$4,195,000 Price Analysis   ♡   Pasadena, CA 91107 Unknown bed 0 bath unknown SqFt ($0/SqFt) 0.34 acre lot. Listed 2024-07-22, Taxes $23,951 | Ⓧ USDA Ineligible due to property near Pasadena |
We are pleased to present a rare development and investment opportunity 1/3 of a mile to the San Marino city limit.
The n ew 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 apartmnt properties in Pasadena will help this rare building maintain stable and high valuation. Property is currently fully vacant, so no tenant relocations required.
Presented by Benjamin J. Hsiang at
Realty Investment Advisors, Inc.
Property MLS #24-415513 from TheMLSCLAW
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 14617
Calculated Total Monthly Association Fees: 0
County: Los Angeles
Directions: East on Del Mar Blvd, South on Sierra Madre Blvd
Source Property Type: Land
Area: Pasadena SE
Source Neighborhood: Pasadena SE
Parcel Number: 5330-006-005
Postal Code Plus 4: 4883
Zoning: LCR4YY
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $1,000,000 + $1,000,000 $2,000,000 | $23,951 |
| 2021 | $54,288 + $47,533 $101,821 | $3,210 |
| 2020 | $53,732 + $47,046 $100,778 | $3,159 |
| 2019 | $52,679 + $46,124 $98,803 | $3,147 |
| 2018 | $51,647 + $45,220 $96,867 | $4,314 |
| 2017 | $50,635 + $44,334 $94,969 | $4,415 |
| 2016 | $49,643 + $43,465 $93,108 | $4,295 |
| 2015 | $48,898 + $42,813 $91,711 | $4,266 |
| 2014 | $47,941 + $41,975 $89,916 | $4,362 |
| 2013 | $47,725 + $41,786 $89,511 | $4,322 |
| 2012 | $46,790 + $40,967 $87,757 | $4,338 |
| 2010 | $45,873 + $40,164 $86,037 | $3,948 |
| 2009 | $45,640 + $39,959 $85,599 | $3,922 |
| 2009 | $45,531 + $39,864 $85,395 | $3,922 |
| 2008 | $44,746 + $39,176 $83,922 | $3,848 |
| 2007 | $43,869 + $38,408 $82,277 | $3,759 |
$4,195,000
TheMLSCLAW
Listed 2024-07-18
$4,195,000
TheMLSCLAW
Sold 2021-09-24
$2,000,000
CRMLS
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.