It is our pleasure to introduce 80 Grace Terrace, one of the most unique apartment building 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 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 down the side of Grace Hill are hidden public steps that hilltop residents use to walk to 'The Yoga House' and the historic 'Raymond Restaurant'. Each 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 blooming in the surrounding gardens and views of the city with the San Gabriel mountains beyond. The owners of 31 years have spared no expense to bring this 8-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 two year, nearly $1.4M, rehab including an all new plumbing system, sewer lines, comp shingle roof, rain gutters and downspouts, electric sub panels, water heaters, paint inside and out, drip line landscape irrigation, and much, much more. This unique investment has always enjoyed high quality tenants, much higher than average rents, and extraordinarily low turnover. Now taken to a whole new level with new HVAC, in-unit washers and dryers, and high end appliances, these large, character-filled, apartments are more desirable than ever. Features include high ceilings, French doors, hardwood floors, crown molding, ceramic tile bathrooms, French door refrigerators, and gorgeous new 'iLVE' range/ovens shipped from Italy. There's more than enough parking on site for two cars per unit. A three-door, 486 sf, detached garage can provide additional tenant parking or can be considered for a potential ADU. Income can be enhanced by renting storage space to tenants in the ~3,800 sf semi-subterranean basement.
|DAYS ON MARKET||9||LAST UPDATED||1/13/2022|
|TRACT||Not Applicable||YEAR BUILT||1891|
|COMMUNITY||Pasadena (SW)||GARAGE SPACES||3.0|
|PROPERTY TYPE(S)||Residential Income|
|APPLIANCES||Dishwasher, Gas Range, Refrigerator|
|UTILITIES||Water Not Available|
TOTAL MONTHLY PAYMENT
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