Historic Gilded-Age multi-unit in Pasadena
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 $1.4 million 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 two 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.
80 Grace Terrace is available for sale and for lease, represented by Tom Flanagan.