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Mixed-Use

2515 E Washington & 1367 N Altadena

2515 E Washington Blvd, Pasadena, CA 91104

Listing Price: $5,500,000

Cap Rate
2.24%
Number of Units
19
Occupancy
77.0%
Price/Unit
$289,474
Price/Gross SF
$343.60
Gross SF
16,007

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale 2515 East Washington Boulevard, a 16,007 square foot mixed-use property consisting of seven ground-floor retail units averaging 1,563 square feet and twelve multifamily units consisting of three one-bedroom units and nine studios ideally situated on 23,389 square feet of land. The property is located on the northwest signalized corner of East Washington Boulevard and North Altadena Drive, with approximately 137 feet of frontage on East Washington Boulevard, and approximately 167 feet of frontage on North Altadena Drive, in the high-demand, affluent sub-market of Pasadena, CA. The retail portion of the property is 10,943 square feet, or 68% of the property. The multifamily portion is 5,064 square feet, or 32% of the property. There are currently four vacant retail units totaling 8,381 square feet and two vacant multifamily units. The current occupancy coupled with short term leases creates significant flexibility, allowing an owner-user Buyer to occupy a portion of the property while generating income from the existing tenant base or an investor the opportunity to stabilize a prime Pasadena mixed-use asset. 2515 East Washington Boulevard is ideally located in Pasadena, which is home to several substantial proposed and in-progress developments, including the Resnick Sustainability Resource Center, which features plans for an 80,000 square foot laboratory for the California Institute of Technology, as well as the proposed project on Green Street which would feature 263 multifamily units above 16,234 square feet of ground floor retail across 2.33 acres of land if approved by the city. 2515 East Washington Boulevard is located proximate to several substantial educational and cultural institutions. The property is located approximately 4.5 miles from the Rose Bowl Stadium, 3 miles from the California Institute of Technology (Caltech), 4 miles from The Pasadena Playhouse, and 5 miles from the Norton Simon Museum. The property is located near a number of amenities, including McDonalds, Starbucks, Chase Bank, Stater Bros. Market, Food 4 Less, Wingstop, Big Lots, and Louisiana Fried Chicken.

Investment Highlights

  • NW Signalized Corner of East Washington and North Altadena Drive
  • The property features seven ground floor retail units averaging 1,563 square feet
  • Twelve second-story multifamily units consisting of three one-bedroom units and nine studios

Exclusively Listed By

Mixed-Use

2515 E Washington & 1367 N Altadena

Listing Price: $5,500,000

Cap Rate
2.24%
Number of Units
19
Occupancy
77.0%
Price/Unit
$289,474
Price/Gross SF
$343.60
Gross SF
16,007

Investment Highlights

  • NW Signalized Corner of East Washington and North Altadena Drive
  • The property features seven ground floor retail units averaging 1,563 square feet
  • Twelve second-story multifamily units consisting of three one-bedroom units and nine studios

Investment Overview

Marcus & Millichap has been selected to exclusively represent for sale 2515 East Washington Boulevard, a 16,007 square foot mixed-use property consisting of seven ground-floor retail units averaging 1,563 square feet and twelve multifamily units consisting of three one-bedroom units and nine studios ideally situated on 23,389 square feet of land. The property is located on the northwest signalized corner of East Washington Boulevard and North Altadena Drive, with approximately 137 feet of frontage on East Washington Boulevard, and approximately 167 feet of frontage on North Altadena Drive, in the high-demand, affluent sub-market of Pasadena, CA. The retail portion of the property is 10,943 square feet, or 68% of the property. The multifamily portion is 5,064 square feet, or 32% of the property. There are currently four vacant retail units totaling 8,381 square feet and two vacant multifamily units. The current occupancy coupled with short term leases creates significant flexibility, allowing an owner-user Buyer to occupy a portion of the property while generating income from the existing tenant base or an investor the opportunity to stabilize a prime Pasadena mixed-use asset. 2515 East Washington Boulevard is ideally located in Pasadena, which is home to several substantial proposed and in-progress developments, including the Resnick Sustainability Resource Center, which features plans for an 80,000 square foot laboratory for the California Institute of Technology, as well as the proposed project on Green Street which would feature 263 multifamily units above 16,234 square feet of ground floor retail across 2.33 acres of land if approved by the city. 2515 East Washington Boulevard is located proximate to several substantial educational and cultural institutions. The property is located approximately 4.5 miles from the Rose Bowl Stadium, 3 miles from the California Institute of Technology (Caltech), 4 miles from The Pasadena Playhouse, and 5 miles from the Norton Simon Museum. The property is located near a number of amenities, including McDonalds, Starbucks, Chase Bank, Stater Bros. Market, Food 4 Less, Wingstop, Big Lots, and Louisiana Fried Chicken.

Exclusively Listed By

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