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Listed by ALBERT LE • LE INVESTMENT GROUP
$ 4,490,000
Est. payment /mo
New
221 North Raymond Avenue Pasadena, CA 91103
8,568 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 8,568 sqft
Price per Sqft $524
MLS Listing ID IV-25187386
Year Built 1898
Lot Size 7,408 Sqft
Property Sub-Type Apartment
Property Description
Attractive Interest Only Seller Financing Offered to Well Qualified Buyers (50% down, 12 month interest only at 5.50%, due in 12 months). The Fannie Bonham Row House, located at 221 N Raymond Ave, Pasadena, is the only remaining example of rowhouse construction in the city and a proud recipient of the City of Pasadena's Historic Preservation Award. Originally built in 1898 and meticulously restored, the property blends late 19th-century architectural character with modern upgrades. Situated in the heart of Old Pasadena's Historic District, directly adjacent to Pasadena Memorial Park and just steps to the Metro Gold Line, St. Andrew Church, and numerous shopping, dining, and cultural attractions, this investment opportunity is unmatched in location and history. The building offers an attractive unit mix of six (6) single-story 1BD/1BA units and three (3) two-story townhouse-style 2BD/2.5BA units, each townhouse featuring a bonus room off the primary bedroom ideal for a nursery, home office, or additional bedroom. All units enjoy private rear patios, updated systems, separate gas and electric meters, and water submetering, plus access to secure basement storage. Tenants benefit from nearby offsite parking options including the Marriott and other affordable alternatives. Extensive restoration preserved original details with custom-milled Douglas fir siding, crown moldings, and historically accurate window restoration, while integrating modern systems such as updated HVAC, Noritz tankless water heaters, Siemens electrical panels, and a new roof (2017). Financial highlights include a recent $630,000 price reduction, an actual CAP Rate of 5.01% with ProForma CAP Rate of 6.01%, a current GRM of 15.33 (ProForma 13.04), and attractive seller financing available to qualified buyers (50% down, 12-month interest-only at 5.5%). The property also benefits from Mills Act tax protection, with annual property taxes at only $22,325, generating an estimated $30,000 yearly savings--effectively the income equivalent of an additional one-bedroom unit. A rare opportunity to own Pasadena's last historic rowhouse, offering charm, stability, and strong returns in one of Southern California's most desirable rental markets.
Location
State CA
County Los Angeles
Area 645 - Pasadena Nw
Zoning PSC-
Interior
Laundry Inside
Exterior
Parking Features Gated
Pool None
Community Features Curbs, Park
Building
Lot Description 2-5 Units/Acre
Sewer Public Sewer