Asking Price: $6,900,000

First Time Ever on Market Original Builder Owned - Generational 16-Unit Value-Add Opportunity in a Premium South Pasadena Neighborhood, NO Local Rent Control, 12 units have been Updated. The San Rafael (1818 Ramona Ave), a premium 16-unit apartment community in one of South Pasadenas most prestigious neighborhoods. Offered for the first time by the original builder, this generational asset sits on a large 16,436 SF R3-zoned lot and boasts approximately 20,000 SF of building space, translating to unusually large, house-like floor plans. It has Exceptional demographics with over $170,017 AHH income within a mile-radius, and within the highly desirable South Pasadena Unified School District. Built in 1968, the building features distinctive architecture and has been exceptionally well-maintained. South Pasadena is a notoriously high-barrier-to-entry market with no local rent control and a severe lack of multifamily inventory. The San Rafael capitalizes on this scarcity, offering an unparalleled unit mix dominated by spacious 2-bedroom apartments. The property is a 3-story building with secured entrance and gated parking. It has fabulous landscaping with superior curb appeal and welcoming entry foyer area complete with seating. With a large building size of 20,000 SF translating to many oversized units (all 2-bedroom units averaged between 1200SF to 1400SF living space, and 850-900SF for 1-bedroom units). It offers superior unit mix of two (2) x 2bed+2.5bath+den, ten (10) x 2bed+2bath, and four (4) large 1bed+1.25bath. The 2bed+2.5bath+den units are extremely large with oversiz