393-401 S Fair Oaks Ave 12,426 SF Vacant Office Building Pasadena, CA 91105 $9,000,000 ($724.29/SF) 5.25% Cap Rate

393–401 South Fair Oaks Avenue presents a rare opportunity to acquire a freestanding medical office property located in Pasadena’s prestigious South Fair Oaks Medical Corridor. The ±12,426 square foot building is situated on a ±32,117 square foot lot and features 50 surface parking spaces, offering both functionality and convenience for medical users, developers, and owner-users alike.
The property is currently occupied by UnitedHealth Group (Optum) [NYSE: UNH] with a lease in place until August 31, 2026. With a list price of $9,000,000, the offering provides an attractive in-place 5.25% cap rate for the next several months, aligning perfectly for an owner-user to purchase the asset and work through their permitting process while strong income continues to flow. Similarly, a developer can leverage this period to advance plans and entitlements before executing their redevelopment strategy once the tenant exits.
The property is located along Pasadena’s well-known “Medical Corridor,” Fair Oaks Avenue, just two blocks north of Huntington Hospital. This premier healthcare corridor, combined with the property’s SFO-CG zoning and proximity to the Del Mar Gold Line Station, makes it a highly compelling owner-user or redevelopment opportunity. SB 79 has been adopted, enabling enhanced density and height allowances and unlocking significant long-term potential for residential or mixed-use development.
Overall, 393–401 S. Fair Oaks Avenue offers developers, owner-users, and investors a chance to own a generational asset in Pasadena’s thriving medical district—combining excellent location fundamentals, stable income, and future redevelopment potential.