Investment Overview

Marcus & Millichap, as Exclusive Advisor, is pleased to present 85 W Green Street, a 0.20 acres (8,534 square foot) parcel of vacant land at the NW signalized corner of W Green Street and S De Lacey Avenue in the vibrant “Old Town” neighborhood of Pasadena, CA 85 W Green Street can be delivered as vacant, unentitled land for the price of $2,100,000. The property is zoned CD-MU-C-AD-1, a mixed-use zoning in Pasadena’s Central District specific plan. The desirable zoning permits a wide range of uses, including a mixed-use project. New projects are permitted a base density of 87 units/acre, a 2.0 FAR, and 55-foot average height, among other development standards. By right, the zoning permits a base density of 18 units and ambitious developers can achieve an upwards of 100% density bonus through California State Density Bonus Law by including a percentage of affordable housing units. Because of the site’s proximity to transit, new development projects do not require any parking under AB 2097 and 100% affordable housing projects are allowed unlimited density. Ownership formerly had a proposal from an architect to construct up to approximately 60 affordable units. Alternatively, 85 W Green St can be delivered shovel ready with permits in hand for an 18-unit mixed-use development project for an additional $400,000, a total purchase price of $2,500,000. The project features five (5) studios, averaging 482 square feet, and thirteen (13) one-bedroom units, averaging 671 square feet, with four (4) of the units set aside for low-income renters. The project will span four (4) stories, a ground floor type I-B construction with three (3) stories of type V-A construction residential space above. The project’s fourth story is comprised of a single penthouse unit with dedicated and spacious outdoor patio as well as common area rooftop deck and gym. The project will utilize its approximately 85’ and 105’ of frontage along both W Green Street and S De Lacey Avenue, respectively, for access to both residential lobbies and the 4,840 square feet of retail/restaurant space. Future tenants of the ground floor retail spaces will enjoy a 767 square foot common area open space patio recessed from the sidewalk along S De Lacey Avenue. The subject property benefits from excellent visibility and frontage at the NW signalized corner of W Green Street and S De Lacey Avenue. The property’s location in Old Town Pasadena is a significant asset, situated just one block south of Colorado Blvd. This highly desirable area boasts a walk score of 97, reflecting its exceptional pedestrian accessibility. The surrounding area serves as a major employment hub, with over 3.6 million square feet of office space and notable companies such as JPL, Alexandria Real Estate, and East-West Bank. Furthermore, the site offers convenient access to the 134 and 210 Freeways via Del Mar Blvd and Fair Oaks Ave, enhancing its connectivity to the broader Los Angeles region.