental upside. The property is gated, separately metered for electricity and gas, and includes 20 on-site parking spaces in the rear, alongside a seller-owned community laundry facility.
Listing Agent
Growth Investment Group Pasade Brokerage Email: han.chen@growthinvestmentgroup.com License #01749321 Listed on: 03/12/2026
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $74,774
Year Built
- Built in 1953 | Remodeled
Lot Details
- 21,008 Sq Ft Lot
- Two or More Common Walls
- Southeast Facing Home
- Wrought Iron Fence
- Landscaped
- Rectangular Lot
- Level Lot
- Density is 31-35 Units/Acre
- 5313011005
Home Design
- Midcentury Modern Architecture
- Apartment
- Entry on the 1st floor
- Cosmetic Repairs Needed
- Flat Roof Shape
- Raised Foundation
- Partial Copper Plumbing
- Stucco
Interior Spaces
- 9,990 Sq Ft Home
- 2-Story Property
- Ceiling Fan
- Views of Hills
- Laundry Room
Kitchen
- Gas Range
- Quartz Countertops
Flooring
- Wood
- Laminate
- Vinyl
Bedrooms and Bathrooms
- 3 Bedrooms
- 2 Bathrooms
Home Security
- Carbon Monoxide Detectors
- Fire and Smoke Detector
Parking
- 1 Open Parking Space
- 20 Parking Spaces
- 19 Carport Spaces
- Parking Available
- Assigned Parking
Location
- Property is near public transit
- Suburban Location
Utilities
- Cooling System Mounted To A Wall/Window
- Wall Furnace
- Natural Gas Connected
- Phone Available
- Cable TV Available
Listing and Financial Details
- Tax Lot 32
- Assessor Parcel Number 5313011004
- $6,523 per year additional tax assessments
Community Details
Overview
- No Home Owners Association
- 20 Units
- Valley
Amenities
- Laundry Facilities
Recreation
- Community Pool
Building Details
- 20 Leased Units
- 21 Separate Electric Meters
- 21 Separate Gas Meters
- 1 Separate Water Meter
- Gardener Expense $2,800
- Insurance Expense $11,533
- Maintenance Expense $8,200
- Pool Expense $1,800
- Trash Expense $6,800
- Water Sewer Expense $30,470
- New Taxes Expense $69,056
- Operating Expense $143,832
- Gross Income $480,912
- Net Operating Income $327,462
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $62,871 | $4,976,087 | $2,241,973 | $2,734,114 |
| 2024 | $62,871 | $4,878,517 | $2,198,013 | $2,680,504 |
| 2023 | $61,618 | $4,782,861 | $2,154,915 | $2,627,946 |
| 2022 | $60,269 | $4,689,080 | $2,112,662 | $2,576,418 |
| 2021 | $59,244 | $4,597,138 | $2,071,238 | $2,525,900 |
| 2020 | $11,036 | $432,565 | $147,892 | $284,673 |
| 2019 | $10,908 | $424,151 | $144,993 | $279,158 |
| 2018 | $10,427 | $415,901 | $142,150 | $273,751 |
| 2016 | $9,733 | $396,514 | $136,631 | $259,883 |
| 2015 | $9,546 | $390,559 | $134,579 | $255,980 |
| 2014 | $9,591 | $382,909 | $131,943 | $250,966 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 04/23/2026 04/23/26 | Price Changed | $6,280,000 | -4.6% | $629 / Sq Ft |
| 03/25/2026 03/25/26 | Price Changed | $6,580,000 | -3.2% | $659 / Sq Ft |
| 03/12/2026 03/12/26 | For Sale | $6,800,000 | -- | $681 / Sq Ft |
Source: California Regional Multiple Listing Service (CRMLS)
MLS Number: AR26054584
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Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information
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