95 N Marengo Ave, Pasadena, CA, 91101

95 N Marengo Ave Pasadena, CA 91101

95 N Marengo Ave, Pasadena, CA, 91101
95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101 95 N Marengo Ave, Pasadena, CA, 91101
FOR SALE
Property Type:
Multi Tenant Office
Amount:
$20,000,000
Last Verified:
Dec 10, 2024

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Highlights

  • Premium Location – Located just 2 blocks North of Colorado Blvd. and 1 block West
  • of Pasadena City Hall, The Turner and Stevens Co. building is in The Civic Center
  • District, a vibrant zone that sits between Old Pasadena and Playhouse Village. This
  • historic neighborhood is located in the heart of Pasadena and is 1/2 block from the
  • Old Pasadena Historic District, a 20-block area offering more than 200 specialty shops,
  • retail stores and boutiques, and more than 100 upscale restaurants, cozy bistros and
  • outdoor cafes.
  • Exceptional Quality – Great historic property that is adorned with authentic elements
  • throughout. Per California Historical Resources Description, “There is a pleasant open
  • arcade, the roof of which swoops up to relate it to the main mass of the building in
  • a way reminiscent of Greene and Greene and Bernard Maybeck. The chapel has a roof
  • which ties the whole composition to the ground so that the building fits admirably
  • into its slightly sloping site. The brickwork, which is of fine color and texture,
  • very well executed, lends warmth, interest and scale to the building. The windows,
  • too, are well executed. All materials are fine quality, and the whole structure is
  • admirably maintained.”
  • Irreplaceable Business Location - Currently occupied by a restaurant, theatre and
  • offices. Current zoning allows for various other uses such as medical office, work
  • live units, residential, indoor commercial recreation, cultural institutions, religious
  • facilities with affordable housing and charitable institutions per Central District
  • Specific Plan. Buyer should confirm the building eligibility for the City of Pasadena’s
  • Historic Contract Program established under the authority of a State enabled program
  • known as the Mills Act.
  • Convenient Parking & Transportation – In addition to the parking spaces provided
  • for in the parking lease with the City of Pasadena at the parking structure across the
  • street, the property is immediately adjacent to Old Pasadena which offers over 8,000
  • parking spaces including 3 public Park & Walk garages and private Parking structures,
  • and surface lots. City parking offers monthly parking from $85.00 to $95.00 per space
  • per month and visitor parking at $1.00 first 2 hours and $2.00 per hour thereafter with
  • a $12.00 daily max. Curbside parking meters are free before 11:00 am and $1.25/hour
  • thereafter. Only 2 doors to Metro A Line Station at Memorial Park Station.
  • Freeway Adjacent – Traffic volume of over 22,398 cars per day in each direction. Easy
  • access is 2 blocks from Rt-210/134 FWY On-Ramp with access to DTLA the San Gabriel
  • and San Fernando Valleys.
  • City Taxes – Businesses in Pasadena benefit from no city business, parking or
  • utility tax.
  • Affluent Demographics – with an average HHI of $170,210 in a 3-mile radius.

Description

Repositioning & Adaptive Reuse Opportunity for Sale
Medical Office, Work-Live Units, Apartments, Cultural & Charitable Institutions, Child Day Care Centers & Retail Uses Allowed

Northwest corner of N. Marengo Ave. and Holly Street. North Marengo Ave. has 2 lanes Northbound and 2 lanes Southbound + an additional left hand turn lane to Holly Street.


Year Built: 1922
Building Size: 15922sq ft
Building Class: C
Lot Size: 0.39 acres


Documents

95-N-MarengoAve Offering Memorandum

Map of 95 N Marengo Ave, Pasadena, CA, 91101

What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.