INVESTMENT HIGHLIGHTS
- First time for sale Since 1973
- Priced attractively on Per SF building and Per SF Lot
- Perfect for owner-user or high-density redevelopment projects
- Nearby Colorado Blvd, Pasadena City College, CALTECH, Lake Ave District, Playhouse District, Old Town Pasadena, and minutes from other attractions in Pasadena
- Zoning allows high-density redevelopment options (micro residential units with ground floor commercial) and a wide range of uses
- High density and high demand area for commercial & residential; Walk Score 85
- Significant upside on all occupied units with all tenants on month-to-month tenancies (±213% estimated rental upside on current in-place rents)
- Superb access to FWY 210 and FWY 134
PROPERTY HIGHLIGHTS
- Prime commercial building in an excellent location south of 210 FWY and nearby many amenities
- Large Corner Lot (0.39ACRE) - High Density Zoning CG (Commercial General)
- CG Zoning allows wide range of uses including: Medical, Retail, Office, Residential and other wide range of uses
- Excellent location on Walnut St and south of 210 FWY – major cross street is Hill Ave.
- Could be easily used as an owner-user property - 8 Units (approximately ±2860 SF – ±44% vacant -> buyer to verify) are vacant and will be delivered vacant
- Wide ±150ft frontage on Walnut St. with HIGH Traffic Volume (±16,808 cars/day)
- Superb demographics area with ±$125,686 household income within a mile radius
- Excellent curb appeal, corner larger lot with high-density zoning
- Ample parking with 17 open spaces (no soft story retrofit is required) – Parking Ratio: 2.65, Updated electrical, 17 electrical meters
EXECUTIVE SUMMARY
Growth Investment Group California and NAI Capital Pasadena are proud to present 1245 E Walnut St, Pasadena, CA. The property is single story commercial office property with superb exposure right on Walnut St, located between Lake Ave and Hill Ave, and south of 210 FWY, it is the first time this property is being offered for sale since 1973! It is on a large ±16,881 SF/0.39ACRE corner lot with high density CG (Commercial General) zoning. A savvy developer would be able to maximize this lot with a high-density mixed-use redevelopment project (ground floor retail, and residential on subsequent floors).
It has a total of 6,536SF building size on a ±16,881SF lot. It is separated into 16 individual suites. 8 of the suites are vacant and will be delivered vacant (approximately ±2,860 SF / ±44% - buyer to verify) which makes this building suitable for an owner-user. The remaining 8 tenants are all on month-to-month rent and are significantly below market. This clear rental upside provides clear opportunities for an owner-user or developer to immediately increase the rents and boost the current income.
The property has a wide ±150ft exposure on Walnut Street and offers a CG (Commercial General) zoning which should allow much higher density redevelopment options (buyer to verify). The zoning allows a wide range of uses including (but not limited to): Medical use, Medical R&D, Retail, Residential, Transit-Oriented Development, Professional Office, and other wide range of uses. It enjoys a high traffic volume of ±16,808 CPD and has superb demographics with ±$125,686 average household income within a mile radius.
The building has attractive curb appeal and separately metered for electricity. There are 17 electrical meters – the main panel has been updated. There are 2 shared bathrooms. Parking is in the back with 16 open space and 1 disabled parking – ratio is 2.65/1000. It has a minimum landscaping in the front for easier maintenance.
The property is located within the central Pasadena area (near Pasadena City College and California Institute of Technology), south of 210 Freeway and just within minutes to Lake Ave District, Pasadena Playhouse, and Old Town Pasadena area. Boasting a Walk Score of 85 with SUPERB demographics, it offers a superior location with easy access to FWY 210 and FWY 134. It is approximately a mile away from Pasadena Playhouse District, and around ±1.8miles from Old Town Pasadena. It is also just minutes from The Pasadena Convention Center, Norton Simon Museum, Pacific Asia Museum, shopping and dining in the area. The property has superb access to FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.