1500 & 1508 Mission Street
A Pride of Ownership Mixed-Use Offering in South Pasadena
Marketing description
Cap Rate and NOI shown are Year 1 projections based on NNN Conversion and lease-up assumptions. Refer to the OM for full detail or contact the listing team with questions.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present 1500 & 1508 Mission Street, a rare mixed-use portfolio in the heart of Downtown South Pasadena. The two-parcel assemblage spans nearly half a city block on a combined 23,253-square-foot lot — one of the most significant footprints available in this tightly held market. The property benefits from ample at-grade parking directly behind the buildings, recently repaved and re-striped, with abundant street parking along Mission Street and surrounding side streets.
The portfolio comprises two adjacent buildings totaling 15,569 square feet: 1500 Mission, a single-story retail building, and 1508 Mission, a two-story mixed-use property with residential over ground-floor retail. Together, the offering delivers eight apartment units and 11,405 square feet of commercial space anchored by long-established, community-rooted tenants — including Two Kids Coffee, one of the neighborhood's most popular gathering spots, and specialty retailers that have served South Pasadena for decades.
A 3,832-square-foot retail suite, currently owner-occupied through July 31, presents an immediate opportunity to lease to a strong local or national credit tenant. Historically, the property has operated at or near full occupancy for decades — the current vacancy is the direct result of the ownership transition, not a reflection of market softness. With the exception of one tenant, all retail leases are month-to-month, giving a new owner the ability to restructure the commercial rent roll under new NNN leases — significantly increasing net operating income and unlocking substantial value.
South Pasadena is one of the most sought-after and supply-constrained communities in Los Angeles County. Mixed-use assets in this 3.4-square-mile city trade with extreme infrequency, making this a generational pride-of-ownership opportunity in an irreplaceable location. The property sits on Mission Street, the city's vibrant main corridor, surrounded by acclaimed restaurants, cafés, and independent boutiques — all within a 96 Walk Score environment. With median household income exceeding $127,000 and median home values above $1 million, South Pasadena offers the best of both worlds: the walkability, dining, and cultural energy of an urban lifestyle paired with the safety, tranquility, and tight-knit character of a historic small town.
PLEASE DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT THE LISTING TEAM FOR DETAILS.
Investment highlights
Irreplaceable South Pasadena Location
Mission Street in the heart of Downtown South Pasadena — a historic, affluent community where mixed-use assets rarely come to market. 96 Walk Score with immediate access to acclaimed dining, specialty retail, and the Metro A Line. Median household income exceeds $127,000 and median home values surpass $1 million.
Half-Block Presence on a 23,253 SF Lot
Two adjacent parcels form one of the largest land positions in Downtown South Pasadena — a commanding footprint that is virtually impossible to replicate.
Proven, Community-Rooted Tenant Base
The commercial roster features tenants with decades of history in South Pasadena alongside Two Kids Coffee, one of the neighborhood's trendiest gathering spots.
3,832 SF owner-occupied Suite — Immediate Lease-Up Opportunity
A currently owner-occupied retail suite, delivered vacant at close, offers the chance to place a strong local or national credit tenant and capture additional income from day one. The property has historically operated at or near full occupancy for decades.
Month-to-Month Leases — NNN Conversion Upside
Nearly all retail leases are month-to-month, providing a clear path to restructure the rent roll under new NNN leases and significantly increase NOI.
Pride of Ownership — Generational Opportunity
Properties of this scale and quality in South Pasadena are held for decades. A rare chance to acquire a trophy mixed-use portfolio in one of LA County's most desirable and supply-constrained communities.
Urban Convenience, Small-Town Character
Walkable access to top-tier restaurants, cafés, and transit — paired with the low crime, tree-lined streets, and close-knit feel of a historic small town. South Pasadena schools have consistently ranked among the top in the state, helping to keep the area recession-resistant and the real estate market highly desirable.
Ample On-Site Parking — recently Upgraded
Dedicated at-grade parking directly behind the buildings, recently repaved and re-striped, supplemented by abundant street parking on Mission Street and surrounding side streets.
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