We are pleased to present an attractive mixed-use investment opportunity located at 1615 E Washington Blvd in Pasadena. The property is comprised of a ground floor retail space along with a large residential unit and a studio on the second floor. The 5,620 SF property is situated on a 4,996 SF lot zoned Commercial Limited (CL). The zoning allows a variety of uses including office, retail, and residential. There is a two car garage along with a small open parking lot behind the property with alley access. The property is 100% occupied and has been well maintained with recent improvements. The spacious 2,135 SF residential unit features two bedrooms, two bathrooms, a large den/dining area along with a bonus room and wrap around patio. The studio is currently leased month to month as office space. The ground floor retail space is leased to Isis Bistro Lounge on a modified gross lease expiring in October 2017.This is a great investment opportunity providing a new owner with solid income, tremendous upside and a market CAP rate above 6.5%. Between the expiring retail lease and the MTM studio the property offers added value to an investor. This would be an excellent upleg for an investor in a 1031 tax deferred exchange.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
