This feature is unavailable at the moment.

We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.

Please check back in a few minutes. We apologize for the inconvenience.

- LoopNet Team

You must register your contact information to view secure information on this listing.
You must register your contact information to view secure information on this listing.

Share This Listing

Please enter a valid email address.

Note: To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

LoopNet has taken a strong stance against the practice of sending unsolicited commercial emails, also known as "spam." Please send these emails only to people you know who would be interested in this property. If someone asks you not to send these emails to them, please comply.

thank you

Your email has been sent!

254 E Union St

0.5 Acres of Residential Land Offered at $8,500,000 in Pasadena, CA 91101

Investment Highlights

  • Located in Old Town Pasadena
  • Views
  • Passive Income Potential

Executive Summary

Please email Max at MaxPellegriniDilbeck@gmail.com for the Offering Memorandum, Plans, Structural Parking Plans, and for Parking Easement information. All offers are due by 7-08-24. Property is RTI approved, but due to the code changes in 2021/22, plans will still need to go through plan check. Seller has the right to accept an offer prior to the deadline. The subject's location is currently being used as a public parking lot. New /Owner must provide 61 parking spaces for building 16 N. Marengo Ave M-F during business hours, as part of an easement agreement once the development has been completed. Currently each parking space generates a revenue of $85.00 a month for each paid parking pass member and $5.00-7.00 for daily parking passes. We are requesting a 45 day escrow, as all plans are easy to verify. Broker and Broker Agents do not represent or guarantee accuracy of the plans being provided. It is Buyer's sole responsibility to perform investigations and satisfy themselves. Seller to select title and escrow services. Seller is willing to Carry A Loan AT 5% FOR up to 3 YEARS WITH 50% DOWN.

Attachments

SmallMBOmUnion

Property Facts

Price $8,500,000
Sale Type Investment
No. Lots 1
Property Type Land
Property Subtype Residential
Total Lot Size 0.50 AC

1 Lot Available

Lot 20-23

Price $8,500,000
Price Per AC $17,031,269
Lot Size 0.50 AC

Property is currently being used for public/private parking.

Description

Rare opportunity to develop new condominiums in the heart of Old Town Pasadena. A new residential address is poised to rise on Union, moments from main street Colorado and surrounding Old Town Pasadena and around the corner from The Paseo Mall. This is city living at its best, highly scored for walking, biking and transit access (mere blocks from the Metro). The 59-unit structure, now in the 'Ready to Issue Permits' stage, enjoys views of Mt. Wilson, Pasadena City Hall and the San Gabriel Mountains. With over 53,000 square feet of living space on six stories, the Mediterranean style building will offer 28 two-bedroom/two-bath units and 25 one-bedroom/one-bath units, along with six studios. A roof terrace with spectacular city and mountain views, a second-floor open space common area, and three levels of subterranean parking/storage complete the amenities. One large retail space will anchor the street level, across the way from a small park. You simply couldn't live closer to the vibrant core of the city's historic district—and the heart of the charming urban Pasadena lifestyle.

Walk Score ®
Walker's Paradise (97)
Transit Score ®
Excellent Transit (72)
Bike Score ®
Very Bikeable (77)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5723-026-024
Land Assessment
$9,853,373
Improvements Assessment
$11,604
Total Assessment
$9,864,977

zoning

Zoning Code PSC
PSC
  • Listing ID: 32125112

  • Date on Market: 6/13/2024

  • Last Updated:

  • Address: 254 E Union St, Pasadena, CA 91101

Please Share Your Feedback

We welcome any feedback on how we can improve LoopNet to better serve your needs.
X
{{ getErrorText(feedbackForm.starRating, 'rating') }}
255 character limit ({{ remainingChars() }} characters remainingover)
{{ getErrorText(feedbackForm.msg, 'rating') }}
{{ getErrorText(feedbackForm.fname, 'first name') }}
{{ getErrorText(feedbackForm.lname, 'last name') }}
{{ getErrorText(feedbackForm.phone, 'phone number') }}
{{ getErrorText(feedbackForm.phonex, 'phone extension') }}
{{ getErrorText(feedbackForm.email, 'email address') }}