Listing Courtesy of: Benjamin J. Hsiang - Realty Investment Advisors, Inc. 424-377-6001
$3,850,000 affordable loan icon Calculate Payment

Sierra Madre Blvd Pasadena, CA 91107

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Other Residence
42 Beds
41 Baths
28,274 Sq. Ft.
0.34 Acre Lot
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Last updated on 11/14/2024 7:44 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#
24-415387
Property Type
Other
Bedrooms
42
Bathrooms
Square Feet
28,274 sq. ft
Price per Sq. Ft.
$136.17
Lot Size
0.34
Sewer
No Sewer
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Listing Courtesy of: Benjamin J. Hsiang - Realty Investment Advisors, Inc. 424-377-6001
Barbara Lynn Simmons, License CALBRE 637579, Xome Inc., License CALBRE 1932600, [email protected], 844-400-XOME (9663), 2945 Townsgate Road, Suite 200, Westlake Village, CA 91361


Based on information from Combined LA/Westside Multiple Listing Service, Inc. as of 11/14/2024. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
This content last refreshed on 11/14/2024 7:44 PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Information is deemed reliable but is not guaranteed.
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