1756-1776 E Colorado Blvd

The cap rates and NOI don’t reflect the true value of this Property. If you don’t want to redevelop and you want to keep it as is, rents can be easily be raised higher $.35 sqft-$.75 sqft depending on the unit to get the whole project at “CAP RATE $4.25+ (remember, interest rates are going down, not up. Fed chairman Powell just dropped 50 basis points and then on November another 7th 25 basis points more. Powell is clearly dropping interest rates in a prudent fashion, but consistently down). Trump also made it clear that he wants interest rates lower and rates will continue to go down. This property also has a lot of depreciation to write off which makes the property more valuable. But I left the leases all with very short terms on the 6 units 1-2 years left on leases for developers because if I adjust the rates, the tenants will of course want new leases and that will add Lease extensions which developers do not want. Any person who just wants to keep it “as is “ simply needs to increase the rents. The property has always been fully occupied at all times and has a very low turnover ratio some tenet have been there 34 years. Some tenants have been there 15 years. The best part is we’ve have NOT had problems collecting the rents, which are automatic deposits. Developers will like the short terms left on the leases because that will give them income why they are doing their permitting and architectural plans for specific purpose
REDEVELOPMENT: BECAUSE THIS 28,000 sqft PROPERTY IS IN THE ECSP (EAST COLORADO SPECIFIC PLAN), we are in the gateway area of that plan, right next to PCC, Pasadena City College. Pasadena city wants to revitalize this area and if you look on the website, you’ll see the city has gone out of their way to work with together with developers, instead of against and incentivize development in this specific area. That’s unusual and will save a lot of time and money for anybody who wants to revitalize these contingent properties with shared parking 28,000 sqft. It’s huge and you can put so much more square footage as my father added an extra big concrete shared parking lot in the back many years ago. I therefore left Lease’s short term one to two years left so I developer would have income coming in while they did their planning and due diligence, but not have long-term leases. If I raise the rents now, everybody will want a 5 or 10 year leases and I would eliminate half of the market that would be interested in redeveloping.
***I want to make it clear: It can be done either way. You can buy this property and just raise the rents up to current market value about $.35 sqft-$.75 sqft as most of the tenants would like to stay as we have a good relationship with the tenants, “OR” redevelop to multi use with the city and the Rare incentives and Cooperation with ECSP city redevelopment zone called Gateway area. basically, the city of Pasadena would like to bring this area up to the equivalent of old town Pasadena and it’ll be worth a lot more down the road, but I’m getting old and I’m handicapped and I have no interest. Please check the Pasadena website for all of the specifics and details to do your own homework and get the full comprehensive parameters of the city plan for this area!
SELLER 9AM-8PM SEVEN DAYS A WEEK, (858) 692-0868 ASK FOR BRIAN
- Up to 3% commission paid to buyer's real estate broker depending on circumstances & price
- Prime location on E Colorado Boulevard where the world famous The Rose Parade is eld each year.
- 1 block from Pasadena City College which provides high quality, innovative & dynamic learning environment. Each semester PCC offers
academic programs that encompass degrees, transfer programs, and certificates to more than 26,100 plus students.
-That's why the walk score is 90 which is very high foot traffic. Very busy with cars and foot traffic both.
- It is a prime redevelopment opportunity as this property is inside the 1.4 mile area to be revitalized and or redeveloped for mixed use development by the City of Pasadena in the "East Colorado Specific Plan ECSP". This address is located in the "Gateway" area of the ECSP as you will see in pics below and should review the Pasadena website for ECSP. Owners and Developers should get less headwinds, and lot more cooperation from the city of Pasadena when working on projects within the parameters and 1.4 mile area of ECSP. Unique opportunity here. I would love to do it myself, but my health is not good now and prevents it.
- The offering includes 3 different contingent parcels with a large shared concrete parking lot 28,000sqft.
- If development is not appealing, Just bring the rents up to current market, which would be easy to do because there are low on purpose for the reason listed above the property is 100% leased currently With great tenants that pay the rent on time every time, offering a nice return on investment for the near future. And has new roofs on every single unit with 20 year warranty, labor and material TPO solid white single roofs And new air conditioning units. With the concrete parking lot, the maintenance is very small and the cams are small. That’s what makes this property different than the rest is that you have two choices to leave it alone and bring the rent up to current market or revitalize on your budget and your experience and time. It’s a great bargain, considering the size of a lot, the location and the redevelopment area.
- We have a legal easement on Meredith and a monument sign on the entrance to the parking lot at the south west side. That means you can develop it and have that driveway easement go down into subterranean parking and do the redevelopment or buyout either the west or east corner property.