185 Monterey Road, South Pasadena, CA 91030
List Price: $7M
Listing Status: Active
Original List Price: $8M
0Days on Market: 77
0 Bedrooms · 0 Bathrooms
Property Type: Land
Lot Size: 54,794 sq ft
MLS Number: 26859615
About This Property
We are 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.
Listing provided by: Filip Niculete DRE #01905352 818-212-2700 info@laaa.com, Marcus & Millichap
Source: CRMLS, MLS #: 26859615
Belmont Brokerage Inc. (DRE #02431308) is not the listing office for this property. We provide buyer representation and consultation. Any “Schedule a Tour” or “Contact” form on this page contacts a Belmont Brokerage agent — not the listing agent above.