Description

This property is offered for sale mainly for its land value. An ideal property for developers and builders: It has a lot size of 14510 sq ft (or 1/3 acre), zoned PSC (allowing 6087 units per acre; see Pasadena Land Use Map attached). The property can yield up to 2831 buildable units. Check with the city for a high-density bonus unit allowance. There are a couple ongoing construction sites on the same street that have permits for 17 units on.20 ac (or 85 u/acre) and 19 units on.23 ac (or 84 u/acre). It is centrally located in Pasadena's most desirable area, south of Colorado, west of Lake, close to Old Town Pasadena, Cal Tech, PCC, and Kaiser Permanente Medical School. Easy access to Fwy 110 to Downtown LA and Fwy 134 to Glendale. Presently, the property has 4 existing structures on the lot, consisting of 1 SFR, 1 duplex, and 2 fourplexes, with a GSI of up to $332,000 per year (pro forma). Great bonus while waiting for building permits! All structures are to be sold "as is." Submit your best offer by considering the number of buildable units and the value of all the new units after construction. All information provided is deemed reliable but is not guaranteed and should be independently verified. The seller made no warranties or representations of any kind.