Prime Multifamily in the Heart of Pasadena 153 S Catalina Ave Immeuble residentiel 8 lots 2 103 768 € (262 971 €/Lot) Taux de capitalisation 3,53 % Pasadena, CA 91106

Chang Investment Group and Deng Realty Group are proud to present the opportunity to purchase this exceptional multifamily investment with ADU/redevelopment opportunity at 999 Cordova Street (aka 153 S. Catalina Avenue) in the City of Pasadena, California. With its rare large lot size of ±12,171 SF in one of Pasadena’s most sought-after neighborhoods at the intersection of Cordova Street and Catalina Avenue, the property presents an extraordinary opportunity to either redevelop ADU units, or redevelopment the entire property to up to 27 multifamily units with its CD-MU-N Zoning and leveraging the State of California’s AB 2345 density bonus (Buyer verify). With its phenomenal location, the property is just minutes’ walk from the South Lake Avenue commercial district, Old Town Pasadena, the Paseo shopping center, Caltech, Pasadena City College, and the Metro Gold Line. Tenants enjoy walkable access to a vibrant mix of retail, dining, and entertainment options, as well as close proximity to major employers.
According to City of Pasadena’s CD-MU-N Zoning (Mixed-Use Neighborhood): “Promote the development of pedestrian-friendly neighborhoods with commercial uses that are sensitive to neighboring residents; and Support projects that are entirely commercial, entirely residential, or a mix of the two, integrated either horizontally or vertically consistent with ground floor use requirements.” The CD-MU-N Zoning allows a high development density of 64 multifamily dwelling units per acre. Therefore, the large ±12,171 SF lot size may allow 18 units by right, and up to 27 units leveraging AB 2345’s 50% density bonus with 15% allocated to very low-income units (Buyer verify). In addition to the high-density zoning, 999 Cordova Street is in Pasadena's Transit-Oriented Development (TOD) area, in which parking regulations are designed to encourage transit use and reduce reliance on cars since the location is within walking distance to Metro Gold Line stations, may have reduced parking requirements with the city (Buyer verify). While the investor/developer works on the entitlement and design/plans with the city, the investor/developer can benefit from the property’s strong current income with rental upside from its existing 8 units.
This meticulously maintained and professionally managed property features eight (8) existing 1 Bed / 1 Bath units with ample carport and street parking and attractive mid-century architectural charm. Some units have wood flooring and some have carpet. New electrical subpanels were installed in all eight units in 2025, and new exterior painting in 2023. The onsite laundry room generates additional income.
Buyer to verify all information herein. Broker/Agent and Seller does not guarantee its accuracy. Drive-by only, please do not walk on the property or disturb the tenants.