185 Monterey Road — Sale in South Pasadena, CA

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

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Description

Marcus & Millichap is pleased to present 185 Monterey Road, a rare fully entitled 53-unit condominium development opportunity located in the highly sought-after city of South Pasadena. The ±1.26-acre site has received Tract Map Approval, eliminating years of entitlement risk while allowing a developer to retain flexibility by completing building permits, value engineering, and contractor selection after closing. The approved project consists of 53 condominium residences (46 market-rate and 7 moderate-income units) within a seven-story, approximately 88,111-square-foot building featuring structured podium parking, premium resident amenities, and contemporary architectural design. Offered at $8,000,000 ($150,943 per approved unit), the project represents one of the few large-scale for-sale residential development opportunities available in one of Los Angeles County's most supply-constrained ownership housing markets. South Pasadena's exceptional public schools, affluent demographics, walkable downtown, and Metro A Line connectivity continue to drive strong demand for ownership housing while restrictive zoning has significantly limited new condominium development. The offering provides developers the opportunity to capitalize on a scarcity-driven market supported by recent Pasadena new-construction condominium sales exceeding $1,000 per square foot. Investment Highlights: • 53-unit condominium project with approved tract map, significantly reducing entitlement risk and saving years of development timeline. • Approximately 1.26 acres (54,794 SF) approved for a 7-story, 53-unit condominium project in an extremely land-constrained market. • Current underwriting models a $70.47 million gross sellout, supported by new condominium sales in nearby Pasadena ranging from $1,042 - $1,101 per sf. • Located in one of Southern California's most desirable residential communities, renowned for its award-winning schools, and walkable downtown. • Project is delivered without building

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