2886-2888 E Walnut St 16,245 SF Industrial Building Pasadena, CA 91107 $5,999,888 ($369.34/SF) 7.48% Cap Rate

THIS IS AN AMAZING DEAL AND WILL GO FAST!!! CURRENT CAP RATE OF 5.55% --PROFORMA CAP IN 3 MONTHS POST CLOSING CAN BE AROUND 7.48% IF YOU BRING RENTS TO MARKET!!! YOU WILL NOT FIND A BETTER DEAL IN TOWN. ADJACENT TO BRAND NEW RUSNAK 61,000 SQFT PORSCHE DEALERSHIP.
WE WOULD LOVE A QUICK QUICK CLOSE DEAL AND ARE READY TO MAKE A DEAL!!! - IF YOU CAN CLOSE QUICKLY, WE WILL WORK WITH YOU ON PRICE AND RAISE THE ACTUAL CAP CLOSER TO 6% AND PROFORMA CAP RATE CLOSER TO 8%.
Rare Pasadena Investment with Strong Income + Value-Add Play - PERFECT 1031 EXCHANGE WITH ACTUAL STRONG INCOME!!! CAN BE CONVERTED TO 12 INDIVIDUAL COMMERCIAL WORK/LIVE CONDOS AND SOLD OFF INDIVIDUALLY - TENTATIVE PLANS ALREADY DRAWN! SELLER IS MOTIVATED TO MAKE SOMETHING HAPPEN - NEW LISTING - FULL PHOTO SHOT AND MARKETING PACKAGE WILL BE AVAILABLE IN APRIL 2026 BUT SHOWINGS WILL START NOW!!!
SELLER IS MOTIVATED AND WILL WORK HARD TO MAKE A DEAL HAPPEN!!!
Great Cash Flow Today with Amazing Future Upside and Rental Income . This versatile Pasadena asset is a prime opportunity for savvy cash flow investors, 1031 exchange buyers, and owner-users seeking strong returns and multiple exit strategies.
Currently generating +/-$433,000 in gross annual income with a path to $534,000+ in Proforma Gross Income, this property provides immediate yield with a proven trajectory to over 7.48% Cap Rate or higher within 90 days of closing. The current Cap Rate is +/-5.55%, creating a clear path for short-term income growth.
Property Features:
12 legal commercial work/live units, fully approved for both residential and commercial use
3 Industrial Buildings totaling 16,250+ sq ft (inclusive of mezzanines, common areas & storage)
Two legal parcels totaling approx. 15,578 sq ft of land
All tenants on month-to-month or expiring leases within 12 months – ready for repositioning
Flexible zoning supports a wide range of uses and creative tenant mixes
Draft condo conversion plans ready – option to split into 12 work/live condo units for resale
Fully rebuilt in the early 1990s, remodeled again in the early 2000s to its modern creative use
Formerly home to Occidental College’s art school – well-maintained and thoughtfully reimagined
Owner-user potential with upside through lease-up, repositioning, or strategic unit sales
This is not just a building—it’s a strategic asset offering multiple income streams, value-add options, and long-term scalability. Perfectly positioned for investors seeking flexibility and return in one of Pasadena’s most desirable and supply-constrained markets. Whether you’re looking to cash flow from Day 1 or scale into a higher valuation over time, this is your chance to own a Pasadena property that checks all the boxes.
Whether you're building long-term passive income, looking to reposition and increase NOI, or exploring profitable exit strategies through condo resale or tenant repositioning, this property delivers multiple income streams and scalability in a high-demand Pasadena location. It is also perfect for an Owner-User. Opportunities like this—offering immediate income with built-in value-add potential—rarely hit the market in Pasadena.