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Listed by Benjamin J. Hsiang - DRE #01438644 - Realty Investment Advisors, Inc. 424-377-6001 Listing Courtesy of: DRE #01784652

$3,850,000

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273 Sierra Madre Boulevard Pasadena, CA 91107

Cluster Residence

42 Beds

41 Baths

28,274 Sq. Ft.

0.34 Acre Lot

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Last updated on 11/14/2024 7:13 PM

Listing Details

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 cont...emporary 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. Continue reading

MLS#

24415387

Property Type

Cluster

Status

Bedrooms

Bathrooms

Square Feet

28,274 sq. ft

Lot Size

0.34