252 Michigan Ave - Hacienda Garden Condominiums 0.8 Acres of Residential Land Offered at $5,500,000 in Pasadena, CA 91106

CBRE is proud to offer the Hacienda Garden Condominiums (the “Property”), a Residential Opportunity to build 34 Modern Condo Units, in the city of Pasadena. This site is fully permitted with all building permit fees of over $600,000 paid by the Seller.
The Hacienda Garden Condominiums, located at 252 N Michigan Avenue, in Pasadena is an exceptional development opportunity that sits on two parcels with cross streets at Walnut Street and Corson Street. This exceptional ±0.795-acre site is minutes from the 210 freeway, offering unparalleled accessibility. This fully entitled, shovel-ready project is offered at $5.5M, including all plans and permits for the construction of two three-story residential buildings with 34 modern condo units. With over $600,000 in building permit fees already paid, all the heavy lifting and planning are complete, and the project is construction-ready for immediate commencement. The approved plans account for a total of ±31,567 net rentable square feet of residential dwelling space, ±3,429 SF of residential common area and circulation, for a net residential size of ±34,996 SF space, with a total gross square footage of approximately ±67,567 residential net square feet, including a ±32,571 square foot subterranean parking area.
Proposed Development Details
The property sits in prime Pasadena, adjacent to the picturesque foothills of the San Gabriel Mountains. The proposed development plans, designed by the award-winning architect LCRA, include a diverse unit mix to cater to a sophisticated market. The project consists of 19 flats, 11 two-story units, and four townhomes. Common area amenities include lush modern garden-style landscaping, a secured subterranean parking lot, an elevator, and EV parking. The units are designed with balconies or patios, modern amenities, high-quality fixtures, and fully equipped kitchens with state-of-the-art appliances.
Investment & Market Highlights
The city of Pasadena represents a premier market for high-end development. The area's strong economic fundamentals are evidenced by the average household income of $163,206 within a 3-mile radius, signaling robust demand from a professional demographic. Pasadena's economy is anchored by major employers in technology, science, and higher education, ensuring a deep and reliable pool of prospective tenants for these modern condo units. This project is perfectly positioned to capture the value from this affluent and stable market.
Location & Accessibility
The property's central location is a significant advantage, placing it minutes from Downtown Los Angeles, the San Fernando Valley, and the Inland Empire. Residents will have convenient access to a variety of shopping options, top-quality restaurants, hotels, and scenic hiking trails. The project's prime location, coupled with its proximity to significant employers and cultural landmarks, offers a highly desirable lifestyle for future residents. Hacienda Garden Condominiums present a prime development opportunity that will yield a profitable investment. Located in an exceptional area in prime Pasadena, this property offers a stable and premium asset for a seasoned private investor or developer to add to their portfolio, with strong potential for student housing due to its proximity to local colleges.