1500 & 1508 Mission Street 2 Retail Properties Offered at $15,322,335 CAD in South Pasadena, CA

Cap Rate and NOI shown are Year 1 projections based on NNN Conversion and lease-up assumptions. Refer to the OM for full detail or contact the listing team with questions.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present 1500 & 1508 Mission Street, a rare mixed-use portfolio in the heart of Downtown South Pasadena. The two-parcel assemblage spans nearly half a city block on a combined 23,253-square-foot lot — one of the most significant footprints available in this tightly held market. The property benefits from ample at-grade parking directly behind the buildings, recently repaved and re-striped, with abundant street parking along Mission Street and surrounding side streets.
The portfolio comprises two adjacent buildings totaling 15,569 square feet: 1500 Mission, a single-story retail building, and 1508 Mission, a two-story mixed-use property with residential over ground-floor retail. Together, the offering delivers eight apartment units and 11,405 square feet of commercial space anchored by long-established, community-rooted tenants — including Two Kids Coffee, one of the neighborhood's most popular gathering spots, and specialty retailers that have served South Pasadena for decades.
A 3,832-square-foot retail suite, currently owner-occupied through July 31, presents an immediate opportunity to lease to a strong local or national credit tenant. Historically, the property has operated at or near full occupancy for decades — the current vacancy is the direct result of the ownership transition, not a reflection of market softness. With the exception of one tenant, all retail leases are month-to-month, giving a new owner the ability to restructure the commercial rent roll under new NNN leases — significantly increasing net operating income and unlocking substantial value.
South Pasadena is one of the most sought-after and supply-constrained communities in Los Angeles County. Mixed-use assets in this 3.4-square-mile city trade with extreme infrequency, making this a generational pride-of-ownership opportunity in an irreplaceable location. The property sits on Mission Street, the city's vibrant main corridor, surrounded by acclaimed restaurants, cafés, and independent boutiques — all within a 96 Walk Score environment. With median household income exceeding $127,000 and median home values above $1 million, South Pasadena offers the best of both worlds: the walkability, dining, and cultural energy of an urban lifestyle paired with the safety, tranquility, and tight-knit character of a historic small town.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.