Located in the highly redeveloping Fair-Grove Specific Plan(FGSP), the property offers high traffic exposure with back alley access. It's one block north of a very busy commercial intersection, that occupies Chase, Wells Fargo, CVS, Starbucks, Subway and many more and one block south of the intersection leading to the Historic Rose bowl. Current use is a residential fourplex consisting of a 1,464 sq. ft., 4 bed/2 bath home and three 1 bed/1 bath units with lots of parking. Rental income is $4,336/mo. The lot is 195' by 55'(10,725 sq. ft.). Zoning is C3(a)-highest density commercial (40 units/acre, 3 stories/40 ft. high). There may be density bonuses and possible height variances available (inquire with City). Zoning allows for commercial, mixed use and special type property developments(see zoning supplement). The business-friendly Enterprise Zone designation adds significant tax credit savings, local permit fee waivers and other incentives to help reduce the cost of doing business. Pasadena is in its fourth decade of redevelopment and in recent years many new developments have sprouted-up in and around the surrounding area. Most recently, the long-awaited Heritage Square Development has just completed phase 1 and is awaiting the construction of phase 2. Pasadena's aggressive efforts to redevelop, the specific and thriving location and the current zoning codes and business friendly environment make this piece of land a tremendous investment for the would-be developer.
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