20-u Value-add So Pas, No Local Rent Control 308 Pasadena Ave 20 Unit Apartment Building $9,250,176 CAD ($462,509 CAD/Unit) 4.45% Cap Rate South Pasadena, CA 91030

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.
Growth Investment Group California is proud to present 308-310 Pasadena Ave, 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.
LOCATION AMENITIES & ACCESS
Strategically situated on a quiet stretch of Pasadena Ave just off Mission St, the property offers a highly walkable, community-centric lifestyle. Residents are mere steps from the Mission Street Downtown District and the Arroyo Seco Golf Course, and just minutes from the Fair Oaks Avenue Retail District, City Hall, and all the premier amenities South Pasadena has to offer. The location also provides excellent regional connectivity via the nearby 110 Freeway, making the commute to Downtown Los Angeles seamless. Furthermore, world-class destinations such as Old Town Pasadena, the South Lake Avenue District, the Pasadena Playhouse District, and Huntington Hospital are all just a short drive away.