130 N Mar Vista Avenue

Description

We are pleased to present a unique opportunity to acquire an entitled development site for a 23-unit apartment complex located at 130-140 N. Mar Vista Avenue in Pasadena. Expertly designed by the well-known Tighe Architecture firm, the proposed building features 13 two-bedroom + two-bath units, 9 one-bedroom + one-bath units, and 1 studio + one-bath unit situated above one level of subterranean parking. One of the biggest hurdles in Pasadena is obtaining design and concept approval for a residential development. This project has successfully cleared and secured that final approval. It is now ready for the next phase, construction design drawings and City plan check, en route to obtaining Ready to Issue (RTI) permits status and then start construction. This stage allows a new owner the flexibility to use any or all their own consultants and preferred companies for the CD process. The design of the building encompasses Pasadena's architectural heritage and enriches it with a modern touch. The project features ground level resident garden areas as well as a private rooftop garden and deck space. The site consists of two lots totaling +/- 15,426 square feet and with a corner location the project is designed for efficient use of space and maximum curb appeal. A huge advantage to a newly constructed property is the exemption from local Pasadena rent control laws, providing an owner with greater operational flexibility. Strategically situated south of the 210 freeway, the location offers easy access to the Metro Gold Line and South Lake Avenue, enhancing its attractiveness to prospective residents in what is already a consistently high demand rental city. Currently there is a house and a triplex on the lots that are being rented out month to month and generate a total monthly income of almost $7,300. In summary, this is a compelling investment opportunity that combines a prime location, thoughtful design, and operational advantages in a robust rental market.