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Mixed-Use

Shops on Hill

1383 E Washington Blvd, Pasadena, CA 91104

Listing Price: $18,500,000

Cap Rate
5.18%
Number of Units
12
Occupancy
100.0%
Price/Unit
$1,541,667
Price/Gross SF
$540.90
Gross SF
34,202

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire Shops on Hill, a two-property opportunity in Pasadena, California, one of Los Angeles’ most iconic and affluent suburban neighborhoods. A cultural center of the San Gabriel Valley, Pasadena is home to the famed Rose Bowl, Caltech, the Pasadena Playhouse, the Norton Simon Museum, Millionaire’s Row, and the Jet Propulsion Laboratory. The offering includes two buildings dubbed the Shops on Hill on opposite sides of Washington Boulevard on north and south positions. The larger, North property consists of 1383-1399 E. Washington Blvd., 1366 E. Washington Blvd., and 1349-1365 N. Hill Ave. It is a corner property at the intersection of E. Washington Blvd. and N. Hill Ave. The North property includes a surface parking lot of 50 spaces and is a 24,691 SF two-story structure. There are 14 ground-level retail tenants and a second story of 12 residential apartments. Opposite the North Property, the South property is located at 1384-1400 E. Washington Blvd. at the corner of E. Washington Blvd. and N. Hill Ave. This one-story multi-tenant commercial structure is 9,511 SF in size with four commercial retail tenants. A parking lot of 32 spaces sits adjacent to the North Property structure, spanning a quarter acre in size.

Investment Highlights

  • Two-property portfolio spanning over 34,000 SF of rentable retail and residential space
  • Notable retail tenants include Culture Club 101 Culinary Club, Lark Cake Shop, Vanity Studio, One Life Yoga, Lavendar & Honey, Millie's Restaurant and Cafe, and more
  • Over $1 million in annual revenue projected for 2022
  • Ample parking - Two adjacent parking lots flanking both the North and South properties
  • Award-winning redevelopment

Exclusively Listed By

Financing By

Listing Price: $18,500,000

Cap Rate
5.18%
Number of Units
12
Occupancy
100.0%
Price/Unit
$1,541,667
Price/Gross SF
$540.90
Gross SF
34,202

Investment Highlights

  • Two-property portfolio spanning over 34,000 SF of rentable retail and residential space
  • Notable retail tenants include Culture Club 101 Culinary Club, Lark Cake Shop, Vanity Studio, One Life Yoga, Lavendar & Honey, Millie's Restaurant and Cafe, and more
  • Over $1 million in annual revenue projected for 2022
  • Ample parking - Two adjacent parking lots flanking both the North and South properties
  • Award-winning redevelopment

Investment Overview

Marcus & Millichap is pleased to exclusively present the opportunity to acquire Shops on Hill, a two-property opportunity in Pasadena, California, one of Los Angeles’ most iconic and affluent suburban neighborhoods. A cultural center of the San Gabriel Valley, Pasadena is home to the famed Rose Bowl, Caltech, the Pasadena Playhouse, the Norton Simon Museum, Millionaire’s Row, and the Jet Propulsion Laboratory. The offering includes two buildings dubbed the Shops on Hill on opposite sides of Washington Boulevard on north and south positions. The larger, North property consists of 1383-1399 E. Washington Blvd., 1366 E. Washington Blvd., and 1349-1365 N. Hill Ave. It is a corner property at the intersection of E. Washington Blvd. and N. Hill Ave. The North property includes a surface parking lot of 50 spaces and is a 24,691 SF two-story structure. There are 14 ground-level retail tenants and a second story of 12 residential apartments. Opposite the North Property, the South property is located at 1384-1400 E. Washington Blvd. at the corner of E. Washington Blvd. and N. Hill Ave. This one-story multi-tenant commercial structure is 9,511 SF in size with four commercial retail tenants. A parking lot of 32 spaces sits adjacent to the North Property structure, spanning a quarter acre in size.

Exclusively Listed By

Financing By

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