Retail and Office Space
For Sale
$3,200,000
1513 E Colorado Boulevard, Pasadena, CA 91106
Retail and office building across from Pasadena Community College.
Property Size4,515 SF
Days on Market544
Property Features for 1513 E Colorado Boulevard
General Information
Standard status
Active
Size
4,515 SF
Property subtype
Mixed Use
Building Details
Building Size
4,515 SF
Year Built
1916
Listing Agency:
Susan Hsieh, Broker
(626) 353-9501
Listed By:
SUSAN HSIEH · License #00959674
Source:
Velocityrealtysd
Added: Mar 3, 2025
Changed: Aug 28
Last Checked: Aug 29 at 1:53PM
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 Susan Hsieh, Broker
Investment Insights
Based on property information with market context.
This property, located directly across from Pasadena Community College, features retail and office spaces. The building includes two downstairs retail tenants: Milkcow softserve ice cream and Bobaful Tea Shop. The second floor provides office spaces. The property addresses include 1513, 1515, and 1517 E Colorado Blvd in Pasadena, CA. The building is fully occupied with tenants. The rear of the building features a gated parking lot with 12 parking spaces. Half a million dollars was invested in remodeling the building.
Key Highlights
- Prime Location: Directly across from Pasadena Community College.
- Fully Occupied Building: Tenants in place providing immediate income.
- Recent Renovation: Half a million dollars invested in remodeling.
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
$114,125
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
3.57%
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%
$2,282,500
$2.3M
Cap Rate 7%
$1,630,357
$1.6M
Cap Rate 9%
$1,268,056
$1.3M
Market Conditions
NOI Build-Up for 4,515 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
$166.9K $36.96/SF
− Vacancy
−$3.8K −$0.85/SF
EGI
$163.0K $36.11/SF
− OpEx
−$48.9K −$10.83/SF
NOI
$114.1K $25.28/SF
Area
Pasadena, CA
Vacancy
2.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,282,500
Cap Rate 7%
$1,630,357
Cap Rate 9%
$1,268,056
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.90M
NOI $114,125 @ 7.0% cap · market cap 3.57%
Second Best
Office B
$1.38M
$1.21M – $1.61M
NOI $96,711 @ 7.0% cap · market cap 3.02%
Theoretical Best
Multifamily LT 5
$101.63M
$88.93M – $118.57M
NOI $7,114,300 @ 7.0% cap · market cap 222.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,222
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?
Retail space - Retail and office building across from Pasadena Community College.
Where is this retail space located?
The property is located at 1513 E Colorado Boulevard Pasadena, CA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Prime Location: Directly across from Pasadena Community College.; Fully Occupied Building: Tenants in place providing immediate income.; Recent Renovation: Half a million dollars invested in remodeling.
