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Multi-Family

350 Cordova

350 Cordova St, Pasadena, CA 91101

Listing Price: Request For Offer

Lot Size
1.30 acres
Land Type
Redevelopment
Buildable Square Feet
82,630

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to purchase 350 Cordova (the “Site”), a 1.3-acre prime redevelopment site in the heart of Pasadena, ranked routinely as one of the best places to live in the United States.  Situated on the southwest corner of Cordova Street and Euclid Avenue, the Site benefits from Pasadena’s strong and growing employment base that is focused on the engineering and technology sectors and attracts well-educated, high income earners from across California.  In the wake of the COVID-19 pandemic, discerning renters are seeking exactly what Pasadena offers, a lower density environment with ample outdoor amenities, wide ranging accessibility via freeways and railways, outdoor dining and shopping, and abundant employment opportunities. While the home ownership (both condo and single family) markets have accelerated, there remains a lack of luxury rental options in the City, especially in the Old Pasadena and Paseo Colorado neighborhoods.  350 Cordova is poised to capture this pent-up demand and the renters who may be relocating from denser neighborhoods in the wake of the pandemic.

Investment Highlights

  • FULLY ENTITLED - The Site will be delivered fully entitled for 86 residences and a diverse unit mix consisting of Studios, One-Bedrooms, One-Bedrooms with Dens, and Two-Bedrooms.
  • COST EFFICIENT DESIGN - Type V over one level of semi-subterranean parking, a far less costly project to build than the typical Type III over two levels of parking structure
  • TRANSIT ORIENTED - 350 Cordova is located a 5-minute walk from Del Mar Station that services the Metro Gold Line, Metrolink, and Amtrak.
  • TRI CITIES' APARTMENT STOCK IS SHRINKING - Luxury apartment homes are being taken offline and converted to middle income housing over the coming months in Glendale and Pasadena.
  • HIGH BARRIERS TO ENTRY - Pasadena's annual apartment unit supply growth has averaged less then one percent over the last 10 years and will average approximately two percent over the next 5 years.
  • BOOMING EMPLOYMENT - Pasadena has a well-established presence in the tech community and is known as one of the major innovation hubs of the United States with the 4th highest per capita income and over $1.9B in federal R&D funding annually.  Transformational office developments such as 10 West, 100 Walnut, and 101 South Marengo are elevating the region with elite employers in tech, digital media, and sciences.
  • 10% HOME PRICE INCREASE PRICE DRIVING RENTAL DEMANDS - Pasadena's median single family home price increased 9.8% in the last 12 months and multi-million-dollar home sales regularly occur within a 1.5-mile radius of the subject property. Luxury condominiums next door to the subject property are selling out at record pricing ($800+/SF) in record time (30-45 days).

Exclusively Listed By

Listing Price: Request For Offer

Lot Size
1.30 acres
Land Type
Redevelopment
Buildable Square Feet
82,630

Investment Highlights

  • FULLY ENTITLED - The Site will be delivered fully entitled for 86 residences and a diverse unit mix consisting of Studios, One-Bedrooms, One-Bedrooms with Dens, and Two-Bedrooms.
  • COST EFFICIENT DESIGN - Type V over one level of semi-subterranean parking, a far less costly project to build than the typical Type III over two levels of parking structure
  • TRANSIT ORIENTED - 350 Cordova is located a 5-minute walk from Del Mar Station that services the Metro Gold Line, Metrolink, and Amtrak.
  • TRI CITIES' APARTMENT STOCK IS SHRINKING - Luxury apartment homes are being taken offline and converted to middle income housing over the coming months in Glendale and Pasadena.
  • HIGH BARRIERS TO ENTRY - Pasadena's annual apartment unit supply growth has averaged less then one percent over the last 10 years and will average approximately two percent over the next 5 years.
  • BOOMING EMPLOYMENT - Pasadena has a well-established presence in the tech community and is known as one of the major innovation hubs of the United States with the 4th highest per capita income and over $1.9B in federal R&D funding annually.  Transformational office developments such as 10 West, 100 Walnut, and 101 South Marengo are elevating the region with elite employers in tech, digital media, and sciences.
  • 10% HOME PRICE INCREASE PRICE DRIVING RENTAL DEMANDS - Pasadena's median single family home price increased 9.8% in the last 12 months and multi-million-dollar home sales regularly occur within a 1.5-mile radius of the subject property. Luxury condominiums next door to the subject property are selling out at record pricing ($800+/SF) in record time (30-45 days).

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to purchase 350 Cordova (the “Site”), a 1.3-acre prime redevelopment site in the heart of Pasadena, ranked routinely as one of the best places to live in the United States.  Situated on the southwest corner of Cordova Street and Euclid Avenue, the Site benefits from Pasadena’s strong and growing employment base that is focused on the engineering and technology sectors and attracts well-educated, high income earners from across California.  In the wake of the COVID-19 pandemic, discerning renters are seeking exactly what Pasadena offers, a lower density environment with ample outdoor amenities, wide ranging accessibility via freeways and railways, outdoor dining and shopping, and abundant employment opportunities. While the home ownership (both condo and single family) markets have accelerated, there remains a lack of luxury rental options in the City, especially in the Old Pasadena and Paseo Colorado neighborhoods.  350 Cordova is poised to capture this pent-up demand and the renters who may be relocating from denser neighborhoods in the wake of the pandemic.

Exclusively Listed By

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