$470,000
$549,000
14.4%For more information regarding the value of a property, please contact us for a free consultation.
6,098 Sqft Lot
SOLD DATE : 10/01/2018
Key Details
Sold Price $470,000
Property Type Vacant Land
Listing Status Sold
Purchase Type For Sale
Subdivision Not Applicable - 1007242
MLS Listing ID P0-818003718
Sold Date 10/01/18
HOA Y/N No
Lot Size 6,098 Sqft
Acres 0.14
Property Description
Prime corner property at the intersection of Villa Street and Mar Vista Avenue, in between Lake & Hill Street, one block north of the 210 Freeway. Tremendous future development opportunity, currently structures on the property include a corner retail market and and 1BD-1BA residential unit. Residential unit has one additional bedroom which may not be permitted. (Please check with city for building permits).Current multi-tenant mixed use property with tremendous future development opportunity for multifamily residential. RM-32 Zoning with, possible 4 units can be developed at property. Please verify all uses and potential development possibilities with the City of Pasadena.HUGE RENTAL UPSIDE. Long term tenants currently occupying the property. Residential unit at the property is currently leased month to month while the commercial retail unit has 4 years remaining on the lease. Residential unit paying $600/mo and commercial unit paying $725/mo starting 9/1/2018 for a total annual income of $15,900 annually. Projected market rents with renovations to the residential unit could bring in $2,000 +/- per month for projected $32,700 annual gross income.
Location
State CA
County Los Angeles
Area 646 - Pasadena (Ne)
Zoning RM-32
Interior
Fireplace No
Others
Tax ID 5732010030
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
Special Listing Condition Standard
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Bought with Michael Dostalek • A1 West Commercial Real Estate
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "