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31 N Parkwood, Pasadena, California 91107, Pasadena, 91107 - bed, bath

31 N Parkwood, Pasadena, California 91107 home-pic-0
ACTIVE$5,100,000
31 N Parkwood, Pasadena, California 91107
0Bed
0Bath
5,322Sqft
10,103Lot
Year Built
1958
Close
-
List price
$5.1M
Original List price
$5.1M
Price/Sqft
$958
HOA
-
Days on market
-
Sold On
-
MLS number
SB25268517
Home ConditionGood
Features
Good View:
View-

About this home

We found 3 Cons,5 Pros.

12-unit building (12 legal Studios converted to 1-bed layouts, Total Sq. Ft. 4,608) at 1837 E Colorado Blvd (APN: 5746-017-030, Lot Size 8,997) and an 8-unit building (1 three-bed two-bath and 7 one-bed one-bath units, Total Sq. Ft. 5,322) at 31 N Parkwood Ave (APN: 5746-017-092, Lot Size 10,103). Both properties are being sold together and concurrently as one combined 20-unit portfolio. These well-maintained buildings are located near Pasadena City College with strong current cashflow and consistent renter demand. The Colorado Blvd property features recently renovated units where all studios were converted into functional 1-bed layouts, along with updated interiors and improved efficiency. The Parkwood building offers a balanced mix of larger floorplans and stable tenancy. Both assets share onsite parking, landscaping, and operational efficiency. This 20-unit portfolio provides an excellent opportunity for an investor seeking steady income in a high-demand Pasadena rental corridor. Pasadena is one of the most recognized and desirable cities in Los Angeles County and is known for its strong rental market, centralized location, public transportation access, employment base, and popular local amenities where tenants can live, work, and play locally.

Price History

Date
Event
Price
12/02/25
Listing
$5,100,000
03/11/22
Sold
$5,898,000
08/08/18
Sold
$4,100,000
09/29/14
Sold
$2,960,000
08/12/14
Sold
$2,960,029
04/07/14
Sold
$2,945,000
06/09/05
Sold
$2,250,000
Condition Rating
Good
While the property was built in 1958, the MLS description explicitly states 'recently renovated units' with 'updated interiors and improved efficiency' for at least one of the buildings. The interior images confirm this, showcasing modern kitchens with dark shaker-style cabinets, light countertops, stainless steel appliances (range, microwave, dishwasher, refrigerator), and contemporary light fixtures. The flooring throughout the visible units is updated LVP/laminate, and walls are freshly painted. These renovated units are move-in ready and meet current quality standards for rental properties. Although the overall building infrastructure is older, the visible unit renovations and general 'well-maintained' status elevate the property's condition to 'Good' for the renovated units, despite the potential for future capital expenditures on major systems due to the building's age.
Pros & Cons

Pros

Prime Pasadena Location: The portfolio is situated in a highly desirable Pasadena rental corridor, near Pasadena City College, benefiting from strong local amenities, public transportation, and a robust employment base, ensuring consistent tenant demand.
Strong Cashflow & Renter Demand: The property boasts strong current cashflow and consistent renter demand, indicating a stable and profitable investment opportunity with reliable income streams.
Significant Portfolio Scale: Comprising a combined 20 units across two well-maintained buildings, this portfolio offers substantial scale and diversification, appealing to investors seeking a larger, established asset.
Recent Renovations & Unit Conversions: The Colorado Blvd building features recently renovated units with updated interiors, including the conversion of studios to functional 1-bed layouts, enhancing tenant appeal and rental income potential.
Operational Efficiencies: Both properties share onsite parking, landscaping, and operational efficiencies, which can streamline management, reduce overhead costs, and improve overall profitability.

Cons

Age of Buildings: Constructed in 1958, the buildings are over 60 years old, which may necessitate significant capital expenditures for major systems (e.g., plumbing, electrical, roofing, HVAC) in the foreseeable future, despite recent unit renovations.
Lack of Detailed Financials: While strong cashflow is noted, the absence of specific financial metrics such as current rents per unit, operating expenses, or a detailed cap rate requires extensive due diligence for a comprehensive investment analysis.
Converted Unit Layouts: The 12 units on Colorado Blvd were originally studios converted to 1-bedroom layouts. These converted units might offer smaller living spaces compared to purpose-built 1-bedroom apartments, potentially impacting long-term tenant retention or rent ceiling for some demographics.

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