Property Detail

Description

Prime Mixed-Use Owner-user/Investment opportunity on Hill Ave, Superb location crossing Colorado Blvd and south of 210 FWY, Excellent Exposure with Superb Demographics, Seller MAY CARRY Up To 60% LTV at 5% fixed for 5 years! The property is a value-add mixed-use (retail/residential) property with superb exposure right on Hill Ave and located south of 210 FWY with Colorado Blvd as its nearest cross street. This is the first time this property is being offered for sale for more than 20 years! The property has a wide 60ft exposure on Hill Ave and offers a CG (Commercial General) zoning which should allow much higher density redevelopment options (buyer to verify). It enjoys a high traffic volume of ±21k cars per day and has superb demographics with ±$133k average household income within a mile radius. For a qualified buyer, Seller may carry a 60% LTV (40% down payment) secured by a 1st Trust Deed against subject property with 5% interest rates on a 5-year fixed Interest Only and 5-year term (balloon payment at end of year 5). The property has a total of ±4,366 SF building size on a large ±9,327 SF CG Zoned lot and consists of 2 separate buildings. The front building is a two-story retail building with about ±3,100 total square footage (±69% of the building – buyer to verify) and the back building is a small two-story residential building (4 units). The front building is split up into 3 separate suites. All the tenants are month-to-month, and the rents are significantly below market. The back residential 4 units tenants are also on month-to-month agreement and the rental amount is also significantly below market. The back residential building consists of 2 small 1bed+1bath and 2 small studio units (estimated sizes are in the rent roll). The property is located within the central Pasadena area (near Pasadena City College and California Institute of Technology), south of 210 Freeway and just within minutes to Old Town Pasadena area. Boasting a Walk Score of 87 with SUPERB demographics, it offers a superior location with easy access to FWY 210 and FWY 134. It is approximately a mile away from Pasadena Playhouse District, and around ±1.8miles from Old Town Pasadena. It is also just minutes from The Pasadena Convention Center, Norton Simon Museum, Pacific Asia Museum, shopping and dining in the area. The property has superb access to FWY 210.