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$3,850,000

Est. payment - /mo

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0.34 Acres Lot

Active

273 S Sierra Madre BLVD Pasadena, CA 91107

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/29/2024 11:49 PM

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 24415513

HOA Y/N No

Lot Size 0.336 Acres

Property Description

We are pleased to present a rare development and investment opportunity just 1/3 of a mile to the San Marino city limit. The new owner will have the opportunity to develop a brand new, modern 26-unit apartment building project in the Unincorporated area of Pasadena. This development boasts a contemporary design, featuring 31 on-grade parking spaces (NO SUBTERRANEAN) with a highly desirable unit mix, ensuring strong, long term rental demand. The future apartments benefit from the absence of Pasadena City rent control laws, providing a significant advantage for investors by maximizing potential returns. This opportunity is made even more attractive as the project will be delivered with fully approved plans and will be permit-ready (RTI), allowing for a expedited construction process. Additionally, the property's versatility is enhanced by the potential to create two 1+1 ADUs by converting storage rooms into additional units, bringing the total to 28 apartments. This flexibility offers an excellent chance to increase rental income and overall property value. Designed with modern living in mind, each unit will appeal to a wide range of tenants, ensuring high occupancy rates and steady cash flow. The shortage of new construction apartment properties in Pasadena will help this rare building maintain stable and high valuation. Property is currently fully vacant, so no tenant relocations required.

Location

State CA

County Los Angeles

Area 648 - Pasadena (Se)

Zoning LCR4YY

Interior

Fireplace No

Exterior

View Y/N No

View None

Building

New Construction No

Others

Senior Community No

Tax ID 5330006005

Special Listing Condition Standard

Listed by Benjamin J. Hsiang • Realty Investment Advisors, Inc.

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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