Residential Income Details
Prime corner property at the intersection of Villa Street and Mar Vista Avenue, in between Lake & Hill Street, one block north of the 210 Freeway. Tremendous future development opportunity, currently structures on the property include a corner retail market and and 1BD-1BA residential unit. Residential unit has one additional bedroom which may not be permitted. (Please check with city for building permits).Current multi-tenant mixed use property with tremendous future development opportunity for multifamily residential. RM-32 Zoning with, possible 4 units can be developed at property. Please verify all uses and potential development possibilities with the City of Pasadena.HUGE RENTAL UPSIDE. Long term tenants currently occupying the property. Residential unit at the property is currently leased month to month while the commercial retail unit has 4 years remaining on the lease. Residential unit paying $600/mo and commercial unit paying $725/mo starting 9/1/2018 for a total annual income of $15,900 annually. Projected market rents with renovations to the residential unit could bring in $2,000 +/- per month for projected $32,700 annual gross income.
|Number of Units||2|
|Status||Active Under Contract|
|Listing Brokerage||A1 West Commercial Real Estate|
|Listing Agent||Michael Dostalek|
|Listing Agent BRE #||01343641|
Based on information from California Regional Multiple Listing Service, Inc. as of Wednesday, August 15, 2018.
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