Mixed-Use Building with Live/Work
For Sale
Contact for pricing
188 N Holliston Ave, Pasadena, CA 91106
Mixed-use building featuring office space and a live/work unit.
Property Size10,900 SF
Price / SF$412.84
Days on Market2525
Property Features for 188 N Holliston Ave
General Information
Standard status
Active
Size
10,900 SF
Class
B
Total Parking Spaces
5
Property subtype
Mixed Use, Office
Zoning
566-B4
Occupancy
100%
Lease Type
Gross
Investment Type
Stabilized
Building Details
Year Built
1946
Year Renovated
2000
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
MacVaugh & Co
(626) 255-2308
Listed By:
Hoss MacVaugh · License #CA 00971669
Source:
Crexi
Added: Sep 30, 2019
Changed: Aug 22
Last Checked: Aug 26 at 9:37AM
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 MacVaugh & Co
Investment Insights
Based on property information with market context.
This mixed-use building features office space on the first floor, which is currently 100% leased. The second floor contains a 5,400 square foot live/work unit. The first floor includes three ground floor units with common area restrooms. The second floor is easily divisible for additional office use. The property has a total size of 10,900 square feet.
Key Highlights
- 5,400 SQFT Live/Work Unit offers flexible living and business options.
- 100% Leased Office Space on First Floor provides immediate income.
- Mixed‑Use Building presents diverse investment potential.
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
$233,478
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
5.19%
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%
$4,669,560
$4.7M
Cap Rate 7%
$3,335,400
$3.3M
Cap Rate 9%
$2,594,200
$2.6M
Market Conditions
NOI Build-Up for 10,900 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
$366.2K $33.60/SF
− Vacancy
−$54.9K −$5.04/SF
EGI
$311.3K $28.56/SF
− OpEx
−$77.8K −$7.14/SF
NOI
$233.5K $21.42/SF
Area
Pasadena, CA
Vacancy
15.00%
Lease Rate
$33.60 /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%
$4,669,560
Cap Rate 7%
$3,335,400
Cap Rate 9%
$2,594,200
Alternative Uses
Best Use
Office B
$3.34M
$2.92M – $3.89M
NOI $233,478 @ 7.0% cap · market cap 5.19%
Second Best
Mixed Use
$3.01M
$2.63M – $3.51M
NOI $210,588 @ 7.0% cap · market cap 4.68%
Theoretical Best
Multifamily LT 5
$245.36M
$214.69M – $286.25M
NOI $17,175,166 @ 7.0% cap · market cap 381.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,850
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?
Mixed-use property - Mixed-use building featuring office space and a live/work unit.
Where is this mixed-use property located?
The property is located at 188 N Holliston Ave Pasadena, CA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 5,400 SQFT Live/Work Unit offers flexible living and business options.; 100% Leased Office Space on First Floor provides immediate income.; Mixed‑Use Building presents diverse investment potential.
