228 Mentor LLC holds a fully approved, stamped permit set from the City of Pasadena (permit BLDMF2024-00635, division sign-offs May 2026) for nine three-bedroom condominium residences at 232 S Mentor Ave — a rare ready-to-issue condo site one block off the Lake Avenue corridor and steps from the Playhouse District. The heavy lifting is done: design, plan check, and approvals are complete, and a builder can pull permits and start construction.
This opinion of value prices the site off the condominium sellout — the same way every merchant builder will underwrite it: 14,437 sellable SF of brand-new three-bedroom product at a comp-supported $1,000/SF finished value equals a $14.44M gross sellout. Deducting all costs of construction, sale, and financing plus a market developer profit, the residual supports a recommended list price of $4,295,000.
| Unit | Type | Sellable SF | Unit | Type | Sellable SF | Unit | Type | Sellable SF |
|---|---|---|---|---|---|---|---|---|
| Unit 1 | 3-BR | 1,679 | Unit 4 | 3-BR | 1,542 | Unit 7 | 3-BR | 1,542 |
| Unit 2 | 3-BR | 1,729 | Unit 5 | 3-BR | 1,542 | Unit 8 | 3-BR | 1,662 |
| Unit 3 | 3-BR | 1,542 | Unit 6 | 3-BR | 1,542 | Unit 9 | 3-BR | 1,657 |
| Total Sellable SF | 14,437 | |||||||
All physical and entitlement data above is taken directly from the approved stamped plan set (Sheet A-0.0 project data, BLDMF2024-00635). Finishes per Sheet A-7.1: Omega stucco in Jet Grey & Omega White, Abodo Vulcan resawn timber siding, Porcelanosa facade tile (Town Blue & Acero), Milgard Trinsic bronze windows, glass guardrails, and a landscaped central courtyard with water feature.
Renderings and exhibits below are taken from the approved plan set (Sheets A-7.0 Color Rendering, A-3.3 Elevation/Streetscape, and A-7.1 Material Selections) — this is the design a buyer can build today, exactly as approved.
Click any image to enlarge. Source: approved stamped plan set, Eric Tsang Architects.
The comp set below is the same closed-sale evidence underwriting our 185 Monterey Rd condominium development offering in South Pasadena — directly applicable here because it captures where brand-new condominium product clears in Pasadena (91101, blocks from the subject) alongside the closest 3-bedroom prints.
| # | Address | City | Status | Bd/Ba | SF | Year Built | Close | Price | $/SF |
|---|---|---|---|---|---|---|---|---|---|
| ★ | 232 S Mentor Ave (Subject) — exit assumption | Pasadena 91106 | SUBJECT | 3-BR | ~1,604 avg | New | — | $1.52–$1.68M/unit | $950–$1,050 |
| 1 | 139 S Oak Knoll Ave #202 | Pasadena 91101 | CLOSED | 2/2 | 1,113 | 2025 | Mar 2026 | $1,225,000 | $1,101 |
| 2 | 150 S Oak Knoll Ave #104 | Pasadena 91101 | CLOSED | 2/2 | 1,023 | 2025 | Oct 2025 | $1,099,000 | $1,074 |
| 3 | 380 Cordova St #306 | Pasadena 91101 | CLOSED | 2/2 | 1,343 | 2024 | Jul 2025 | $1,400,000 | $1,042 |
| 4 | 1978 Huntington Dr | South Pasadena 91030 | CLOSED | 3/3 | 1,730 | 2023 | Aug 2025 | $1,650,000 | $954 |
| 5 | 820 Mission St #211 | South Pasadena 91030 | CLOSED | 2/2.5 | 1,520 | 2016 | Mar 2025 | $1,400,000 | $921 |
| 6 | 820 Mission St #208 | South Pasadena 91030 | CLOSED | 3/3 | 2,160 | 2016 | Aug 2025 | $1,745,000 | $808 |
Source: TheMLS / VestaPlus. Comps 1–3 are brand-new construction (2024–2025 build) condominium closings in Pasadena 91101, blocks from the subject; comps 4–6 are the closest South Pasadena (Area 87) prints, including the two most recent 3-bedroom sales.
