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1736-1740 N Sierra Bonita Ave 4,068 SF Office Building Pasadena, CA 91104 $2,075,085 CAD ($510.10 CAD/SF)
INVESTMENT HIGHLIGHTS
- Substantial future development potential - Possibly five additional residential units
- Surrounded by high-earning, residential neighborhoods
EXECUTIVE SUMMARY
This property offers an investor or developer the chance to build up to 10 residential units in a prime Altadena location just 5 minutes to shops, dining, and the 210 freeway. The property consists of two lots totaling 13,973 SF with three buildings. The two front buildings are commercial (1,008 SF and 2,138 SF), and there is a 912-SF, craftsman, 3-bed, 2-bath, fully remodeled, single-family home in the back. Max out the development and then sell for a profit, or hold it for long-term cash-flow. The $139,660 per year average household income within a one-mile radius provides a strong capacity for premium rents. A detailed review in a meeting with a Los Angeles County planner confirmed that an 8-unit apartment building could be constructed on the front, C2-zoned portion of the property without a conditional use permit. On the R2 portion, another unit could be built to create a duplex. In the wake of the Eaton Fire, which destroyed thousands of homes nearby, community members want to move back, but there aren’t enough available rental units in the area. Building nine more units can meet a big need in a disaster-impacted community while creating a strong investment return. 2-Bedroom units currently command between $2,800 and $3,100 per month in the area, and 1-bedroom units fetch $2,100 to $2,400 a month. 3-bed, 2-bath duplex units will rent for between $3,400 and $3,700 a month. The existing single-family home can provide revenue during preconstruction, and the two commercial buildings offer additional options. All the structures are vacant, so you can get started implementing your vision right away. With stabilized annual revenue between $317,000 and $353,000 and multi-family properties selling at capitalization rates between 4.5% and 5.0%, the property would be worth between $4.9M and $5.5M.
PROPERTY FACTS
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Office
Property Subtype
Building Size
4,068 SF
Building Class
C
Year Built
1914
Price
$2,075,085 CAD
Price Per SF
$510.10 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
4,068 SF
Building FAR
0.29
Lot Size
0.32 AC
Zoning
LCR2VV & LCC2 - The western ±90 feet are zoned C2 commercial. The eastern ±110 feet are zoned R2 residential. Los Angeles County jurisdiction
Parking
8 Spaces (1.97 Spaces per 1,000 SF Leased)
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $586,573 CAD | |
| Land Assessment | $1,026,502 CAD | Total Assessment | $1,613,075 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$1,026,502 CAD
Improvements Assessment
$586,573 CAD
Total Assessment
$1,613,075 CAD
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1736-1740 N Sierra Bonita Ave
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