130-140 N. MAR VISTA AVENUE
ENTITLED 23-UNIT DEVELOPMENT
Realty Investment Advisors is pleased to present a unique opportunity to acquire an entitled development site for a 23-unit apartment complex located at 130-140 N. Mar Vista Avenue in Pasadena. Expertly designed by the well-known Tighe Architecture firm, the proposed project would include 13 two-bedroom two-bath units, 9 one-bedroom one-bath units, and a studio on-bath unit situated above one level of subterranean parking.
One of the largest hurdles in Pasadena development is getting to the point of approved plans and this project has successfully cleared and secured Final Design Approval. It is now ready for the next phase of construction design drawings and City plan check, en route to obtaining Ready to Issue (RTI) permits status and then start construction. This stage allows a new owner the flexibility to use any or all their own consultants and preferred companies for the CD process.
The design of the building encompasses Pasadena's architectural heritage and enriches it with a modern touch. The project features ground level resident garden areas as well as a private rooftop garden and deck space. Located on a 15,426 square foot corner lot, the development is designed for efficient use of space and maximum curb appeal.
A huge advantage to a newly constructed property is the exemption from local Pasadena rent control laws, providing an owner with greater operational flexibility. Strategically situated south of the 210 freeway, the location offers easy access to the Metro Gold Line and South Lake Avenue, enhancing its attractiveness to prospective residents in what is already a consistently high demand rental city.
Currently there are multiple structures on the lots that are being rented and generate a monthly income of almost $7,300.
In summary, this is a compelling investment opportunity that combines a prime location, thoughtful design, and operational advantages in a robust rental market.