Pasadena, CA91103
| 8568 sqft | MLS# IV25187386
Tract:
For Sale $4,490,000
Description
Attractive Interest Only Seller Financing Offered to Well Qualified Buyers (50% down, 12 month interest only at 5.50%, due in 12 months). The Fannie Bonham Row House, located at 221 N Raymond Ave, Pasadena, is the only remaining example of rowhouse construction in the city and a proud recipient of the City of Pasadena’s Historic Preservation Award. Originally built in 1898 and meticulously restored, the property blends late 19th-century architectural character with modern upgrades. Situated in the heart of Old Pasadena’s Historic District, directly adjacent to Pasadena Memorial Park and just steps to the Metro Gold Line, St. Andrew Church, and numerous shopping, dining, and cultural attractions, this investment opportunity is unmatched in location and history. The building offers an attractive unit mix of six (6) single-story 1BD/1BA units and three (3) two-story townhouse-style 2BD/2.5BA units, each townhouse featuring a bonus room off the primary bedroom ideal for a nursery, home office, or additional bedroom. All units enjoy private rear patios, updated systems, separate gas and electric meters, and water submetering, plus access to secure basement storage. Tenants benefit from nearby offsite parking options including the Marriott and other affordable alternatives. Extensive restoration preserved original details with custom-milled Douglas fir siding, crown moldings, and historically accurate window restoration, while integrating modern systems such as updated HVAC, Noritz tankless water heaters, Siemens electrical panels, and a new roof (2017). Financial highlights include a recent $630,000 price reduction, an actual CAP Rate of 5.01% with ProForma CAP Rate of 6.01%, a current GRM of 15.33 (ProForma 13.04), and attractive seller financing available to qualified buyers (50% down, 12-month interest-only at 5.5%). The property also benefits from Mills Act tax protection, with annual property taxes at only $22,325, generating an estimated $30,000 yearly savings—effectively the income equivalent of an additional one-bedroom unit. A rare opportunity to own Pasadena’s last historic rowhouse, offering charm, stability, and strong returns in one of Southern California’s most desirable rental markets.
Facts
| Built in 1898 | Lot Size: 7408.00 sqft | HOA Dues: $0/month
Features
Listing provided by ALBERT LE, LE INVESTMENT GROUP
Based on information from California Regional Multiple Listing Service, Inc. as of August 19, 2025. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.