185 Monterey Rd

Highlights:

• Tract map approved June 2026 for 53 condominium units on a single 1.26-acre South Pasadena parcel
• Now $7,000,000 (reduced from $8,000,000), $132,075 per approved unit and $127.75 per land SF
• $70.47M modeled gross sellout with $19.26M developer profit at the ask per the OM land residual
• Delivered without building permits; buyer controls plan finalization, value engineering, and GC selection

Description:

The LAAA Team of Marcus & Millichap is pleased to present 185 Monterey Road, a fully entitled 53-unit condominium development site in South Pasadena, now priced at $7,000,000 (reduced from $8,000,000). The price equals $132,075 per approved unit and $127.75 per land SF against a $70.47M modeled gross sellout. The City approved the 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.

Entitlement Risk Removed: The City of South Pasadena approved the 53-unit condominium tract map in June 2026 through the State Density Bonus, skipping the three-plus years entitlement typically takes in this city.

New $7,000,000 Price: The reduced price equals $132,075 per approved unit and $127.75 per land SF. On the OM land residual the project carries $19.26M of developer profit, 28.77% of net sale revenue, against a $70.47M modeled gross sellout.

Comp Framed Exit: Brand-new Pasadena condos clearing $1,042 to $1,101 per SF frame the model's $1,100 to $1,200 per SF market-rate exit assumptions across 46 market-rate units and 7 moderate-income units.

Efficient Construction Design: An 88,111 SF, seven-story program over a 109-space on-grade concrete parking podium backing the hillside, avoiding subterranean excavation.

South Pasadena Scarcity: Top-rated unified school district, Metro A Line access, and minimal new condo supply by design.