Value-Add Strip Center in Pasadena
- SALE PRICE: $3,400,000
- CAP RATE: 5.4%
- PRO FORMA CAP RATE: 6.7%
- PROPERTY SIZE: 10,825 sf
- 100% Occupied
- 5.54% Current Cap Rate
- 6.7% Pro Forma Cap Rate
- Approx. 10,825 SF of Retail Space
- 29,055 SF Lot
SVN is proud to present 825-849 North Lake Boulevard in Pasadena, CA. This 10,825 sf retail center is located on a busy Lake Blvd., a few intersections north from the main Colorado Blvd and within two blocks from I-210 freeway. The center is surrounded by multiple fast food restaurants and faces a CVS across the street. This property is comprised of two buildings, built in 1963 and 1990, which occupy four separate lots with a total area of 29,055 sf. The center is anchored by a Radio Shack and five other retail tenants. It is currently 100% occupied.
An astute buyer will find a significant upside in this offering: a strong location, combined with a steady growth of property values in Pasadena and a retail center with a potential for higher rents and national tenants once proper upgrades are underway.
825-849 North Lake Boulevard is an exciting opportunity to help realize this property’s full potential and to add a historic Pasadena to one’s portfolio map.
The city of Pasadena is a home to Green & Green’s Arts & Crafts movement and the Tournament of Roses, which carries the national pride of the Rose Bowl Game and the Rose Parade. It also established itself as a science center with its California Institute of Technology (Caltech) and JPL. The neighboring cities of South Pasadena and San Marino complement Pasadena with their tasteful mansions and opulent gardens, making the area attractive to people with various backgrounds and a penchant for elegance.