1500 & 1508 Mission Street — Sale in South Pasadena, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Business
  • Location: South Pasadena, CA 91030

Photos

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Investment Figures

Cap rate
1.71%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

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, surr

Market Context

This mixed use in South Pasadena, CA is listed for sale. It is offered at an approximate 1.7% capitalization rate, a key benchmark for income-producing mixed use assets. Compare it against other mixed use listings for sale in South Pasadena, CA — view the full market.

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