Mixed-Use Property with
For Sale
$25,000,000
1299 E Green Street, Pasadena, CA 91106
Multifamily housing and street-level retail are combined with structured parking and resident amenities.
Property Size62,683 SF
Price / SF$16,666
Days on Market26
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
structured parking
swimming pool
fitness center
Building Details
Building Size
62,683 SF
Year Built
2009
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices California Properties
(310) 892-2244
Listed By:
Lee Johnson · License #01259992
(310) 892-2244
Source:
Wrcrealty
Added: Aug 6
Changed: Aug 31
Last Checked: Aug 31 at 12:39PM
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 mixed-use property in Pasadena includes 90 residential units and approximately 1,500 square feet of street-front retail. The improvements include structured parking, a swimming pool, a fitness center, and additional resident amenities. Residential units are subject to affordability requirements, and current ownership is completing unit renovations within applicable regulatory limits.
The property is located at 1299 E Green Street, Pasadena, CA 91106. Danbi Coffee operates within the retail component, providing an established specialty cafe use. Pasadena offers a broad commercial and cultural setting, with Colorado Boulevard identified in the source information as a corridor featuring boutiques, cafes, and independent shops.
The property is located at 1299 E Green Street, Pasadena, CA 91106. Danbi Coffee operates within the retail component, providing an established specialty cafe use. Pasadena offers a broad commercial and cultural setting, with Colorado Boulevard identified in the source information as a corridor featuring boutiques, cafes, and independent shops.
Key Highlights
- 90 residential units with approximately 1,500 square feet of street‑front retail
- Structured parking, swimming pool, fitness center, and resident amenities
- Built in 2009
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
$2,085,780
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
8.34%
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%
$41,715,600
$41.7M
Cap Rate 7%
$29,796,857
$29.8M
Cap Rate 9%
$23,175,333
$23.2M
Market Conditions
NOI Build-Up for 1,500 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
$3.82M $2,546.04/SF
− Vacancy
−$26.7K −$17.82/SF
EGI
$3.79M $2,528.22/SF
− OpEx
−$1.71M −$1,137.70/SF
NOI
$2.09M $1,390.52/SF
Area
Pasadena, CA
Vacancy
0.70%
Lease Rate
$2,546.04 /SF/Yr
Expense Ratio
45.00%
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%
$41,715,600
Cap Rate 7%
$29,796,857
Cap Rate 9%
$23,175,333
Alternative Uses
Best Use
Apartment 5plus
$29.80M
$26.07M – $34.76M
NOI $2,085,780 @ 7.0% cap · market cap 8.34%
Second Best
Specialty Retail
$580.3K
$507.8K – $677.1K
NOI $40,624 @ 7.0% cap · market cap 0.16%
Theoretical Best
Multifamily LT 5
$33.77M
$29.54M – $39.39M
NOI $2,363,555 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
90
Residential units
Multi-tenant
Tenancy
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 and street-level retail are combined with structured parking and resident 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 with approximately 1,500 square feet of street‑front retail; Structured parking, swimming pool, fitness center, and resident amenities; Built in 2009
