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1156 Steuben Street, Pasadena, California 91106, Pasadena, 91106 - bed, bath

1156 Steuben Street, Pasadena, California 91106 home-pic-0
ACTIVE$1,000,000
1156 Steuben Street, Pasadena, California 91106
0Bed
0Bath
3,164Sqft
6,807Lot
Year Built
1905
Close
-
List price
$1M
Original List price
$1.02M
Price/Sqft
$316
HOA
-
Days on market
-
Sold On
-
MLS number
PF25149429
Home ConditionPoor
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.00M(25th), sqft - 3164(50th), beds - undefined(50th), baths - undefined(50th).

Unique investment opportunity in the heart of Pasadena—perfectly situated within walking distance to Colorado Boulevard, Pasadena City College, and Caltech. This property, zoned RM48, offers significant development potential in one of the most desirable and transit-accessible neighborhoods in the city. While the tax records show the property as a duplex, it is currently operating with five income-generating units. With an attractive Gross Rent Multiplier and Cap Rate, this asset allows you to collect income immediately while submitting plans for new construction or redevelopment. Additional property highlights include: Common laundry facility / Two water heaters/One electric meter and one gas meter/ Delivered with existing tenants in place This is a rare chance to secure a well-located, income-producing property with strong upside potential in a high-demand rental market. Whether you’re looking to expand your portfolio or begin a new project, this property offers both stability and opportunity.

Price History

Date
Event
Price
10/29/25
Price Change
$1,000,000-1.5%
09/30/25
Price Change
$1,015,000-4.7%
09/15/25
Price Change
$1,065,000+3.9%
07/10/25
$1,025,000
Condition Rating
Poor
Built in 1905, this property shows significant signs of age and deferred maintenance. The kitchen features very dated linoleum flooring and older counters, while the bathroom is in particularly poor condition with peeling paint, visible wall patches, and very basic, old fixtures. A window AC unit is visible, suggesting a lack of central cooling. While the property is currently income-generating, its interior condition, especially the wet areas, indicates a need for substantial repairs and rehabilitation to meet modern living standards, aligning with the 'poor' category criteria.
Pros & Cons

Pros

Exceptional Location: Strategically located within walking distance to major Pasadena landmarks like Colorado Boulevard, Pasadena City College, and Caltech, ensuring high rental demand and tenant appeal.
Significant Development Potential: Zoned RM48, offering substantial opportunities for future expansion, redevelopment, or new construction, which can significantly enhance long-term property value.
Immediate Income Stream: Currently operating with five income-generating units and delivered with existing tenants, providing instant cash flow for investors from day one.
Favorable Investment Metrics: Boasts an attractive Gross Rent Multiplier and Cap Rate, indicating a strong potential return on investment for a savvy buyer.
High-Demand Rental Market: Situated in a robust and high-demand rental market, promising stable occupancy rates and potential for consistent rent appreciation.

Cons

Zoning/Unit Count Discrepancy: Tax records indicate the property as a duplex, while it operates with five units, posing potential legal, permitting, and financing challenges that require due diligence.
Property Age & Condition: Built in 1905, the property is likely to require significant capital expenditures for deferred maintenance, system upgrades (e.g., plumbing, electrical), and general renovations.
Shared Utilities & Tenant Management: The presence of only one electric and one gas meter for multiple units can lead to utility billing complexities and potential tenant disputes, alongside the inherent challenges of inheriting existing tenants and their leases.

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