16-UNIT MULTIFAMILY PROPERTY SELLS IN SOUTH PASADENA, CALIF. FOR $6.1 MILLION
South Pasadena, Calif. (June 3, 2021) – Coldwell Banker Commercial NRT represented the buyer of a 16-unit, multifamily property located at 150 — 154 Monterey Rd. in South Pasadena, Calif. The property sold for $6.1 million. Robert Ip , a commercial real estate professional with Coldwell Banker Commercial NRT, was the broker on the transaction. The buyer intends to add the property as part of their investment portfolio.
“There continues to be an increase in the purchase of multifamily properties in the San Gabriel Valley, as many investors and buyers view these types of properties as a stable investment and hedge against inflation in the wake of the COVID-19 pandemic. This property has no deferred rents, making it a mutually advantageous transaction for both the buyer and seller,” said Ip.
The building, built in 1956, consists of approximately 11,492 square feet on 0.58 acres of land.
About Coldwell Banker Commercial NRT
Coldwell Banker Commercial NRT, the local affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types. With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com
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