Yvette Watson - Coldwell Banker Commercial Real Estate Solutions Logo
$2,500,000
( $382.50Per Sq Foot )
 $13,421 est/mo Sourced by Back At You

1245 E Walnut Street,Pasadena, CA 91106

Pasadena, CA 91106

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Description

Value-add Opportunity! Prime Location Owner-User or Value-add or Mixed-Use Redevelopment Opportunity, Superb location between Lake Ave & Hill Ave, south of 210 FWY, One of the Best Value-add Deal with ±44% Vacancy, Wide range of Allowed Use including Medical use and Medical R&D, Adjacent to Approved 34-condo project, CG Zone - MULTIPLE USE/REDEVELOPMENT OPTIONS - Owner Since 1973. The PORTOFINO - 1245 E Walnut St, Pasadena, CA. This Value-add commercial property is single story commercial office/retail with superb exposure right on Walnut St, located between Lake Ave and Hill Ave, and south of 210 FWY, it is the first time this property is being offered for sale since 1973! It is on a large ±16,881 SF/0.39ACRE corner lot with high density CG (ECSP-CG-1 Commercial General - HIGH DENSITY) zoning - Allowed Use: This flexible zoning allows Retail, also permits medical offices, professional office suites, medical R&D, multi-family residential projects, and transit-oriented developments (BUYER TO VERIFY!). A savvy developer would be able to maximize this lot with a high-density mixed-use redevelopment project (ground floor retail, and residential on subsequent floors) or a 100% affordable development which will remove any density limit. It has a total of 6,536SF building size on a ±16,881SF lot. It is separated into 16 individual suites. 8 of the suites are vacant and will be delivered vacant (approximately ±2,860 SF / ±44% - buyer to verify) which makes this building suitable for an owner-user. The remaining 8 tenants are all on month-to-month rent and are significantly below market. This clear rental upside provides clear opportunities for an owner-user or developer to immediately increase the rents and boost the current income. The property has a wide ±150ft exposure on Walnut Street and offers a CG (Commercial General) zoning which should allow much higher density redevelopment options (buyer to verify). The zoning allows a wide range of uses including (but not limited to): Medical use, Medical R&D, Retail, Residential, Transit-Oriented Development, Professional Office, and other wide range of uses. It enjoys a high traffic volume of ±16,808 CPD and has superb demographics with ±$125,686 average household income within a mile radius. The building has attractive curb appeal and separately metered for electricity. There are 17 electrical meters - the main panel has been updated. There are 2 shared bathrooms.

Details

MLS #AR26116221
Listing TypeFor Sale
StyleOffice
Building NameTHE PORTOFINO
Sub-TypeResale
StatusActive
Year1961
Days On Site101
Listing Provided ByGrowth Investment Group Pasade | Handoko Chen

Features

SQ Feet6,536
Story(s)1
Units16
Building(s)1
Acreage0.39

Interior

CoolingCentral Air
HeatingCentral
Heating Yes / NoYes
Cooling Yes / NoYes

Exterior

RoofFlat
Construction MaterialsDrywall, Stucco
Lot FeaturesThirty Six To Forty Units Acre, Corner Lot, Landscaped, Level, Near Public Transit, Street Level
FencingNone

Utilities

UtilitiesCable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
ElectricStandard

Area Information

StateCA
CountyLos Angeles
CityPasadena
Zip Code91106
Area647 Pasadena (SW)
Listing VS Median (in 91106)
Price:
$2,500,000
low | high
Med:
$2,250,000
60% of Average
sqft:
6,536
low | high
Med:
4,744
77.417380660955% of Average
$ / sqft:
$382
low | high
Med:
$474
26.003372681282% of Average
On site:
101
low | high
Med:
125
80.8% of Average
Sourced by Back At You

Market Activity 91106

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Learn More About This Property

Yvette Watson

Yvette Watson

Coldwell Banker Home Source

02046244 (909) 489-6340yvette.watson@cbhomesource.com
StateCA
CountyLos Angeles
CityPasadena
Zip Code91106
Area647 Pasadena (SW)
Listing VS Median (in 91106)
Price:
$2,500,000
low | high
Med:
$2,250,000
60% of Average
sqft:
6,536
low | high
Med:
4,744
77.417380660955% of Average
$ / sqft:
$382
low | high
Med:
$474
26.003372681282% of Average
On site:
101
low | high
Med:
125
80.8% of Average
Sourced by Back At You
Nearby Listings (Within 1/2 mile)
Price: $1.875M - $3.125M
sqft: 4,500 - 8,000
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141 N Bonnie Avenue Property Photo 1
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Listing Updated: August 21, 2026 at 11:33:58 PM PDT

Yvette Watson - Coldwell Banker Commercial Real Estate Solutions