Mixed-Use Development
For Sale
$1,500,000
1736 North Sierra Bonita Avenue, Pasadena, CA 91104
Contiguous parcels with existing commercial and residential improvements, public utilities, and a documented path toward higher-density housing.
Property Size4,068 SF
Price / SF$368.73
Days on Market608
Property Features for 1736 North Sierra Bonita Avenue
General Information
Standard status
Active
Size
4,068 SF
Property subtype
Commercial Sale / Mixed Use
Zoning
C2, R2
Building Details
Year Built
1914
Buildings
3
Listing Agency:
KW COLLEGE PARK
(909) 625-8400
Listed By:
CALEB HANSON · License #01773995
(909) 625-8400
Source:
Compass
Added: Dec 31, 2024
Changed: Aug 30
Last Checked: Aug 30 at 1:47PM
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 KW COLLEGE PARK
Investment Insights
Based on property information with market context.
This mixed-use property comprises two contiguous parcels totaling approximately 0.32 acres, with public utilities serving the site. Existing improvements include a 1,008-square-foot commercial building, a 2,138-square-foot commercial building, and a 912-square-foot single-family home with three bedrooms and two bathrooms. The improvements date to 1914.
A third-party feasibility study indicates that merging the parcels, pursuing an all-C-2 zoning configuration, and using California State Density Bonus AB 1287 could support up to 32 residential units with required affordable housing components. The current zoning is C2 and R2. Los Angeles County has indicated openness to multifamily housing efforts, subject to planning review and pre-application consultation. The property is not designated as a historic resource and is located at 1736 North Sierra Bonita Avenue in Pasadena, California.
A third-party feasibility study indicates that merging the parcels, pursuing an all-C-2 zoning configuration, and using California State Density Bonus AB 1287 could support up to 32 residential units with required affordable housing components. The current zoning is C2 and R2. Los Angeles County has indicated openness to multifamily housing efforts, subject to planning review and pre-application consultation. The property is not designated as a historic resource and is located at 1736 North Sierra Bonita Avenue in Pasadena, California.
Key Highlights
- Approximately 0.32 acres across two contiguous parcels
- Feasibility study indicates potential for up to 32 residential units under specified rezoning and density bonus conditions
- Current zoning: C2, R2
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
$78,594
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
5.24%
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%
$1,571,880
$1.6M
Cap Rate 7%
$1,122,771
$1.1M
Cap Rate 9%
$873,267
$873.3K
Market Conditions
NOI Build-Up for 4,068 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
$136.7K $33.60/SF
− Vacancy
−$10.9K −$2.69/SF
EGI
$125.8K $30.91/SF
− OpEx
−$47.2K −$11.59/SF
NOI
$78.6K $19.32/SF
Area
Pasadena, CA
Vacancy
8.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,571,880
Cap Rate 7%
$1,122,771
Cap Rate 9%
$873,267
Alternative Uses
Best Use
Mixed Use
$1.12M
$982.4K – $1.31M
NOI $78,594 @ 7.0% cap · market cap 5.24%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$91.57M
$80.12M – $106.83M
NOI $6,409,961 @ 7.0% cap · market cap 427.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
693
Businesses Nearby
Explore this area
Business Placement
Demographics for 91104, CA
34,707
Population
14,381
Households
2.4
Avg Household Size
42
Median Age
51%
College-Educated
88%
High-School Grad
3.8 sq mi
ZIP Area
9,133
Density / Sq Mi
$103,052
Median Household Income
$53,827
Median Earnings
$2,040
Median Rent
$1,022,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Contiguous parcels with existing commercial and residential improvements, public utilities, and a documented path toward higher-density housing.
Where is this mixed-use property located?
The property is located at 1736 North Sierra Bonita Avenue Pasadena, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 0.32 acres across two contiguous parcels; Feasibility study indicates potential for up to 32 residential units under specified rezoning and density bonus conditions; Current zoning: C2, R2
