Pasadena Office Asset For
For Sale
Contact for pricing
Pending
1191 E Walnut St, Pasadena, CA 91106
2,160 SF office building near Colorado Boulevard in Pasadena.
Property Size2,160 SF
Lot Size0.13 Acres
Days on Market205
Property Features for 1191 E Walnut St
General Information
Standard status
Pending
Size
2,160 SF
Lot size
0.13 Acres
Property subtype
Office
Zoning
CG
Investment Type
Owner/User
Building Details
Year Built
1955
Buildings
3
Stories
2
Listing Agency:
Marcus & Millichap - Encino
(818) 212-2794
Listed By:
Steve Schechter · License #CA 01089464
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Jul 25 at 2:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Encino
Investment Insights
Based on property information with market context.
Located just north of Pasadena’s primary commercial corridor along Colorado Boulevard, the property at 1191 E Walnut Street is a 2,160 square foot office asset situated on 0.13 acres of land. The property is currently vacant, having been formerly occupied by a single psychology practice, creating an immediate owner-user or value-add opportunity. An owner-user may occupy the property for their own business operations, while a value-add investor has the ability to reposition the asset with a market-rate tenant or multiple tenants. Zoned CG (Commercial General), the property benefits from a broad commercial zoning designation that allows for a wide range of professional, medical, creative, and service-oriented uses. The site is comprised of three structures, including the original two-story office building, a separate converted office unit, and a detached storage/office structure. The main building includes four offices on the ground floor with shared restrooms, along with two additional rooms and a bathroom on the second floor. Two rear patio areas provide access to the detached units, allowing for flexible separation of uses or ancillary workspace. The property is served by four easily accessible street-front parking spaces, including one ADA-designated space, and is equipped with a handicap elevator, providing functional accessibility. The property's proximity to public transit eliminates municipal parking requirements, materially enhancing future use flexibility and reducing constraints for re-tenanting or owner occupancy. The site is located approximately 0.3 miles north of Colorado Boulevard, offering convenient access to restaurants, cafés, shops, and daily amenities within a five-minute walk. The property is also positioned approximately 0.5 miles from Pasadena City College.
Key Highlights
- Vacant 2,160 SF office asset in a prime Pasadena location, offering immediate owner‑user or value‑add potential.
- Broad CG (Commercial General) zoning allows for a wide range of professional, medical, creative, and service‑oriented uses.
- Three structures on‑site (main office, converted office, detached storage/office) provide flexible configuration options.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$46,267
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$925,340
$925.3K
Cap Rate 7%
$660,957
$661.0K
Cap Rate 9%
$514,078
$514.1K
Market Conditions
NOI Build-Up for 2,160 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.6K $33.60/SF
− Vacancy
−$10.9K −$5.04/SF
EGI
$61.7K $28.56/SF
− OpEx
−$15.4K −$7.14/SF
NOI
$46.3K $21.42/SF
Area
Pasadena, CA
Vacancy
15.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$925,340
Cap Rate 7%
$660,957
Cap Rate 9%
$514,078
Alternative Uses
Best Use
Office B
$661.0K
$578.3K – $771.1K
NOI $46,267 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$48.62M
$42.54M – $56.73M
NOI $3,403,519 @ 7.0% cap · market cap 309.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,570
Businesses Nearby
Explore this area
Business Placement
Demographics for 91106, CA
24,172
Population
11,809
Households
2
Avg Household Size
38
Median Age
63%
College-Educated
94%
High-School Grad
2.7 sq mi
ZIP Area
8,953
Density / Sq Mi
$89,213
Median Household Income
$59,700
Median Earnings
$2,096
Median Rent
$966,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 2,160 SF office building near Colorado Boulevard in Pasadena.
Where is this office building located?
The property is located at 1191 E Walnut St Pasadena, CA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Vacant 2,160 SF office asset in a prime Pasadena location, offering immediate owner‑user or value‑add potential.; Broad CG (Commercial General) zoning allows for a wide range of professional, medical, creative, and service‑oriented uses.; Three structures on‑site (main office, converted office, detached storage/office) provide flexible configuration options.
