Mixed-Use Property with Streetfront
New
For Sale
$25,000,000
1299 E Green Street, Pasadena, CA 91106
Multifamily housing is paired with a street-facing retail component and resident-oriented amenities.
Property Size62,683 SF
Days on Market5
Property Features for 1299 E Green Street
General Information
Standard status
Active
Size
62,683 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
90
Amenities
swimming pool
fitness center
Building Details
Building Size
62,683 SF
Year Built
2009
Listing Agency:
Berkshire Hathaway HomeServices California Properties
(310) 892-2244
Listed By:
Lee Johnson · License #01259992
(310) 892-2244
Source:
Rawsonteam
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 1:38PM
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 Berkshire Hathaway HomeServices California Properties
Investment Insights
Based on property information with market context.
Built in 2009, this Pasadena mixed-use property combines a 90-unit residential component with approximately 1,500 square feet of street-front retail. The apartment portion includes structured parking, a swimming pool, fitness center, and additional resident amenities. Residential units are subject to affordability requirements, and renovation work is underway within applicable regulatory limits.
The property is located at 1299 E Green Street in Pasadena, California. Its combination of housing and ground-level commercial space creates a single asset with both residential and retail components. Existing improvements include resident amenity areas and structured parking, while the retail space adds a street-facing commercial element to the property.
The property is located at 1299 E Green Street in Pasadena, California. Its combination of housing and ground-level commercial space creates a single asset with both residential and retail components. Existing improvements include resident amenity areas and structured parking, while the retail space adds a street-facing commercial element to the property.
Key Highlights
- 90 residential units
- Approximately 1,500 square feet of street‑front retail
- Structured parking included
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
$1,697,609
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
6.79%
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%
$33,952,180
$34.0M
Cap Rate 7%
$24,251,557
$24.3M
Cap Rate 9%
$18,862,322
$18.9M
Market Conditions
NOI Build-Up for 62,683 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
$2.32M $36.96/SF
− Vacancy
−$53.3K −$0.85/SF
EGI
$2.26M $36.11/SF
− OpEx
−$565.9K −$9.03/SF
NOI
$1.70M $27.08/SF
Area
Pasadena, CA
Vacancy
2.30%
Lease Rate
$36.96 /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%
$33,952,180
Cap Rate 7%
$24,251,557
Cap Rate 9%
$18,862,322
Alternative Uses
Best Use
Apartment 5plus
$1,245.17M
$1,089.52M – $1,452.70M
NOI $87,161,949 @ 7.0% cap · market cap 348.65%
Second Best
Specialty Retail
$24.25M
$21.22M – $28.29M
NOI $1,697,609 @ 7.0% cap · market cap 6.79%
Theoretical Best
Multifamily LT 5
$1,411.00M
$1,234.62M – $1,646.16M
NOI $98,769,808 @ 7.0% cap · market cap 395.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
90
Residential units
Location Intelligence
Trade Area within ½ mile
6,208
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Multifamily housing is paired with a street-facing retail component and resident-oriented amenities.
Where is this mixed-use property located?
The property is located at 1299 E Green Street Pasadena, CA.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: 90 residential units; Approximately 1,500 square feet of street‑front retail; Structured parking included
