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Multi-Family

231 North Hill Avenue

231 N Hill Ave, Pasadena, CA 91106

Listing Price: $3,900,000

Lot Size
0.55 acres
Price/Acre
$7,072,901
Land Type
Land
Buildable Square Feet
52,348

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 58-unit (Micro-Unit) SRO RTI development site at 231 North Hill Avenue located in Pasadena. Situated on two separate parcels of flat land totaling 24,019 square feet, the property provides a great opportunity for a developer to acquire a rare asset in one of the hottest markets in Pasadena with multiple developments in the immediate area. The subject property is in close proximity to numerous restaurants, cafes, bars, theaters, grocery stores, gyms, and entertainment choices on Lake Avenue, Colorado Boulevard, and South Arroyo Parkway. 231 North Hill Avenue is in a desirable, attraction-rich location, and is walking distance from renowned schools at California Institute of Technology and Pasadena City College. Metro Gold Line transit rail and Interstate 210 freeway access are nearby. 231 North Hill Avenue will be delivered with RTI plans for 58 SRO Micro Units, a trend that is becoming more common around the country and is gaining traction in urban locations. Based on a survey by the Urban Land Institute, micro-units achieve higher rates of occupancy and higher rent per square foot than conventional apartments. This rare development opportunity located Pasadena allows new ownership to maximize income with regards to total square footage and will allow an investor to achieve superior future returns, making 231 North Hill Avenue an excellent acquisition opportunity.

Investment Highlights

  • New Ownership Will be Delivered RTI Plans for 58 SRO units (Micro-Unit) for a Co-Living Development Project.
  • In Close Proximity to Highly Renowned Schools and Tech Companies, which Drive Rental Growth, Attracts High-Income Tenant Profiles, and Minimizes Leasing Times.
  • Pasadena is a Highly Sought-After Market due to its High Average Household Income, Density, New Developments, Popular Attractions, Schools and Employment Opportunities.
  • With a Walk Score of 90 'Walker's Paradise'- Daily Errands Do Not Require a Car. Residents are a 10 minute Walk From the Metro Gold Line, Schools, and More.
  • Pasadena has One of the Highest Amounts of Single Occupants with Over 38% of Households being Single Occupants. Rents for Single Bedroom Apartments have Increased by Just Over 50 Percent Over the Past Six Years.
  • Subject Property is Located Within One Mile of Caltech and Pasadena City College with Numerous Other Schools in the Area.

Exclusively Listed By

Financing By

Multi-Family

231 North Hill Avenue

Listing Price: $3,900,000

Lot Size
0.55 acres
Price/Acre
$7,072,901
Land Type
Land
Buildable Square Feet
52,348

Investment Highlights

  • New Ownership Will be Delivered RTI Plans for 58 SRO units (Micro-Unit) for a Co-Living Development Project.
  • In Close Proximity to Highly Renowned Schools and Tech Companies, which Drive Rental Growth, Attracts High-Income Tenant Profiles, and Minimizes Leasing Times.
  • Pasadena is a Highly Sought-After Market due to its High Average Household Income, Density, New Developments, Popular Attractions, Schools and Employment Opportunities.
  • With a Walk Score of 90 'Walker's Paradise'- Daily Errands Do Not Require a Car. Residents are a 10 minute Walk From the Metro Gold Line, Schools, and More.
  • Pasadena has One of the Highest Amounts of Single Occupants with Over 38% of Households being Single Occupants. Rents for Single Bedroom Apartments have Increased by Just Over 50 Percent Over the Past Six Years.
  • Subject Property is Located Within One Mile of Caltech and Pasadena City College with Numerous Other Schools in the Area.

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 58-unit (Micro-Unit) SRO RTI development site at 231 North Hill Avenue located in Pasadena. Situated on two separate parcels of flat land totaling 24,019 square feet, the property provides a great opportunity for a developer to acquire a rare asset in one of the hottest markets in Pasadena with multiple developments in the immediate area. The subject property is in close proximity to numerous restaurants, cafes, bars, theaters, grocery stores, gyms, and entertainment choices on Lake Avenue, Colorado Boulevard, and South Arroyo Parkway. 231 North Hill Avenue is in a desirable, attraction-rich location, and is walking distance from renowned schools at California Institute of Technology and Pasadena City College. Metro Gold Line transit rail and Interstate 210 freeway access are nearby. 231 North Hill Avenue will be delivered with RTI plans for 58 SRO Micro Units, a trend that is becoming more common around the country and is gaining traction in urban locations. Based on a survey by the Urban Land Institute, micro-units achieve higher rates of occupancy and higher rent per square foot than conventional apartments. This rare development opportunity located Pasadena allows new ownership to maximize income with regards to total square footage and will allow an investor to achieve superior future returns, making 231 North Hill Avenue an excellent acquisition opportunity.

Exclusively Listed By

Financing By

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