6,536sf Office, Large CG Lot, Allow Medical 1245 E Walnut St 6,536 SF 56% Leased Office Building Pasadena, CA 91106 $2,700,000 ($413.10/SF)

First Time for Sale Since 1973, Prime Location Owner-User or Mixed-Use Redevelopment Opportunity, Superb location between Lake Ave & Hill Ave, south of 210 FWY,
±44% Vacant, Wide range of Allowed Use including Medical use and Medical R&D, Adjacent to Approved 34-condo project (244 & 256 N MICHIGAN – Buyer to verify), and located nearby many new mixed-use/residential development projects.
Growth Investment Group California and NAI Capital Pasadena are proud to present 1245 E Walnut St, Pasadena, CA. The property is single story commercial office property with superb exposure right on Walnut St, located between Lake Ave and Hill Ave, and south of 210 FWY, it is the first time this property is being offered for sale since 1973! It is on a large ±16,881 SF/0.39ACRE corner lot with high density CG (Commercial General) zoning. A savvy developer would be able to maximize this lot with a high-density mixed-use redevelopment project (ground floor retail, and residential on subsequent floors).
It has a total of 6,536SF building size on a ±16,881SF lot. It is separated into 16 individual suites. 8 of the suites are vacant and will be delivered vacant (approximately ±2,860 SF / ±44% - buyer to verify) which makes this building suitable for an owner-user. The remaining 8 tenants are all on month-to-month rent and are significantly below market. This clear rental upside provides clear opportunities for an owner-user or developer to immediately increase the rents and boost the current income.
The property has a wide ±150ft exposure on Walnut Street and offers a CG (Commercial General) zoning which should allow much higher density redevelopment options (buyer to verify). The zoning allows a wide range of uses including (but not limited to): Medical use, Medical R&D, Retail, Residential, Transit-Oriented Development, Professional Office, and other wide range of uses. It enjoys a high traffic volume of ±16,808 CPD and has superb demographics with ±$125,686 average household income within a mile radius.
The building has attractive curb appeal and separately metered for electricity. There are 17 electrical meters – the main panel has been updated. There are 2 shared bathrooms. Parking is in the back with 16 open space and 1 disabled parking – ratio is 2.65/1000. It has a minimum landscaping in the front for easier maintenance.
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 Lake Ave District, Pasadena Playhouse, and Old Town Pasadena area. Boasting a Walk Score of 85 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 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.