80 Grace Terrace

Pasadena, California

An 8 Unit Luxury Apartment Building
FOR SALE & FOR LEASE

Photo Credits: livzeyfineart.com

All the Vintage Charm of 1891 ~ All the Modern Amenities of 2022

It is our pleasure to introduce 80 Grace Terrace, one of the most unique multi-family investments in Southern California.  Originally built as a family estate in 1891, “Grace Mansion” was designed by renowned architect, Frederick Roehrig (Castle Green Hotel and several notable Pasadena homes built during the gilded age).  The mansion was converted to apartments in the 1920’s when it had become isolated from its own kind by early century development of orchards into homes between Grace Mansion and Orange Grove Boulevard, then known as “Millionaire’s Row”.  The estate’s “carriageway” became a street, Grace Terrace, and its grand stairways leading down the hill became public steps that hilltop residents now use to get to “The Yoga House” and the historic “Raymond Restaurant” conveniently located just at the bottom of the hill. 
 
From their perch on the hilltop, every separately metered, one-bedroom, one-bath apartment is unique in size and character, ranging from 853 sf to 1,733 sf, and has its own exterior entrance with an entertainment-sized verandah or balcony to take in the fragrance of Wisteria blooms in the surrounding garden and enjoy treetop city views with the majestic San Gabriel mountain range beyond.
 
With its prime location and residential setting, this Class A multi-family investment has consistently enjoyed high quality tenants, much higher than average rents, and very low turnover.  Now taken to a whole new level with new HVAC, in-unit washers and dryers, luxury appliances and more, these elegant apartments are more desirable than ever.  The owners of 31 years have spared no expense to bring this eight unit building (7 + 1 non-conforming) on par with the amenities of new luxury apartments on the market while retaining all of its architectural detail, a major upgrade that will maintain its desirability long after the typical new apartment development loses its shine. 
 
The entire building has undergone a nearly $1.4M upgrade including all new plumbing (both drain and supply), HVAC, composition shingle roof, rain gutters and downspouts, sewer lines, electric sub panels, water heaters, drip line landscape irrigation system, filtered irrigation valves, “whole house” sediment filters, high end appliances, in-unit washers and dryers, high end plumbing fixtures (from toilets to faucets), dimmable light switches, and much, much more.  Kitchens have been fitted with new French door refrigerators with filtered ice, quiet Bosch or LG dishwashers, and gorgeous “iLVE” range/ovens shipped from Italy.  
 
Featuring on site parking for 2 cars per unit. A three-door, 486 s.f., detached garage can provide tenant parking as well, or can be considered for a potential ADU, which would allow a savvy investor to get this property to a total of nine units.
 
While located in a desirable, quiet, single family neighborhood, 80 Grace Terrace is just a 15-minute drive to Downtown Los Angeles on the 110 Freeway (off rush hour) and just a minute away from the 210 and 134 Freeways.  South Pasadena’s Gold Line Rail Station, conveniently located adjacent to the weekly Farmer’s Market and several coffee houses, is less than a 5 minute bike ride away.  An EV Charging Depot offering 26 charges, 20 of which are Tesla Superchargers, is just a two minute walk from the property.
 

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Offered For Sale at $8,200,000

For Rent

  • Apt 1 – 1,478 sf:  $4,900/mo
  • Apt. 2 – 1,287 sf:  $4,300/mo
  • Apt. 3 – 1,733 sf. + 197 sf. adjacent hobby room/office:  $5,995/mo
  • Apt 4 – 1,113 sf:  $4,395/mo
  • Apt. 5 – 1,005 sf.: $3,895/mo
  • Apt. 6 – 853 sf:  $3,650/mo
  • Apt 7 – 1,532 sf:  $5,800/mo
  • Apt 8 – 566 sf: non conforming understory studio apt. – currently rented 

Investment Highlights

  • Built in 1891 as a Mansion / Designed by Architect, Frederick Roehrig
  • Converted to Apartments in 1920s
  • Full $1.4M Renovation from 2019-2021 by Current Owners
  • One Block North of South Pasadena City Border
  • Hardwood Floors/High Ceilings/Fireplaces/Crown Molding
  • Entertainment-Size Balconies/Patios/Verandahs
  • In-Unit Washers & Dryers/High End Appliances
  • Extremely Unique, Pride of Ownership Opportunity
  • Income can be increased by renting storage space to tenants in the nearly 4,000 s.f. semi-subterranean basement
  • Potential ADU for 486 s.f. detached garage

Capital Improvement Highlights

Seller spent nearly $1,400,000 from 2019 -2021

  • New plumbing throughout, both drain and supply systems
  • Installed new sewer lines
  • Installed new electric sub-panels in all units
  • Installed “whole house” sediment filters on both water supply lines to building
  • Replaced three gravity heat furnaces serving Apts. 1, 2, and 3 with central HVAC systems
  • Installed new “mini-split” HVAC systems in upper floor Apts. 4 , 5, 6, and 7
  • Replaced all irrigation valves and installed water filters on each valve
  • Installed all new water heaters
  • New shingle roof, rain gutters and downspouts
  • Remodeled kitchens and baths
  • All new high end appliances: washers & dryers, ranges, refrigerators, dishwashers
  • New exterior and interior paint

History

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Tom Flanagan - 626.755.5050

Sales & Leasing Information

Tom Flanagan

Serving Pasadena, Surrounding Communities,
and greater Los Angeles

Senior Vice President
80 E Colorado Blvd Suite 100 & Suite 400
Pasadena, CA 91101
Office: 626.792.4420
Direct: 626.755.5050
License: 01330299
Email: tom@tomflanagan.com

Leasing Information

Kawika Hiroshige

Leasing Associate
Direct: 626.354.7830
License: 02075174
Email: kawika.h@compass.com

Jason Bergman

Leasing Associate
Direct: 626.394.0900
License: 02097939
Email: jason.bergman@compass.com

Purchase Information

© 2022 TOM FLANAGAN . REAL ESTATE . LICENSE: 01330299 . ALL RIGHTS RESERVED .