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153 S Catalina Ave - Catalina at Cordova - MF Development Site 0.28 Acres of Residential Land Offered at $3,600,000 in Pasadena, CA 91106
Investment Highlights
- ±0.28-Acre Infill Site in Prime Pasadena Location
- Existing 8-Unit Asset Provides In-Place Cash Flow
- Transit-Oriented Location Near Metro A Line
- CD-MU-N Zoning under Central District Specific Plan allows 64 units an acre by right
- Walk Score 95 – Steps to South Lake, Old Town & Transit
- Strong Demographics with High Barriers to Entry
Executive Summary
Property Facts
1 Lot Available
Lot
| Price | $3,600,000 | Lot Size | 0.28 AC |
| Price Per AC | $12,884,430.24 |
| Price | $3,600,000 |
| Price Per AC | $12,884,430.24 |
| Lot Size | 0.28 AC |
12,171 SF (±0.28 acres) rectangular multifamily parcel improved with a residential buildings totaling 8 units (±4,316 SF). Built in 1953. Fronting Cordova Street with alley access and on-site covered and surface parking.
Description
NAI Capital and Lee & Associates are pleased to present a Prime development opportunity at 999 Cordova Street (aka 153 S Catalina Avenue), Pasadena, CA 91106), a rare ±0.28 Acre infill site in one of Pasadena's most sought-after neighborhoods, zoned CD-MU-N (Central District Mixed-Use Neighborhood) under the newly adopted Central District Specific Plan, with outstanding walkability (Walk Score 95) to South Lake Avenue's vibrant retail and dining, Old Town Pasadena, The Paseo shopping center, Caltech, Pasadena City College, and Metro A Line stations in a premier live-work-play market boasting a median household income exceeding $115,000 and high barriers to entry (median home price above $980k). This meticulously maintained 4,316 SF mid-century 8-Unit (eight 1-bedroom/1-bath units) multifamily asset features charming architectural details (including recent upgrades like new electrical subpanels in all units in 2025 and exterior painting in 2023), provides investors with immediate stabilized cash flow and professional management to offset carrying costs during pre-development planning for a trophy mixed-use property in one of Southern California's most desirable urban core. The site represents an exceptional redevelopment potential yielding to up to 27 Multifamily Units (leveraging the zoning's base residential density of 64 dwellings per acre rounded to 18 by right; with up to a 50% California State Density Bonus (to satisfy Pasadena’s mandatory inclusionary housing requirements), yielding 17.92 × 1.5 = 26.88 units, (rounded to 27 max bonus units), plus potential concessions/waivers for FAR, height, and reduced parking in this Transit-Oriented Development area near Metro Gold Line). Ideal for value-add investors or developers seeking a high-profile generational mixed-use or residential project in a pedestrian-friendly, transit-proximate location, with the unique advantage of enjoying reliable present income from the existing 8-Units before transitioning to a transformative redevelopment in Pasadena's thriving, high-demand housing market.
Presented by
153 S Catalina Ave - Catalina at Cordova - MF Development Site
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