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$ 8,000,000
Est. payment | /mo
1.26 Acres Lot
$ 8,000,000
Est. payment | /mo
1.26 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26859615
Lot Size 1.258 Acres
Acres 1.2475
Property Description
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.
Location
State CA
County Los Angeles
Area South Pasadena
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Listed by Marcus & Millichap
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