Multi-Family

181-187 Monterey Rd

181 Monterey Rd, South Pasadena, CA 91030

Listing Price: $3,100,000

Lot Size
1.26 acres
Price/Acre
$2,460,300
Land Type
Redevelopment
Buildable Square Feet
27,620

Investment Overview

Marcus & Millichap has been selected by the owner's bankruptcy attorney to exclusively list and market this rare assemblage of three adjacent lots in one of the most sought after South Pasadena markets. The three lots combined offer a developer the chance to build 15 high-end condos on this huge 54,969-square foot lot (1.26 acres) in prime South Pasadena, California.

The rarity of this development opportunity is proven by the extremely small number of land sales that have happened in this market. According to CoStar, there have only been seven land sales in the past 10 years in South Pasadena.

To prove the market for brand new condos in this location, an investor needs only to look at the two lots on both sides of this offering. The adjacent lot to the west of this offering at 167 Monterey Road is a nine-unit Condominium project that was built in 1993. Furthermore, the lot directly adjacent to the East at 191 Monterey Road is another nine-unit Condominium project that is finishing construction this year.
Before filing for bankruptcy, the owner of these lots began the process of getting these three lots assembled and entitled to build 15 high-end luxury condos. The zoning allows for a max of 17 units/condos, but the current owner's research suggested that 15 units/condos was the more reasonable.

Investment Highlights

  • Rare Development Opportunity
  • Three Lots
  • Potential for 15 Condominiums

Exclusively Listed By

Listing Price: $3,100,000

Lot Size
1.26 acres
Price/Acre
$2,460,300
Land Type
Redevelopment
Buildable Square Feet
27,620

Investment Highlights

  • Rare Development Opportunity
  • Three Lots
  • Potential for 15 Condominiums

Investment Overview

Marcus & Millichap has been selected by the owner's bankruptcy attorney to exclusively list and market this rare assemblage of three adjacent lots in one of the most sought after South Pasadena markets. The three lots combined offer a developer the chance to build 15 high-end condos on this huge 54,969-square foot lot (1.26 acres) in prime South Pasadena, California.

The rarity of this development opportunity is proven by the extremely small number of land sales that have happened in this market. According to CoStar, there have only been seven land sales in the past 10 years in South Pasadena.

To prove the market for brand new condos in this location, an investor needs only to look at the two lots on both sides of this offering. The adjacent lot to the west of this offering at 167 Monterey Road is a nine-unit Condominium project that was built in 1993. Furthermore, the lot directly adjacent to the East at 191 Monterey Road is another nine-unit Condominium project that is finishing construction this year.
Before filing for bankruptcy, the owner of these lots began the process of getting these three lots assembled and entitled to build 15 high-end luxury condos. The zoning allows for a max of 17 units/condos, but the current owner's research suggested that 15 units/condos was the more reasonable.

Exclusively Listed By

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