INCREDIBLE 6.04% IN-PLACE CAP RATE! We are pleased to present the opportunity to acquire a rare and exceptional 28-unit multifamily property in Pasadena, CA. Originally constructed in 1932 with an addition in 1949, 1559 N Hill Avenue exudes charm and sophistication with its stately colonial architecture and large columned front porch. The property comprises (22) 1-bedroom units, (5) studios, and (1) 2-bedroom, 1-bath unit. There is a beautifully landscaped central courtyard surrounded by a gorgeous vintage Mellenthin-inspired second-floor catwalk. At the rear of the property is a large, easily-accessible surface parking lot with room for 25 vehicles. Tenants have access to a secured, oversized laundry room as well as to a large bike storage room.These spaces as well as another unused storage room are each roughly 1,000 square feet and could be repurposed for any number of different amenities or they could be potentially converted to additional ADU units. The property has been well maintained with only two owners over the past 40+ years. A major overhaul of the electrical system was completed in 2010 which included main panel and transformer replacement as well as rewiring of all units. The building exterior and interior common areas were recently painted as well. Furthermore, there is no need for soft story or similar seismic retrofitting. 1559 N Hill is located in Pasadena's Historic Highlands neighborhood. This primarily residential enclave is serene and quiet but offers easy access to many great points of interest. Most notably, the property is a short 5-minute walk to Washington Boulevard which is lined with popular shops and restaurants as well as larger national chain stores. 1559 N Hill presents an excellent opportunity for investors looking to acquire a well-positioned multifamily asset in a strong Southern California market. With rental income growth potential and high demand for housing in Pasadena, this property offers both stable current cash flow and significant upside potential.
Property Details
Property Features
Property Information:
Year Built: 1949
Stories: 2
Living Area: 14,640 SqFt
Listing Office:
Office Name: REMAX COMMERCIAL & INVESTMENT REALTY
Office Phone: (310) 802-2500
Listing Agent: Robert Renshaw
Interior Features
Bedroom and Bathroom Information:
Total Bedroom Count: 24
Exterior Features
Parking Information:
Parking: Assigned
Lot Features
Lot Information:
Lot Size: 0.48 Acres
Utilities
Utilities Information:
Heating: Wall Furnace
Cooling: Wall/Window Unit(s)
Other
Directions Information:
Directions: Between E Howard St & E Elizabeth St
Price Information
Listing Price Info
Price Summary:
List Price: $6,595,000
Price Per SqFt: $450/SqFt
Tax Information:
Annual Amount: $39,312
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Pasadena, CA.
This property is $5.3M more than the Median Sold Price and $317/SqFt less than other homes in Pasadena, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #24451389
Listing Office:
Office Name: REMAX COMMERCIAL & INVESTMENT REALTY
Office Phone: (310) 802-2500
Listing Agent: Robert Renshaw
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) 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. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 12/17/2024, 8:21:04 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Jun 28, 2019
Jun 28, 2019Home Sold
$2,084,500
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$39,312
$3,201,837
2020
$19,870
$3,303,181
2019
$19,924
$1,389,875
2018
$19,681
$1,362,624
2017
$19,681
$1,335,907
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
6
/10
Longfellow Elementary School
1065 E Washington Blvd
Distance between this listing and this school0.46 miles
Public District Grades PK-5
6
/10
Daniel Webster Elementary School
2101 E Washington Blvd
Distance between this listing and this school0.90 miles
Public District Grades PK-5
4
/10
Altadena Arts Magnet
743 E Calaveras St
Distance between this listing and this school1.11 miles
Public District Grades PK-5
Nearby Schools
4
/10
Charles W. Eliot Arts Magnet Academy
2184 Lake Ave
Distance between this listing and this school0.84 miles
Public District Grades 6-8
4
/10
Washington STEAM Multilingual Academy
1505 N Marengo Ave
Distance between this listing and this school1.42 miles
Public District Grades 6-8
8
/10
Ocs - South
524 Palisade St
Distance between this listing and this school2.27 miles
Public Charter Grades KG-8
Nearby Schools
6
/10
Marshall Fundamental
990 N Allen Ave
Distance between this listing and this school0.87 miles
Public District Grades 6-12
7
/10
Pasadena High School
2925 E Sierra Madre Blvd
Distance between this listing and this school1.87 miles
Public District Grades 9-12
5
/10
Cis Academy
2925 E Sierra Madre Blvd
Distance between this listing and this school1.87 miles
The neighbors living near this home have an average income of $48,690. Residents of Pasadena, CA typically earn between $35k-100k each year. The most common type of family is single, no kids. Residents of this area typically have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 1559 N Hill Ave
What is the listing price of this property?
The listing price of 1559 N Hill Ave property is $6,595,000.
What type of property is this?
The property 1559 N Hill Ave is a house located in Pasadena, California, 91104.
Is this property for sale now?
Active Listing: 1559 N Hill Ave is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $39,312 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on June 28, 2019 for $2,084,500. (source: MLS/tax record).
How many bedrooms and bathrooms does this property have?
The property at 1559 N Hill Ave has 24 bedrooms and 28 bathrooms.
What is the square footage of this property?
The property 1559 N Hill Ave is 14,640 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 1559 N Hill Ave is 1949.
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This home is located at 1559 N Hill Ave in Pasadena, CA and zip code 91104 in the The Verdugos neighborhood. This 14,640 square foot home, which was built in 1949, sits on a 0.48 acre lot. Features: 24 bedrooms, 28 bathrooms. It has been listed on Rocket Homes since October 10, 2024 and is currently priced at $6,595,000.
While more than 43 listings in Pasadena, CA in November 2024 were sold above asking price, there were more than 13 listings sold at asking price, and more than 21 were sold below. In November 2024 in Pasadena, CA there were 9.9% less homes for sale than in October 2024. While the average time on the market in November 2024 was 32 days, the median list price was $1,212,217.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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