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Mixed-Use

2493 E Colorado

2493 E Colorado Blvd, Pasadena, CA 91107

Listing Price: $4,650,000

Cap Rate
0.69%
Number of Units
7
Occupancy
69.1%
Price/Unit
$664,286
Price/Gross SF
$388.08
Gross SF
11,982

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a mixed-use value-add opportunity located in Pasadena, California. This property provides investors with a potential proforma return of over 6.3 percent. The property consists of two buildings totaling 8,642 square feet of ground-floor retail with an additional 3,340 square feet of apartments comprising of 7 units on the second floor. The ground floor retail is currently 40% occupied which creates a great opportunity for owner-users looking to occupy more than 51%. The 7 apartments are comprised of six Studio / 1Ba and one 1Bd / 1Ba unit. There is one vacant apartment and the occupied rents are 30-40% below market providing investors with an achievable timely upside. The building sits on the signalized corner of the highly traveled Colorado Blvd. and Altadena Dr which benefits from over 34,800 cars per day. Located in one of the densest markets in LA County, the subject has over 475,000 people in a 5-mile radius with an average household income of $128,383.

Investment Highlights

  • Rare Colorado Boulevard True Value-Add Opportunity
  • Potential Proforma Return of Over 6.3 Percent - MTM Tenancy
  • Current Occupied Apartments Rents Are 30-40 Percent Below Market
  • Signalized Hard Corner Taking Advantage of the Major Intersection of Colorado Boulevard and Altadena Drive
  • Immediate Upside Through Current Retail and Apartment Vacancies
  • Recently Renovated Apartment and Retail Units - All Individually Metered
  • Incredible Owner-User Potential for SBA Loan Approval with 60 Percent Vacancy on Ground Floor
  • Over 475,000 People in a Five-Mile Radius with an Average Household Income of $128,383

Exclusively Listed By

Financing By

Mixed-Use

2493 E Colorado

Listing Price: $4,650,000

Cap Rate
0.69%
Number of Units
7
Occupancy
69.1%
Price/Unit
$664,286
Price/Gross SF
$388.08
Gross SF
11,982

Investment Highlights

  • Rare Colorado Boulevard True Value-Add Opportunity
  • Potential Proforma Return of Over 6.3 Percent - MTM Tenancy
  • Current Occupied Apartments Rents Are 30-40 Percent Below Market
  • Signalized Hard Corner Taking Advantage of the Major Intersection of Colorado Boulevard and Altadena Drive
  • Immediate Upside Through Current Retail and Apartment Vacancies
  • Recently Renovated Apartment and Retail Units - All Individually Metered
  • Incredible Owner-User Potential for SBA Loan Approval with 60 Percent Vacancy on Ground Floor
  • Over 475,000 People in a Five-Mile Radius with an Average Household Income of $128,383

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a mixed-use value-add opportunity located in Pasadena, California. This property provides investors with a potential proforma return of over 6.3 percent. The property consists of two buildings totaling 8,642 square feet of ground-floor retail with an additional 3,340 square feet of apartments comprising of 7 units on the second floor. The ground floor retail is currently 40% occupied which creates a great opportunity for owner-users looking to occupy more than 51%. The 7 apartments are comprised of six Studio / 1Ba and one 1Bd / 1Ba unit. There is one vacant apartment and the occupied rents are 30-40% below market providing investors with an achievable timely upside. The building sits on the signalized corner of the highly traveled Colorado Blvd. and Altadena Dr which benefits from over 34,800 cars per day. Located in one of the densest markets in LA County, the subject has over 475,000 people in a 5-mile radius with an average household income of $128,383.

Exclusively Listed By

Financing By

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