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FOR SALE: 69-Unit Apartment Building Currently Vacant 700 Locust Street, Pasadena, CA

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FOR SALE: 69-Unit Apartment Building Currently Vacant 700 Locust Street, Pasadena, CA 1 FOR SALE: 69-Unit Apartment Building www.FullerCBRE.com Currently Vacant 700 Locust Street, Pasadena, CA DOWNTOWN LOS ANGELES GLENDALE SOUTH PASADENA HUNTINGTON HOSPITAL OLD PASADENA METRO GOLD LINE FAIR OAKS AVENUE PASADENA CITY HALL PASEO COLORADO THE WESTIN PASADENA PASADENA PLAYHOUSE LOS ROBLES AVENUE UNION STREET COLORADO BOULEVARD WALNUT STREET EL MOLINO AVENUE 700 Locust St. Pasadena, CA SAN GABRIEL VALLEY LAKE AVENUE COLORADO BOULEVARD UNION STREET METRO GOLD LINE WALNUT STREET N MADISON AVE 700 Locust St. Pasadena, CA CORSON STREET THE WESTIN PASADENA LOS ROBLES AVENUE MARENGO AVENUE 700 Locust St. 6 Pasadena, CA REGIONAL MAP CBRE TEAM 7 LAURIE LUSTIG-BOWER Executive Vice President +1 310 550 2556 [email protected] Lic. 00979360 KAMRAN PAYDAR Vice President +1 310 550 2529 [email protected] Lic. 012425920 CHALVIS EVANS Managing Director +1 818 907 4635 [email protected] Lic. 01318400 KYLE BARRATT Vice President +1 818 907 4650 [email protected] Lic. 01900653 www.FullerCBRE.com THE OPPORTUNITY 8 CBRE, INC., as exclusive agent, is pleased to present for sale an apartment building in the highly desirable community of Pasadena, California. Built in 1987, the Property’s original 51-unit floorplan was reconfigured without permit in the 1990’s by the Seller, Fuller Theological Seminary, to add 18 additional units for a total of 69 units. Fuller operated the building to receive visiting scholars and VIPs to the seminary and has since stopped its operations in light of the Property being marketed for sale, thus the building is currently vacant. Located at 700 Locust Street, the Property has nice curb appeal, sits on an attractive tree-lined street and is proximate to Pasadena cafes, arts and entertainment venues, and civic buildings. Metro Gold Line transit rail and Interstate 210 freeway access are nearby. The Property features a variety of studio, 1-bedroom and 2-bedroom floorplans with these common area amenities: fitness room, library, internet lounge, spacious courtyards, large conference room and reception room. The Seller completed a number of Property upgrades in recent years with a budget in excess of $300,000. Common area enhancements include elevator and stairwell upgrades and a fully renovated conference room. Interior unit upgrades feature a select combination of fully renovated (eight units) and partially renovated units. Depending on the unit, upgrades include: laminate hardwood style floors, stone countertops, new kitchen cabinets, tile backsplash, recessed lighting, bathroom enhancements, and the installation of in-unit washers and dryers. According to the Pasadena Planning Division, the zoning allows for 67 units and approval of additional units is subject to the development standards of the Zoning Code. According to land use counsel, it might be possible to obtain a permit for 67 units if approximately 4 units were made “affordable,” calculated as follows: • Designate 20% of the units over 51 units as “affordable” • 67-51=16 units • 16 units x 20% “affordable” = 3.2 units, rounded to 4 units This offering is a rare multifamily investment opportunity for a building of this size in the sought-after Pasadena market. Pasadena is one of the most desirable locales on the West Coast of the United States to live, work, and play. The City is world-renowned for its favorable Southern California climate, an abundance of natural beauty, rich architectural heritage and charm, landmark institutions of higher learning, and the iconic Rose Bowl sports and entertainment venue. The Property is currently vacant with the exception of an onsite caretaker and will be delivered vacant at the close of escrow. The Property is being marketed on an unpriced basis. PROPERTY WEBSITE www.FullerCBRE.com OPPORTUNITY HIGHLIGHTS 9 Well-Maintained Multifamily Asset Excellent Location: Close to an Abundance of Pasadena Lifestyle Amenities: Cafes and Restaurants Arts and Entertainment Civic Buildings Currently Vacant Allows for Easy Additional Renovation and Preparation for Lease-Up Easy Access to Interstate 210 Freeway Proximate to Two Metro Gold Line Train Platforms 700 LOCUST STREET, PASADENA 10 PROPERTY DESCRIPTION 700 Locust Street Address Pasadena, CA 91101 Assessor Parcel Number 5723-009-038 Recently Operating as 69 Units Number of Units (Certificate of Occupancy: 51 Units) Building Gross SF +52,934 Lot Size SF +33,736 Parking Spaces 71 - Gated Garage Year Built 1987 CD-3 Zoning Allows 67 Units 700 Locust Street features a variety of studio, 1-bedroom and 2-bedroom floorplans with these common area amenities: fitness room, library, internet lounge, spacious courtyards, large conference room and