Two Duplexes with Character in South Pasadena, CA

I am about to list our two duplexes in South Pasadena, CA for sale and I thought I would post them here first. They will be sold together and the price reflects the combined price for the four units. Very few investment properties come on the market in South Pasadena.

PLEASE: Do Not Disturb Tenants

https://www.google.com/maps/place/317+Pasadena+Ave,+South+Pasadena,+CA+91030/@34.1131003,-118.1685707,3a,75y,120.11h,89.02t/data=!3m6!1e1!3m4!1sqeVLAp2WRVRx5iF2fW7rWA!2e0!7i13312!8i6656!4m5!3m4!1s0x80c2c465cde1e09d:0xaa2fd954e1266721!8m2!3d34.113053!4d-118.168219

This property has been in our family for many decades and for the last two decades has been under-managed. And by under-managed, I mean the rents have not been raised--in one case--for more than 15 years and for other units in several years. One unit is vacant. It is very rent-able but due to family/management challenges has not been offered for rent in more than a year.

South Pasadena is crazy desirable and commands a substantial premium in rent and property values due to the proximity to downtown Los Angeles, excellent schools (GreatSchools: 10, 10, and 10!) and the Gold line light rail into town.

The building has such character that one of the units has been featured on the TV show 9-1-1 as the home of one of the popular characters in multiple episodes.

Both units of 317-319 Pasadena Avenue are the same floor plan, large with living, separate dining, two bedrooms, and laundry/mud room with hookups.

315 1/2 is a 2 br 1ba with a large living room and separate dining room. 315 is a 1 br 1ba also with the large living room and separate dining room.

All units have central heat and A/C. There are 5 one car garages plus a storage unit.

All units should have hardwood floors underneath carpet except one unit which has had the carpet removed and hardwood refinished.

The duplexes should sell together and are priced as such.

There is a great opportunity here. Due to family reasons, it isn't in the cards for us to substantially update the interior of the units. Note that the vacant unit is scheduled for paint and cleaning and will then be ready to rent. No need for major renovations but someone could update them to demand the very high side of the market given their charming nature. This would also be an incredibly sweet house hack for someone that wants the upscale neighborhood and phenomenal school system of South Pasadena with 3 units to propel appreciation and help carry housing costs.

Speaking of market rents, Rentometer says for house/duplex around this location:

2br 1ba: Average:$2,735, Median: $2,750, 25th%: $2,603, 75th%: $2,868
1br 1ba: Average:$2,600, Median: $2,600, 25th%: $2,314, 75th%: $2,887

I believe it is priced below market as a value add opportunity but I am not in a rush to sell. It is free of debt and producing nice cash flow. However, I thought I would see if someone wants to share in the commission savings before I list it.

Note: The sq ft of units 3 & 4 are estimated. According to records, the combined size is 2,042 but I estimated the split between the upper 2 bedroom and lower 1 bedroom.

Note 2: I have chosen a broker to list it if I don't sell it in the next couple of weeks. So please don't pitch your brokerage services and please don't waste your time with low-ball offers. But I am happy to answer questions and help see if this is the right property for you.

Location:

315-319 Pasadena Ave, South Pasadena, CA 91030