221 N Raymond Avenue, Pasadena, CA 91103
Local realty services provided by:Better Homes and Gardens Real Estate Wine Country Group
221 N Raymond Avenue,Pasadena, CA 91103
$4,490,000
- - Beds
- - Baths
- 8,568 sq. ft.
- Multi-family
- Active
Listed by: albert le
Office: le investment group
MLS#:IV25187386
Source:CRMLS
Price summary
- Price:$4,490,000
- Price per sq. ft.:$524.04
About this home
Attractive Interest Only Seller Financing Offered to Well Qualified Buyers (50% down, 12 month interest only at 5.50%, due in 12 months).
The Fannie Bonham Row House, located at 221 N Raymond Ave, Pasadena, is the only remaining example of rowhouse construction in the city and a proud recipient of the City of Pasadena’s Historic Preservation Award. Originally built in 1898 and meticulously restored, the property blends late 19th-century architectural character with modern upgrades. Situated in the heart of Old Pasadena’s Historic District, directly adjacent to Pasadena Memorial Park and just steps to the Metro Gold Line, St. Andrew Church, and numerous shopping, dining, and cultural attractions, this investment opportunity is unmatched in location and history.
The building offers an attractive unit mix of six (6) single-story 1BD/1BA units and three (3) two-story townhouse-style 2BD/2.5BA units, each townhouse featuring a bonus room off the primary bedroom ideal for a nursery, home office, or additional bedroom. All units enjoy private rear patios, updated systems, separate gas and electric meters, and water submetering, plus access to secure basement storage. Tenants benefit from nearby offsite parking options including the Marriott and other affordable alternatives.
Extensive restoration preserved original details with custom-milled Douglas fir siding, crown moldings, and historically accurate window restoration, while integrating modern systems such as updated HVAC, Noritz tankless water heaters, Siemens electrical panels, and a new roof (2017).
Financial highlights include a recent $630,000 price reduction, an actual CAP Rate of 5.01% with ProForma CAP Rate of 6.01%, a current GRM of 15.33 (ProForma 13.04), and attractive seller financing available to qualified buyers (50% down, 12-month interest-only at 5.5%). The property also benefits from Mills Act tax protection, with annual property taxes at only $22,325, generating an estimated $30,000 yearly savings—effectively the income equivalent of an additional one-bedroom unit.
A rare opportunity to own Pasadena’s last historic rowhouse, offering charm, stability, and strong returns in one of Southern California’s most desirable rental markets.
Contact an agent
Home facts
- Year built:1898
- Listing ID #:IV25187386
- Added:104 day(s) ago
- Updated:December 02, 2025 at 11:47 AM
Rooms and interior
- Living area:8,568 sq. ft.
Structure and exterior
- Year built:1898
- Building area:8,568 sq. ft.
- Lot area:0.17 Acres
Utilities
- Water:Public
- Sewer:Public Sewer
Finances and disclosures
- Price:$4,490,000
- Price per sq. ft.:$524.04
New listings near 221 N Raymond Avenue
- New
$749,000Active2 beds 2 baths1,183 sq. ft.601 E California Boulevard #306, Pasadena, CA 91106
MLS# P1-25080Listed by: COMPASS - New
$674,000Active2 beds 1 baths600 sq. ft.46 E Montana Street, Pasadena, CA 91103
MLS# 25623739Listed by: KELLER WILLIAMS LOS ANGELES - Open Thu, 10am to 1pmNew
$1,150,000Active3 beds 3 baths1,660 sq. ft.2853 Ashley Drive, Pasadena, CA 91107
MLS# PF25253541Listed by: ENGEL & VOLKERS PASADENA - New
$1,699,000Active4 beds 3 baths2,476 sq. ft.500 Eldora Road, Pasadena, CA 91104
MLS# P1-25068Listed by: CRAIG ESTATES AND FINE PROPERTIES - New
$1,200,000Active3 beds 3 baths1,593 sq. ft.158 S Sierra Madre Boulevard #11, Pasadena, CA 91107
MLS# PW25267771Listed by: CHANG CALCOTE, BROKER - New
$1,270,000Active3 beds 3 baths1,700 sq. ft.188 S Sierra Madre Boulevard #12, Pasadena, CA 91107
MLS# PW25267769Listed by: CHANG CALCOTE, BROKER - New
$1,200,000Active3 beds 3 baths1,593 sq. ft.158 S Sierra Madre Boulevard #11, Pasadena, CA 91107
MLS# PW25267771Listed by: CHANG CALCOTE, BROKER - New
$950,000Active3 beds 2 baths1,367 sq. ft.168 S Sierra Madre Boulevard #113, Pasadena, CA 91107
MLS# PW25267772Listed by: CHANG CALCOTE, BROKER - New
$1,199,997Active-- beds -- baths1,928 sq. ft.1380 1382 Glen Avenue, Pasadena, CA 91103
MLS# DW25267641Listed by: GOOD OPPORTUNITY COMPANY INC. - New
$2,850,000Active3 beds 3 baths2,075 sq. ft.981 Glen Oaks, Pasadena, CA 91105
MLS# SR25257931Listed by: RLG STATE REALTY