The offering at a glance.
A ±1.26-acre, fully entitled 53-unit condominium development in South Pasadena — tract map approved, delivered without building permits, with a modeled gross sellout of $59.19M.
Executive
Summary.
A fully entitled 53-unit condominium site in one of LA County's most supply-constrained, high-demand submarkets.
The City has approved the 53-unit tract map. Delivered without building permits — the buyer controls plan finalization, value engineering, and GC selection from the ground up.
South Pasadena — walkable downtown, top-rated unified school district, and Metro A Line access to Pasadena and DTLA. Minimal new condo supply by design.
$59.19M modeled gross sellout. 2025 South Pasadena condo sales at $808–$954/SF support the model's $900–$1,000/SF market-rate exit assumptions for brand-new product.
Six reasons 181 Monterey stands apart.
Tract Map Approved — Entitlement Risk Removed
The City has approved the 53-unit tract map. A buyer steps into a fully entitled for-sale condominium project without discretionary approval risk.
Buyer Controls Construction
Delivered without building permits — full control over architectural plan finalization, value engineering opportunities, and general contractor selection before breaking ground.
Comp-Supported Exit Pricing
Recent South Pasadena condo sales at $808–$954/SF validate the model's $900–$1,000/SF market-rate exit assumptions — appropriate premiums for brand-new construction.
Next-Door Precedent
The 191 Monterey Rd condominiums directly adjacent (same builder team, same SPR3 zoning) sold out in 2020–21 at $745–$767/SF — the submarket has appreciated roughly 20–25% since.
Institutional-Scale Program
88,111 SF building program across 7 stories with 109 subterranean parking spaces, a 4,878 SF courtyard, clubhouse, theater, fitness center, and rooftop deck.
South Pasadena Scarcity
One of the most land-constrained cities in LA County with minimal new condo supply — brand-new product commands a significant premium over resale stock.
The
Property.
Three parcels, one approved program.
Approved amenity program: 4,878 SF central courtyard, clubhouse, private theater, fitness center, and rooftop deck — 11,606 SF of usable open space including private balconies, plus 29,481 SF of landscaped area across the hillside site.
Entitled through the state density bonus — buyer takes it from here.
Design With Skill · Hill Architects, PC (South Pasadena) — full entitlement plan set through Submittal R5, October 2025.
Ministerial application under the State Density Bonus with height, story, and setback waivers — SB-330 application June 2024.
Building permits are not included — the buyer retains full control over plan finalization, value engineering, and GC selection.
±1.26 AC on Monterey Road.
Between the Arroyo Seco and the hills — minutes to Pasadena and DTLA.
The Residual
at the Ask.
$59.19M modeled gross sellout.
| Unit Type | Bedrooms | Qty | Avg Size (SF) | Exit $/SF | Total Exit Value |
|---|---|---|---|---|---|
| Moderate Income | 2 Bedroom | 1 | 1,044 | $400 | $417,600 |
| Moderate Income | 3 Bedroom | 6 | 1,344 | $400 | $3,225,600 |
| Market Rate | 2 Bedroom | 10 | 996 | $1,000 | $9,960,000 |
| Market Rate | 3 Bedroom | 36 | 1,407 | $900 | $45,586,800 |
| Total | 53 | 70,351 SF | $59,190,000 |
Total development costs · $37.66M.
| Line Item | Basis | Amount |
|---|---|---|
| Hard Construction Cost | 88,111 SF × $300/SF | $26,433,300 |
| Subterranean Parking | 109 spaces × $70,000 | $7,630,000 |
| Construction Documents — A/E | ~$22/SF | $1,900,000 |
| Permit & Impact Fees | City of South Pasadena · modeled | $1,700,000 |
| Total Development Costs | $427.45/SF · $710,628 per unit | $37,663,300 |
| Land Cost (Asking) | $150,943 per approved unit | $8,000,000 |
| Total Cost — Land + Development | Before construction financing & carry | $45,663,300 |
Modeled soft costs cover A/E construction documents and South Pasadena permit/impact fees. Additional soft costs — legal, title, builder's-risk, developer overhead, marketing, and contingency — should be underwritten by the buyer. The $300/SF hard cost basis should be validated against current GC bids for Type IIIA construction over a subterranean podium.
