0.39 Acres Lot
0.39 Acres Lot
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26116221
HOA Y/N No
Year Built 1961
Lot Size 0.388 Acres
Property Sub-Type Office
Property Description
The PORTOFINO - 1245 E Walnut St, Pasadena, CA. This Value-add commercial property is single story commercial office/retail 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 (ECSP-CG-1 Commercial General - HIGH DENSITY) zoning - Allowed Use: This flexible zoning allows Retail, also permits medical offices, professional office suites, medical R&D, multi-family residential projects, and transit-oriented developments (BUYER TO VERIFY!). 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) or a 100% affordable development which will remove any density limit.
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.
Location
State CA
County Los Angeles
Area 647 - Pasadena (Sw)
Interior
Heating Central
Cooling Central Air
Fireplace No
Laundry None
Exterior
Fence None
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
Roof Type Flat
Present Use Commercial
Total Parking Spaces 17
Building
Lot Description 36-40 Units/Acre, Corner Lot, Landscaped, Level, Near Public Transit, Street Level
Story 1
Water Public
Others
Tax ID 5738015068
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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