The value of an RTI condo site is what a builder can pay after underwriting the sellout. We apply the comp-supported exit band to the approved 14,437 sellable SF, then deduct every cost of getting from stamped plans to closed escrows — construction, sale costs, financing, carry, and a market developer profit.
| Exit Scenario | Exit $/SF | × Sellable SF | Gross Sellout | Avg Price / Residence |
|---|---|---|---|---|
| Conservative | $950 | 14,437 | $13,715,150 | $1,523,906 |
| Central (recommended basis) | $1,000 | 14,437 | $14,437,000 | $1,604,111 |
| Aggressive | $1,050 | 14,437 | $15,158,850 | $1,684,317 |
| Line Item | Basis / Assumption | Amount |
|---|---|---|
| Gross sellout | 14,437 sellable SF × $1,000/SF | $14,437,000 |
| Less: costs of sale | 5.5% of gross (commissions, closing, HOA setup) | ($794,035) |
| Less: hard costs | $325/sellable SF above grade + 16-space basement garage @ $75,000/space | ($5,892,025) |
| Less: remaining soft costs | 12% of hard costs — permits & fees, insurance/SB800 wrap, contingency, marketing (design & entitlement already spent; plans are RTI) | ($707,043) |
| Less: construction financing | 70% LTC at 8.0%, 18-month build, 60% average outstanding balance | ($545,018) |
| Less: carry on land | Property tax + insurance during construction | ($118,541) |
| Less: developer profit | 15% of gross revenue (≈18.9% margin on total cost) | ($2,165,550) |
| Residual Land Value (what a builder can pay for the RTI site) | $4,214,788 | |
The residual moves roughly $530K per $50/SF of exit price and roughly $395K per $25/SF of hard cost. Cost assumptions follow the LAAA land-residual model calibrated on comparable podium condo projects; a builder will substitute their own numbers — the comp-supported sellout is the anchor.
Positioning: list just above the central residual to preserve negotiating room, with the $950/SF-exit residual ($3.68M) as the defensible floor. Every assumption is stated above so buyers negotiate inside our framework, not around it.
The buyer for an RTI condo site is a merchant builder or private developer — and they shop everywhere. Your property will be marketed by direct phone and email campaigns to our proprietary developer database, plus full syndication across every platform investors use to find deals:
Nobody in Los Angeles moves more development land than this team. Below is our current land & development inventory as shown on www.laaa.com — the same buyer pool actively bidding these sites will be the audience for 232 S Mentor.
| Address | City | Buildable Units | Price | Status |
|---|---|---|---|---|
| 3219-3249 Overland Ave | Los Angeles | 100 | $11,995,000 | AVAILABLE |
| 5151 E Arrow Hwy | Montclair | 300 | $10,500,000 | AVAILABLE |
| 1120-1164 W Sunset Blvd | Los Angeles | 237 | $9,000,000 | IN ESCROW |
| 5511 Ethel Ave | Sherman Oaks | 199 | $9,000,000 | AVAILABLE |
| 185 Monterey Rd | South Pasadena | 53 | $8,000,000 | AVAILABLE |
| 2600 S Robertson Blvd | Los Angeles | 149 | $7,995,000 | AVAILABLE |
| 4623-4631 Beverly Blvd | Los Angeles | 121 | $5,250,000 | IN ESCROW |
| 12335 Osborne Pl | Pacoima | 293 | $4,250,000 | AVAILABLE |
| 601 Pearl Street | Ojai | 9 homes | $3,700,000 | AVAILABLE |
| 1656 Sawtelle Blvd | Los Angeles | 38 | $2,995,000 | AVAILABLE |
| 10425 Independence Ave | Chatsworth | 8 homes | $2,500,000 | IN ESCROW |
| 10898 Olinda St | Sun Valley | 78 | $2,500,000 | AVAILABLE |
| 6540 Shoup Ave | West Hills | 10 homes | $2,000,000 | AVAILABLE |
| 5321 Riverton Ave | North Hollywood | 27 | $2,000,000 | AVAILABLE |
| 3837 College Ave | Culver City | 21 | $1,800,000 | AVAILABLE |
| 631-637 W 6th Street | San Pedro | 10 homes | $1,725,000 | AVAILABLE |
| 6901 Woodman Avenue | Van Nuys | 55 | $1,500,000 | AVAILABLE |
17 active land & development listings totaling ~$87M as of July 14, 2026. Source: www.laaa.com/listings?type=land — live inventory updates there.
