308 Pasadena · South Pasadena, CA 91030

$6,280,000

22 bd · 20.0 ba · 9,990 sqft · MultiFamily public records · 89 Days on market

Built 1953 0.48 ac lot $629/sqft · 45% above area Est $4326k · 45% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.2/30.0
• DSCR +9.5/10.0
• Schools +7.3/10.0
• 1% rule +6.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

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.

Key facts

• Adu potential
• Gated property
• R3 lot

Tags

• R3 LOT
• ADU POTENTIAL
• SOUTH PASADENA SCHOOL DISTRICT
• SPARKLING SWIMMING POOL
• GATED PROPERTY

What this means for you Summary

Snapshot

• This is a 20 × 22-bed/20.0-bath units multifamily listed at $6.28M.

Deal economics

• At list price, monthly cash flow is $18k ($216k/yr) — positive. Per door: $899/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($74k rent vs $6.28M).
• Recommended offer: $5.90M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 0.9% in South Pasadena — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#41 in CA, #1,541 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety D+, cost of living F.
• South Pasadena Unified (suburban): math 79% / reading 84% proficiency, ranked #46 of 1,400 in CA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.1%/yr); 60 active listings in the ZIP; high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $74,225/mo this rent would consume 700% of the median local household income ($127k/yr) (locally 992% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $43k of loan paydown is wiped out by about $188k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($5.90M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $4.55M; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $5,903,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.27%
• DSCR: 1.55
• GRM: 7.1

CMA / ARV

• ARV (median comp): $4,325,712
• List price: $6,280,000
• Delta: 45.18%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-90,461
• Equity at exit: $936,368

10-year hold

• IRR: 4.9%
• Equity multiple: 1.31×
• Total profit: $552,986
• Equity at exit: $542,980

Cash invested: $1,758,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91030

• Rents YoY: -0.1%
• Active inventory: 60
• Price-to-rent: 141.0×

Monthly cashflow live

• Estimated rent: $74,225 medium
• Mortgage (P&I): −$32,933
• Tax from tax record: −$5,106 /mo · $61,278/yr
• Insurance: −$2,617
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,587
• Net cashflow: $17,982

Break-even live

Break-even rent $51,463

Max offer price $6,280,000

Occupancy floor 71%

Sensitivity live

Price	-10% $21,537	-5% $19,759	+0% $17,982	+5% $16,204	+10% $14,427
Rent	-10% $12,118	-5% $15,050	+0% $17,982	+5% $20,914	+10% $23,845
Rate	-1.0pp $21,144	-0.5pp $19,579	base $17,982	+0.5pp $16,354	+1.0pp $14,699

20-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 20× units	22	20	$74,220
Total (20 units)			$74,225

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,570,000
• Closing costs: $188,400
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-09
   days on market $6,280,000 Active 89 DOM
2. 2026-06-08
   days on market $6,280,000 Active 88 DOM
3. 2026-06-07
   days on market $6,280,000 Active 87 DOM
4. 2026-06-04
   days on market $6,280,000 Active 84 DOM
5. 2026-06-03
   days on market $6,280,000 Active 83 DOM
6. 2026-06-02
   days on market $6,280,000 Active 82 DOM
7. 2026-06-01
   days on market $6,280,000 Active 81 DOM
8. 2026-05-31
   days on market $6,280,000 Active 80 DOM
9. 2026-04-24
   price $6,280,000 2243-char remark

   Show marketing remark (2243 chars)

   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.

10. 2026-03-25
    price $6,580,000 2243-char remark

    Show marketing remark (2243 chars)

    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.

11. 2026-03-12
    listed $6,800,000 Active 2243-char remark

    Show marketing remark (2243 chars)

    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.

12. 2020-04-10
    soldstatus $4,550,000
13. 1975-08-18
    soldstatus $195,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $61,278 · $5,106/mo
• Projected year-2 tax: $61,278 · $5,106/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥97°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $890,700
• − Mortgage interest: −$351,778
• − Property taxes: −$61,278
• − Insurance: −$31,400
• − Repairs & maintenance: −$71,256
• − Management: −$71,256
• − Depreciation: −$182,691
• Taxable income: $121,042
• Est. tax owed @ 24.0%: −$29,050
• After-tax cash flow: $186,729/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: South Pasadena Unified
• NCES district ID: 0637500
• Math proficiency: 79% ▬ 0.00%
• Reading proficiency: 84% ▬ 0.00%
• Median HH income: $83,904
• Composite: 72.86/100
• National rank: #365
• State rank: #46 of 1400 in CA

Livability — South Pasadena

• Score: 81/100
• State rank: #41
• US rank: #1541

Category grades

Amenities A+ Commute A+ Cost of living F Crime C+ Employment A+ Housing C+ Health & safety D+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Pasadena, CA
• County: Los Angeles County · 9,444,647 people
• City population: 26,068
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 26,068
• Household income: $127,175
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 992.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 38% Asian 32% Hispanic / Latino 21% Two or more races 15% Black 3%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Lithuanian 2% Romanian 2% Italian 1%
• Foreign-born: 24% · China, Canada, South Korea
• Languages at home: 65% English-only · Chinese 13% Spanish 12% Korean 3%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -851.06%
• Current HPI: 491.5957
• Rent YoY: ▼ -0.11%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+3120.5% since first listed

5 events — show timeline

• 2026-04-24 Price Changed $6,280,000 CRMLS
• 2026-03-25 Price Changed $6,580,000 CRMLS
• 2026-03-12 Listed $6,800,000 CRMLS
• 2020-04-10 Sold (Public Records) $4,550,000 Public Records
• 1975-08-18 Sold (Public Records) $195,000 Public Records

Property tax history

+12.4%/yr

Latest (2025): $61,278 · -2.5% YoY. Source: county tax records.