For Sale
$4,250,000

45 Colorado BlvdPasadena, CA 91105

Prime Old Pasadena storefront, high cap rate.

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • Prime Old Pasadena location on Colorado Blvd, between Fair Oaks and Raymond Avenues.
  • 6,884 SF two-story retail building with a 2,276 SF finished basement on a 2,867 SF lot.
  • 32% occupied by Romantix with a new 10-year lease featuring annual rent increases.
  • Two significant vacancies: a 2,422 SF rent-ready second-floor office and a 2,276 SF finished basement.
  • 6.57% pro-forma cap rate and $269,370 pro-forma NOI, asking price $4,250,000 ($617.37/SF).

Property Details for 45 Colorado Blvd

Property type
Retail properties, Retail space
Square Feet
6,884 SF
Year Built
1919
Stories
2

Location Insight

City
Pasadena
County
Los Angeles
State
California
Latitude
34.1460442
Longitude
-118.1494912
45 Colorado Blvd, Pasadena, California

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45 Colorado Blvd
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