Active

273 S Sierra Madre Blvd

Pasadena CA, 91107

$3,850,000


$263.39 per sqft

Active

0.34 Acres

Land

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.

24-415513

MLS ID

July 22, 2024

Listed

December 7, 2024

Updated

Map

273 S Sierra Madre Blvd
Pasadena CA, 91107

Exterior/Building Features

Lot Size

0.34 Acres

Other Property Details

Area Name

Pasadena SE


Days on Market

137


Garage

No


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%

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

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Lorissa Singleton shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 12/7/2024

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