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185 Monterey Rd, South Pasadena, CA 91030

185 Monterey Rd, South Pasadena, CA 91030

53 Approved Condominium Units in South Pasadena

Exclusively listed by the LAAA Team at Marcus & Millichap

Listing Price
$8,000,000
Lot Size
54,794 SF · 1.26 AC
Buildable Units
53
Price / Buildable Unit
$150,943
Price / Land SF
$146
Zoning
RM
Entitlements
Entitled

Offering

The Offering

Fully entitled 53-unit condominium development site in South Pasadena. The City approved the 53-unit tract map in June 2026 through the State Density Bonus, and the project is delivered without building permits, so the buyer controls plan finalization, value engineering, and GC selection. A single 1.26 acre parcel with full Monterey Road frontage, an 88,111 SF approved program, and a $70.47M modeled gross sellout.

  1. 01

    Tract map approved June 2026, 53-unit condominium map through the State Density Bonus

  2. 02

    Delivered without building permits, buyer controls plans, value engineering, and GC selection

  3. 03

    $70.47M modeled gross sellout with an $18.16M developer profit at the ask

  4. 04

    191 Monterey Rd next door sold out in 2020 to 2021 at $745 to $767/SF

  5. 05

    88,111 SF program, 7 stories, 109 podium parking spaces, courtyard, clubhouse, and rooftop deck

  6. 06

    South Pasadena Unified schools, Metro A Line access, minimal new condo supply

Location

Location & Neighborhood

185 Monterey Rd, South Pasadena, CA 91030

South Pasadena is a small, highly desirable city between the Arroyo Seco and the hills, known for its walkable Mission Street downtown, top-rated unified school district, and Metro A Line access into Old Pasadena and Downtown Los Angeles. New condominium supply is exceptionally limited by the city's compact footprint and restrictive zoning. The last comparable project, 820 Mission, a 38-unit condominium complex built in 2016, still resells at $808 to $921/SF nearly a decade later. The subject would deliver the first new condominium project of scale in the city in years, trading as the scarce new-build option in the corridor.

Listing Team

Exclusively listed by the LAAA Team.

For site walks, zoning questions, or offer guidance, reach out directly.

Next Step

Ready to dig into the site?

Sign the Confidentiality Agreement to access the full Offering Memorandum for 185 Monterey Rd, South Pasadena, CA 91030.

LA Apartment Advisors

The LAAA Team

Marcus & Millichap

All property showings are by appointment only.

This information has been secured from sources believed to be reliable, but no representations or warranties, expressed or implied, are made as to the accuracy of the information. References to square footage, age, or income are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. All property showings are by appointment only.