tomo logo

$3,850,000

Beds
42
sq ft
28,274

273 S Sierra Madre Blvd, Pasadena, CA 91107

273 S Sierra Madre Blvd

Pasadena, CA 91107

  • 110 days on market
    • Price drop $345,000↓
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.

Details

Property type

Property condition

New Construction

Lot size

0.3384 acres

Price per sq ft

$137

Year built

2026

HOA

No

Price History

09/23/2024
CLAW

CLAW #24415387

Price change
$3,850,000
-8.22%
07/15/2024
CLAW

CLAW #24415387

Listed
$4,195,000
+109.75%
09/24/2021
CRMLS

CRMLS #AR21176422

Sold
$2,000,000

Schools & Community

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Status: Active

Tomo last checked: 11/05/2024 at 2:50 AM

Listing updated: 10/29/2024 at 4:50 PM

Listed by: Benjamin J. Hsiang, Realty Investment Advisors, Inc.

MLS: CLAW #24415387

CLAW logo

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