Property listed by Growth Investment Group Pasade, Han Chen [email protected]
$2,300,000
3rd Price reduction! Prime Mixed-Use Owner-user/Investment opportunity on Hill Ave, Superb location crossing Colorado Blvd and south of 210 FWY, Excellent Exposure with Superb Demographics, Seller MAY CARRY Up To 60% LTV at 5% fixed for 5 years! The property is a value-add mixed-use (retail/residential) property… Read More with superb exposure right on Hill Ave and located south of 210 FWY with Colorado Blvd as its nearest cross street. This is the first time this property is being offered for sale for more than 20 years! The property has a wide 60ft exposure on Hill Ave and offers a CG (Commercial General) zoning which should allow much higher density redevelopment options (buyer to verify). It enjoys a high traffic volume of ±21k cars per day and has superb demographics with ±$133k average household income within a mile radius. For a qualified buyer, Seller may carry a 60% LTV (40% down payment) secured by a 1st Trust Deed against subject property with 5% interest rates on a 5-year fixed Interest Only and 5-year term (balloon payment at end of year 5). The property has a total of ±4,366 SF building size on a large ±9,327 SF CG Zoned lot and consists of 2 separate buildings. The front building is a two-story retail building with about ±3,100 total square footage (±69% of the building – buyer to verify) and the back building is a small two-story residential building (4 units). The front building is split up into 3 separate suites. All the tenants are month-to-month, and the rents are significantly below market. Unit #84 is recently vacant and has about 2074 sf space with the main space has 14ft high ceilings (see pictures). The back residential 4 units tenants are also on month-to-month agreement and the rental amount is also significantly below market. The back residential building consists of 2 small 1bed+1bath and 2 small studio units (estimated sizes are in the rent roll). This rental upside provides clear opportunities for a savvy buyer to come in and increase the income immediately. 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 Old Town Pasadena area. Boasting a Walk Score of 87 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. Read Less
Property listed by Growth Investment Group Pasade, Han Chen [email protected]
Listing Snapshot
Days Online
44
Last Updated
Property Type
Retail
Square Ft.
5,199
Lot Size
0.21 Acres
Year Built
1947
MLS Number
AR25163169
30 Days Snapshot Of 91106
$1.07M
-28%
(avg) sold price
14
-6%
homes sold
69
+13%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1947, Building area total: 5,199, 2 buildings
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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