reception room. The Seller completed a number of Property upgrades in recent years with a budget in excess of $300,000. Common area enhancements include elevator and stairwell upgrades and a fully renovated conference room. Interior unit upgrades feature a select combination of fully renovated (eight units) and partially renovated units. Depending on the unit, upgrades include: laminate hardwood style floors, stone countertops, new kitchen cabinets, tile backsplash, recessed lighting, bathroom enhancements, and the installation of in-unit washers and dryers. www.FullerCBRE.com PROPERTY DESCRIPTION (CONTINUED) MULTIFAMILY For more information, please visit the property website. OFFICE www.FullerCBRE.com 210 11 METRO GOLD LINE TRAIN CRAFTSMAN OFFICE Y EAST 700 Locust St. FOOTHILL FREEWA Pasadena, CA LAND UNIT AMENITIES INCLUDE: El Molino Terrace Some units have laminate hardwood style flooring Apartments Appliances include gasGROUP stoves and microwaves A SPECIALTY Most units have dishwashers E CORSON ST Most units have fireplaces Some units have central air conditioning FORD PLACE Most1 units have very large balconies GROUP I HISTORIC DISTRICT BUILDING FEATURES INCLUDE: N OAKLAND AVE 9 Two Courtyards GROUP C West Patio, Seating for 64 and Reception Capacity for 85 N LOS ROBLES AVE East Patio, Seating for 32 and Reception for 45 The Encore The Hudson Apartments GROUPBarbeque H Areas Lucky E WALNUT ST Apartments 5 Gated Garage Parking Boy Very Large Conference Room, Seating for 32 6 2 3 4 Community Kitchen Small Conference Room 10 Library, Seating for 10 8 Fitness Center GROUP G GROUP F Internet Lounge, Seating for 12 N EL MOLINO AVE Ventanas Chapel Room Restaurant Laundry Room 11 GROUP E N MADISON AVE Ironworkers Two Trash Chutes Per Floor Oce Plaza 28 29 Common Area Restroom The Westin GROUP D Storage Room 13 Pasadena 12 21 Three Housekeeping14 Closets, One On Each Floor FORD PL 23 Large 15Maintenance/Housekeeping Unit onGROUP First Floor J 24 Third-Floor Common Area Powder Room 16 18 25 22 17 26 East West 700 LOCUST STREET, PASADENA Bank 27 19 The Andalucia 20 Apartments E UNION ST GROUP K California Pizza N OAKLAND AVE Trio Alexander's Kitchen Steakhouse Apartments Laemmle's Pasadena Playhouse 7 N LOS ROBLES AVE Museum of California Art 24 Hour Settebello Roy's Blaze USC Pacic Fitness Pizzeria Restaurant Pizza Asia Museum Bank of Napoletana Community the West Bank The Restaurant at New School of Cooking Zona Rosa Southern California Cae Children's Museum Urth Caé Trejo's The Mixx Le Cordon Bleu Cantina E COLORADO BLVD College of Ruth's Chris The Pasadena Steak House Two Trees & Culinary Arts Fish Inc Playhouse SAMINA Paseo Colorado MAP © 2018 CARTIFACT E GREEN ST DATA © OSM CONTRIBUTORS FLOOR PLANS OF THE CURRENT 69 UNITS & ADDITIONAL SPACES 700 Locust Street - Floor 1 12 Standard Standard 125 124 Fitness 120 118 115 114 112 110 1 BR Suite 2 BR / 2 BA Suite Room 2 BR / 2 BA 1 BR Suite 2 BR / 2BA Suite Mini Suite C-3 Director’s Suite C-3 B-1 C Community C-2 B-1 C C Kitchen 119 126 119 Housekeeping Standard Studio Sandard B-2 D-1 E-2 130 Courtyard Courtyard Chapel 2 BR / D 127 2 BA Suite Internet 108 Library Storage Standard Lounge Standard B-2 E Unit type Description Count B-2 Director's Studio Studio/1 Bath 3 Director's Suite 1 Bd / 1 Bath 7 Small 128 129 Director's Two Bedroom132 Suite 2 Bd / 2 Bath 3 Room 107 Studio 131 4 Bedroom Deluxe Suite 4 Bd / 3 Bath Office Reception 1 1 BR Suite 1 BR Suite A-3 Director’s Manager's2 Studio BR / 2BA Suite Studio/1 Bath 1 Administrative Office 1 BR Suite Manager's One Bedroom Suite 1 Bd / 1 Bath A 4 B-1 A B-1 A-2 Mini Suite 1 Bd / 1 Bath 3 A One Bedroom Suite 1 Bd / 1 Bath 18 Standard Standard / 1 Bath 17 Additional Building Spaces Include: Studio Studio/1 Bath 6 • Library Two Bedroom Suite 2 Bd / 2 Bath 6 Unit type Description Count • Fitness Room H1 Director's Studio Studio/1Total Bath 3 69 A-2, H, D Director's One Bedroom Suite 1 Bd / 1 Bath 7 • Catering Kitchen C, C-1 Director's Two Bedroom Suite 2 Bd / 2 Bath 3 Description Count C-1 4 Bedroom Deluxe Suite 4 Bd / 3 Bath 1 • Chapel Studio/Standard 27 A-3 Manager's Studio Studio/1 Bath 1 • Internet Lounge B-1, H-1 Manager's One Bedroom Suite 1 Bd / 1 Bath 4 1 bedroom 32 A, A-5, B-1 Mini Suite 1 Bd / 1 Bath 3 2 bedroom 9 • Office Reception (is a 2 BR) B-1, C-2 One Bedroom Suite 1 Bd / 1 Bath 18 B-2 Standard Standard / 1 Bath 17 4 bedroom 1 • Administrative Office (is a 2 BR) A-3, A-4 Studio Studio/1 Bath 6 Total 69 C Two Bedroom Suite 2 Bd / 2 Bath 6 • Maintenance Room 69 • Conference Room – 3rd Floor Description Count • Storage Rooms – Garage Level, 1st Floor, 700 LOCUST STREET, PASADENA Studio/Standard 27 1 bedroom 32 3rd Floor 2 bedroom 9 4 bedroom 1 Total 69 FLOOR PLANS OF THE CURRENT 69 UNITS & ADDITIONAL SPACES 700 Locust Street - Floor 2 13 Standard Standard Standard Standard 225 222 220 218 217 215 214 213 212 210
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