List Price: $2.5M

Listing Status: Active

Days on Market: 20

0 Bedrooms · 0 Bathrooms

Property Type: CommercialSale

Year Built: 1961

Lot Size: 16,886 sq ft

MLS Number: AR26116221

About This Property

FIXER UPPER! Prime Location Owner-User or Mixed-Use Redevelopment Opportunity, Superb location between Lake Ave & Hill Ave, south of 210 FWY, One of the Best Value Deal with ±44% Vacancy, Wide range of Allowed Use including Medical use and Medical R&D, Adjacent to Approved 34-condo project, CG Zone - MULTIPLE REDEVELOPMENT OPTIONS - Owner Since 1973. The Portofino - 1245 E Walnut St, Pasadena, CA. The property is single story commercial office property 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 (Commercial General) zoning. 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). 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. Parking is in the back with 16 open space and 1 disabled parking – ratio is 2.65/1000. It has a minimum landscaping in the front for easier maintenance.