273 S Sierra Madre Boulevard

Pasadena, CA 91107

PRICE REDUCED

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-$345,000 (-8.22%)

$3,850,000

List Price

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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.

Listing Information

List Price $3,850,000
Status Active
MLS 24415513
Type Land
Lot Size 14,617
Structure Size N/A
DOM 99
Courtesy Of Realty Investment Advisors, Inc.
Listing Agent Benjamin J. Hsiang DRE#01438644
Co-Listing Agent Alexander Metaxas DRE#01784652

Interior Features

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Exterior Information

Maps

Listing information courtesy of: Benjamin J. Hsiang, Alexander Metaxas, Realty Investment Advisors, Inc. 424-377-6001. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 29th, 2024 at 11:49 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. 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.