$7.44M developer profit at the ask.
| Line Item | Basis | Amount |
|---|---|---|
| Gross Sellout | 53 condominium units | $59,190,000 |
| Cost of Sale | 5.00% | ($2,959,500) |
| Net Proceeds From Sale | $56,230,500 | |
| Less: Total Cost — Land + Development | ($45,663,300) | |
| Less: Construction Loan Carry | 8% · 2-year term · 70% drawn | ($2,826,680) |
| Less: Property Tax + Insurance Carry | 1.25% annually on land · 2 years | ($300,000) |
| Developer's Profit | Per land residual model | $7,440,134 |
Sale
Comparables.
Recent South Pasadena condo sales — including four closings directly next door at 191 Monterey Rd, built by the same team.
| # | Address | Bd/Ba | SF | Year | Close | Price | $ / SF |
|---|---|---|---|---|---|---|---|
| ★ | 181 Monterey · Subject (market-rate 2BR exit) | 2/2 | 996 | New | Pro Forma | $996,000 | $1,000 |
| ★ | 181 Monterey · Subject (market-rate 3BR exit) | 3/2 | 1,407 | New | Pro Forma | $1,266,300 | $900 |
| P | 1978 Huntington Dr ↗ · Newest construction | 3/3 | 1,730 | 2023 | Aug 2025 | $1,650,000 | $954 |
| 1 | 820 Mission St #211 ↗ | 2/2.5 | 1,520 | 2016 | Mar 2025 | $1,400,000 | $921 |
| 2 | 820 Mission St #208 ↗ | 3/3 | 2,160 | 2016 | Aug 2025 | $1,745,000 | $808 |
| 3 | 191 Monterey Rd #I ↗ · Next door | 2/2.5 | 1,277 | 2020 | Mar 2021 | $980,000 | $767 |
| 4 | 191 Monterey Rd #C ↗ · Next door | 2/2.5 | 1,268 | 2020 | Mar 2021 | $960,000 | $757 |
| 5 | 191 Monterey Rd #B ↗ · Next door | 2/2.5 | 1,274 | 2020 | Oct 2020 | $958,000 | $751 |
| 6 | 191 Monterey Rd #D ↗ · Next door | 2/2.5 | 1,274 | 2020 | Nov 2020 | $950,000 | $745 |
Source: TheMLS / VestaPlus. All comps in South Pasadena (Area 87). The four 191 Monterey Rd closings are directly adjacent to the subject — same builder team, same SPR3 zoning — and the submarket has appreciated roughly 20–25% since that 2020–21 sellout.
Where brand-new condos clear in South Pasadena.
Market
Overview.
A supply-constrained city that prices like it.
South Pasadena is a small, highly desirable city bordered by Pasadena, Los Angeles, and Alhambra — known for its walkable Mission Street downtown, top-rated unified school district, and Metro A Line access into Downtown LA and Pasadena. New condominium supply is exceptionally limited due to the city's compact footprint and restrictive zoning, which has historically supported premium per-square-foot pricing for new construction relative to surrounding submarkets.
The last comparable project — 820 Mission, a 38-unit condominium complex built in 2016 — still resells at $808–$921/SF nearly a decade later. The subject would deliver the first new condominium project of scale in the city in years, trading as the scarce new-build option in the corridor.
A Line
- · Mission Street corridor · retail & dining
- · South Pasadena Unified · top-rated schools
- · Arroyo Seco parks, trails & golf course
- · Minutes to Old Pasadena & DTLA via the 110
An affluent, highly educated buyer base.
South Pasadena Unified is consistently rated among the top school districts in the state — the single biggest driver of family demand for ownership housing in the city.
A compact ~3.4 square-mile footprint and restrictive zoning have kept new supply minimal for decades, protecting pricing through cycles.
Move-up families targeting the school district, downsizing local owners, and Pasadena-adjacent buyers priced out of single-family stock.
Source: U.S. Census Bureau / American Community Survey estimates.
Offered at $8,000,000.
$150,943 per approved unit · $146.00 per land square foot · $6,359,820 per acre. Tract map approved; delivered without building permits.
Offers reviewed as received. Ask brokers for the data room link with the full entitlement plan set and land residual model.
Approved tract map, full architectural entitlement set (Submittal R5, October 2025), unit mix and sellout model, and title preliminary available on request.
Building permits to be obtained by buyer post-close — full control over plan finalization, value engineering, GC selection, and phasing. Moderate income covenant terms to be confirmed with the City.