$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 #24415387
Price change
$3,850,000
-8.22%
07/15/2024
CLAW #24415387
Listed
$4,195,000
+109.75%
09/24/2021
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
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