Mission Arroyo Building
Address: 950–966 Mission Street
South Pasadena, California
Purchased: November 2002
Price: $1,375,000 ($176 per square foot)
Size: 7,808 square feet
The property was originally constructed in 1923, with renovations in 1990, 2004 & 2005.
Located at the northwest corner of Mission Street and Meridian Avenue in South Pasadena, the property was acquired in anticipation of the planned Gold Line station across the street, which was completed in 2005.
Net operating income increased by 150% over first five years of ownership.
Status – Continue long-term hold to maximize cash flow and capital appreciation.