273 S Sierra Madre Boulevard, Pasadena, CA 91107 (MLS # 24415387)

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PRICE $3,850,000 dsIDX morgage calculator
BEDS 42
BATHS 41
HOME SIZE 28,274 sqft
LOT SIZE 14,741 sqft

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.

DAYS ON MARKET 107 LAST UPDATED 9/23/2024
YEAR BUILT 2026 COMMUNITY Pasadena (SE)
COUNTY Los Angeles STATUS Active
PROPERTY TYPE(S) Residential Income

PRICE HISTORY
Prior to Sep 23, '24 $4,195,000
Sep 23, '24 - Today $3,850,000


ADDITIONAL DETAILS
AIR Central Air
AIR CONDITIONING Yes
AREA Pasadena (SE)
GARAGE Community Structure
HEAT Central
LOT 0.34 acre(s)
PARKING Community Structure
STORIES 4
ZONING LCR4YY
MORTGAGE CALCULATOR
   

TOTAL MONTHLY PAYMENT

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Listed with Realty Investment Advisors, Inc.

The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. as of 10/29/24 8:19 PM PDT and /or other sources. 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

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