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A 133-year-old Pasadena carriage house, built by a bank executive with ties to the Lincoln administration, is on the market for $1.995 million.
Marketing materials tout it as “an ideal opportunity for investors or owner-users seeking a unique blend of historical significance, architectural distinction and strong income potential.” The property generates monthly rental income of $8,999, or $107,988 annually.
Long since converted into a triplex, this 3,480-square-feet multifamily home is in the sought-after Grace Hill neighborhood near Arlington Garden in Pasadena. It has a total of five bedrooms and three bathrooms.
The largest of the three apartments is an upstairs two-bedroom, 1,800-square-foot apartment with a bonus room and a sunroom. An eat-in kitchen flows into the dining area.
Doors open to balconies off the kitchen and living room, which offer sweeping San Gabriel Valley views.
The remaining two downstairs units are each approximately 800 square feet. One has a bedroom, breakfast nook and living room with access to a balcony. The other has two bedrooms and a bright, airy main living area that flows into the kitchen.
According to the Pasadena Museum of History, the original owner was William Stanton, a Midwest lawyer who moved to the area in 1890 and became vice president of Pasadena National Bank and a member of the board of Throop Polytechnic Institute. He also had a family connection to Edwin M. Stanton, President Abraham Lincoln’s secretary of war during the Civil War, but the exact nature of their relationship is unknown.
Stanton commissioned Castle Green architect Frederick L. Roehrig to design this two-story, shingle-style outbuilding for storing horse-drawn carriages on what was then his expansive estate surrounded by orange groves.
Roehrig’s work included the Queen Anne Victorian-style “Grace Mansion” and a companion 50,000-gallon steel water tower since, at that time, there was no public water supply.
San Gabriel Valley Tribune reported that Stanton hired Roehrig to convert the water tower into a residence after the city began developing the area and making utilities available.
When Stanton and his wife died, their daughter sold the family property. It was later subdivided for new home construction. But the original structures remain. In addition to the converted water tower home, the still-standing mansion became an eight-unit luxury apartment building in the 1920s, according to the property description at Zillow.com.
The carriage house also serves as a rental property..
Scott R. Morris of SRM Real Estate Group, who is co-listing the property with his son and colleague, Ryan Morris, said the property has been under the same ownership for over 50 years. Address records put the now-deceased owners at the address since 1973.
While the longtime owners preserved Roehrig’s design, they also made many upgrades.Improvements include tankless water heaters, central air conditioning and new plumbing and electrical systems.
Each unit has hardwood floors, manufactured stone countertops and tile backsplashes.
According to the agents, the property is eligible for historic status.
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