185 Monterey Rd

The City of South Pasadena approved the 53-unit condominium tract map in June 2026 through the State Density Bonus. The project is delivered without building permits, so the buyer controls plan finalization, value engineering, and GC selection. A single 1.26 acre parcel with full Monterey Road frontage, an 88,111 SF approved program, and a $70.47M modeled gross sellout.

Entitlement Risk Removed: The City approved the 53-unit condominium tract map in June 2026, skipping the 3+ years entitlement typically takes in South Pasadena.

Comp Supported Exit: Brand-new Pasadena condos clearing $1,042 to $1,101/SF frame the model's $1,100 to $1,200/SF market-rate exit assumptions.

Efficient Construction Design: The project uses an at-grade, two-level parking podium across the first two building levels, avoiding costly subterranean construction.

South Pasadena Scarcity: Top-rated unified school district, Metro A Line access, and minimal new condo supply by design.