273 Sierra Madre Blvd Pasadena, CA 91107-4883

This exceptional investment opportunity presents a brand-new, 26-unit apartment building in Pasadena, California, situated just a third of a mile from the San Marino city limit. The property, located at 273 S. Sierra Madre Blvd, boasts a contemporary design and features 28,274 square feet across four stories, situated on a 14,740 square foot lot. With 31 on-grade parking spaces, the building offers a highly desirable unit mix, ensuring strong rental demand. Crucially, the property is located outside of Pasadena's rent control zone, maximizing potential returns for investors. The project comes fully approved and permit-ready (RTI), expediting the construction process. The existing plans allow for the potential conversion of storage rooms into two additional 1+1 ADUs, increasing the total unit count to 28. Each unit is designed for modern living, targeting a wide range of tenants and promising high occupancy rates. The current vacancy allows for immediate development without tenant relocation. The asking price is $3,850,000, translating to $136.17 per square foot and $148,077 per unit. The property's location in a market with a shortage of new construction apartments ensures stable and high valuation. This is a rare opportunity to acquire a fully approved, permit-ready multifamily development in a prime Pasadena location.