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2515 E Washington Boulevard & 1367 N Altadena Drive
Pasadena, CA 91104

Price: $5,500,000 Zoning: LCC3
Bldg SF: 16,007 SF Price/SF: $344
Land SF: 23,389 SF Parking: 31 Spaces
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Sevak Keshishian
(818) 726-0922
sevak.keshishian@marcusmillichap.com
License # 01887505

Price: $5,950,000
Bldg SF: 16,007 SF
Land SF: 23,389 SF
Price/SF: $344
Property Type: Retail
Click to View Offering MemorandumClick to Print Offering Memorandum

Exclusively Listed by:
Brandon Michaels
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685


Matthew Luchs
(818) 212-2727
matthew.luchs@marcusmillichap.com
License # 01948233


Sevak Keshishian
(818) 726-0922
sevak.keshishian@marcusmillichap.com
License # 01887505

Investment Highlights

SIGNALIZED CORNER MIXED-USE RETAIL & MULTIFAMILY ASSET WITH AMPLE PARKING

 

  • NW Signalized Corner of East Washington and North Altadena Drive
  • The property features seven ground floor retail units averaging 1,563 square feet
  • Twelve second-story multifamily units consisting of three one-bedroom units and nine studios
  • 31 parking spaces at the rear of the property
  • Excellent visibility and frontage
  • Access points along both East Washington Boulevard and North Altadena Drive

 

IDEAL OWNER-USER OR VALUE ADD OPPORTUNITY

 

  • Immediate upside available through stabilization
  • Ideal retail unit square footages are easily leasable within minimal tenant improvement costs
  • Vacancies in both the retail and multifamily portion of the property would allow an owner-user to occupy one or more suites within the property
  • SBA financing is available at historically low rates
  • Strong rental pocket creates significant cash flow opportunity

 

AFFLUENT SUBMARKET WITH STRONG DEMOGRAPHICS

 

  • Average household income within one mile of the property surpasses $144,100
  • There are over 14,700 people located within one mile of the property, 139,100 located within three miles, and 322,800 within five miles
  • There are over 5,600 households located within 1 mile of the property, 53,600 within three miles of the property, and 121,900 within five miles of the property

 

PROXIMATE TO NUMEROUS EDUCATIONAL AND CULTURAL INSTITUTIONS, AND RETAIL AMENITIES

 

  • The property is located approximately 4.5 miles from the Rose Bowl Stadium, 3 miles from the California Institute of Technology (Caltech), 4 miles from The Pasadena Playhouse, and 5 miles from the Norton Simon Museum
  • The property is located near a number of amenities, including McDonalds, Starbucks, Chase Bank, Stater Bros. Market, Food 4 Less, Wingstop, Big Lots, and Louisiana Fried Chicken

 

PROXIMATE TO SEVERAL SUBSTANTIAL PROPOSED DEVELOPMENT PROJECTS

 

  • The Resnick Sustainability Resource Center is a proposed laboratory for Caltech, which would be a 3-story 80,000 square foot laboratory designed by Yazdani Studio
  • A proposed development on Green Street between Oak Knoll and Hudson Avenues would feature 263 multifamily units on top of 16,234 square feet of commercial space, and 446 subterranean parking spaces across 2.33 acres of land