Active

273 S Sierra Madre Boulevard

Pasadena CA, 91107

$3,850,000


$263.39 per sqft

Active

0.34 Acres

Land

Listed by Benjamin J. Hsiang with Realty Investment Advisors, Inc. 424-377-6001

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.

24415513

MLS ID

July 22, 2024

Listed

October 4, 2024

Updated

Map

273 S Sierra Madre Boulevard
Pasadena CA, 91107

Exterior/Building Features

Lot Size

0.34 Acres

Other Property Details

Area Name

648 - Pasadena (SE)


Days on Market

67


Garage

No


Parking Total

0


View

No


View Description

None


County

Los Angeles


Pool

No


Zoning

LCR4YY

Listing History

Date

Event

Price

9/23/2024

Price change

$3,850,000

-9%

Listing Contact:  

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 10/4/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 10/4/2024 at 1:45 AM UTC

 

Powered byLuxury Presence