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2487 - 2489 E Washington Boulevard, Pasadena, CA

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2487 - 2489 E Washington Boulevard

Pasadena, CA 91104-2047 - Pasadena/Arcadia/Monrovia Submarket


Property Type:Retail Sub Type:Freestanding Status:Existing Year Built:1946
Building Size:4,993 SF Land Area: AC (113 SF)
For Sale Price:$2,188,000 Price/SF:$438.21
Cap Rate:3.75 %
Parking:Free Surface spaces are available; Ratio of 4.81/1,000 SF
Features:Bus Line, Signalized Intersection



Sale Notes:
The Growth Investment Group is proud to offer an upgraded, TURN KEY multi-tenant retail property in Pasadena, California. The property sits in a great location near downtown Pasadena and this sale presents a great opportunity for an investor to own a retail property with a lot of potential.

This unique property offers a rare mix of retail and residential space on the same lot. This would a great space for an owner-user or an investor. The property has a unit mix that consists of an updated restaurant with a new kitchen, appealing patio seating, three separate office spaces that are leased out, and a beautiful single family home. The home is zoned for commercial use and can be rented out as either a single-family home or developed into another commercial rental.

The property sits in a highly convenient location on the Pasadena/Altadena border while still being close to downtown Pasadena. This property also sits near the busy intersection of Washington Blvd and Altadena Drive. At this intersection there is a 7-Eleven, McDonalds, Phoenix Pharmacy, and other national and local retailers.

This area of Pasadena sits adjacent to the City of Sierra Madre on its east side. The property has an excellent trade area with strong income demographics within 1 mile radius (±$136,000 average household income).


INVESTMENT HIGHLIGHTS

First time on market since 1979
An upgraded TURN KEY multi-tenant retail property
Excellent frontage on Washington Blvd with ideal retail location
Good traffic volume on Altadena Dr. (±19,500 vpd) and Washington Blvd. (±13,000 vpd)
Excellent Demographics area with ±$136,000 average household income within 1 mile radius
Excellent live-work space for owner-user; will qualify for an owner-user SBA financing
Ready-to-go restaurant space with outdoor patio seating area
Short term leases with long-term tenants
C3 Zoning with ±100 feet frontage on Washington Blvd.; Potential redevelopment site
Upgraded copper plumbing and electrical
Unique single family home attached with the property (commercial zoning - can be converted into medical office, etc.)
Over 14 parking spaces
New roof placed 8 years ago
5 HVAC units + 2 HVAC for the residential side

Growth Investment Group, Inc.
Justin McCardle
(626) 594-4901

Han Widjaja-Chen
(626) 594-4901




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