The LAAA Team of Marcus & Millichap has been selected by the owner's bankruptcy attorney to exclusively list and market this rare assemblage of three adjacent lots in one of the most sought after South Pasadena markets. The three lots combined offer a developer the chance to build 15 high-end condos on this huge 54,969 square-foot lot (1.26 acres) in prime South Pasadena, California.
The rarity of this development opportunity is proven by the extremely small number of land sales that have happened in this market. According to CoStar, there have only been 7 land sales in the past 10 years in South Pasadena.
To prove the market for brand new condos in this location, an investor needs only to look at the two lots on both sides of this offering. The adjacent lot to the west of this offering at 167 Monterey Rd is a 9-unit Condominium project that was built in 1993. Furthermore, the lot directly adjacent to the East at 191 Monterey Rd is another 9-unit Condominium project that is finishing construction this year.
Before filing for bankruptcy, the owner of these lots began the process of getting these 3 lots assembled and entitled to build 15 high-end luxury condos. The zoning allows for a max of 17 units/condos, but the current owner's research suggested that 15 units/condos was the more reasonable.