45 Colorado Blvd Pasadena, CA 91105-1901

Property Details for 45 Colorado Blvd

Year built

1919

Construction

TILT-UP CONCRETE

Lot size

0.07 lot acres

Property size

2,650 SF

Zone code

PSC-

Property type

Retail space

APN

5723-023-011

APU

5723023011

Description

This exceptional Old Pasadena investment opportunity presents a +/- 6,884 square foot, two-story retail building with a finished basement, situated on a +/- 2,867 square foot lot at 45 E Colorado Blvd, Pasadena, CA 91105. The property boasts a prominent location on Colorado Boulevard, between Fair Oaks and Raymond Avenues, benefiting from high foot traffic and proximity to thriving retail and dining establishments. Currently, the building is 32% occupied by Romantix, secured by a new 10-year lease extension with annual rent increases. Two significant vacancies exist: a rent-ready +/- 2,422 square foot office space on the second floor with direct Colorado Boulevard access, and a +/- 2,276 square foot finished basement featuring lighting, HVAC, and a seven-foot clearance. The basement is accessed via Exchange Alley. Built in 1919, this property offers a pro-forma cap rate of 6.57% and a pro-forma NOI of $269,370, with an asking price of $4,250,000 ($617.37/sq ft). This presents an ideal opportunity for investors seeking a strong return or owner-occupants looking for a prime location in a highly desirable area. The property's location, lease terms, and available space make it a compelling investment prospect.