Single-Story Office Building with Vacant
1245 E WALNUT ST Pasadena, CA 91106
1245 E WALNUT ST, Pasadena, CA, 91106
Contact for pricing
For Sale
Contact for pricing
16-suite office building with individually leased spaces and multiple vacant suites, supported by CG zoning for redevelopment.
Property Size6,536 SF
Lot Size0.39 Acres
Price / SF$382.50
Days on Market55
Property Features for 1245 E WALNUT ST
General Information
- Standard status
- Active
- Size
- 6,536 SF
- Lot size
- 0.39 Acres
- Property subtype
- Retail, Office, Land
Building Details
- Year Built
- 1961
Listing agency
Growth Investment Group
(626) 224-2495
Listed by
Handoko Chen · License #CA 01749321
Source
Crexi
Added: May 28 Updated: Jul 10 at 3:59PM Checked: Jul 21 at 5:14AM
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 Growth Investment Group
Investment Insights
Based on property information with market context.
The Portofino is a single-story commercial office property configured into 16 individual suites on a corner lot. The building totals 6,536 square feet and is offered as a fixer-upper. Eight suites are currently vacant and would be delivered vacant (buyer to verify approximate square footage). The remaining eight tenants are on month-to-month rent. The property has two shared bathrooms and front-area landscaping designed for easier upkeep, with parking provided at the rear including 16 open spaces and 1 disabled parking space. Electricity is separately metered, with 17 electrical meters and an updated main panel.
The building is located on Walnut Street with wide street exposure and is positioned between Lake Ave and Hill Ave, south of the 210 Freeway. The site is in high density CG (Commercial General) zoning, with a reported 150-foot exposure on Walnut Street. The property sits on a 16,881 square-foot corner lot and includes the ability to support a range of uses including medical, medical R&D, retail, residential, transit-oriented development, and professional office (buyer to verify).
For owner-users and investors, the mix of month-to-month tenancy and vacant suites can support operational flexibility and potential repositioning. For developers, the CG zoning and corner-lot configuration provide redevelopment pathways that could accommodate ground-floor retail with residential above floors (subject to approvals and buyer verification).
The building is located on Walnut Street with wide street exposure and is positioned between Lake Ave and Hill Ave, south of the 210 Freeway. The site is in high density CG (Commercial General) zoning, with a reported 150-foot exposure on Walnut Street. The property sits on a 16,881 square-foot corner lot and includes the ability to support a range of uses including medical, medical R&D, retail, residential, transit-oriented development, and professional office (buyer to verify).
For owner-users and investors, the mix of month-to-month tenancy and vacant suites can support operational flexibility and potential repositioning. For developers, the CG zoning and corner-lot configuration provide redevelopment pathways that could accommodate ground-floor retail with residential above floors (subject to approvals and buyer verification).
Key Highlights
- 16,881 SF (0.39‑acre) corner lot with 6,536 SF, single‑story commercial office building built in 1961
- 16 individual suites with 8 vacant and delivered vacant (~2,860 SF / ~44% vacancy; buyer to verify)
- Remaining 8 tenants are on month‑to‑month rent, offering potential to increase rents for owner‑user or redeveloper
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $219.6k | $33.60 |
| − Vacancy | −$32.9k | −$5.04 |
| EGI | $186.7k | $28.56 |
| − OpEx | −$46.7k | −$7.14 |
| NOI | $140.0k | $21.42 |
6,536 SF · lease $33.60/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$2.00M
$1.75M – $2.33M
NOI $140,001 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$147.13M
$128.73M – $171.65M
NOI $10,298,797 @ 7.0% cap · market cap 411.95%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
ALTA Video Productions
Film Production
Mitch Halpern Realty ...
Property Management Company
Sound Snob
Recording Studio
Youth & Family Services
Medical Clinic
Pasadena Council on Alcoholism ...
Social Service Agency
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - 16-suite office building with individually leased spaces and multiple vacant suites, supported by CG zoning for redevelopment.
Where is this office units located?
The property is located at 1245 E WALNUT ST Pasadena, CA.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 16,881 SF (0.39‑acre) corner lot with 6,536 SF, single‑story commercial office building built in 1961; 16 individual suites with 8 vacant and delivered vacant (~2,860 SF / ~44% vacancy; buyer to verify); Remaining 8 tenants are on month‑to‑month rent, offering potential to increase rents for owner‑user or redeveloper
