Listed by NAI Capital - Pasadena
$6,800,000
The Marine Building
Details
APN 5723-021-026
Property Type Retail, Office
Sub Type Creative Office
Square Footage 10,527
Tenancy Vacant
Price per SqFt $646
Broker Co-Op Yes
Class B
Year Built 1905
Year Renovated Various
Stories 2
Lot Size (SqFt) 11,112
Zoning CD-MU-C
Parking Spaces 12 spaces
Parking per 1,000 SqFt 1.14
Investment Type Owner/User
Occupancy Date 08/31/2026
Ownership Fee Simple
Prime Old Pasadena 2 Story Owner-User Office or Retail building For Sale w/gated surface parking.
Marketing description
Early California Craftsman inspired interior improvements. A two-story commercial brick office building with tall, narrow windows, extended brick cornices and a vintage neon sign. The building has been rehabilitated at various points throughout the ownership of the current owner-user Law Firm.
NAI Capital is pleased to present the opportunity to acquire over 10,500 square feet of prime real estate along the main throughways of North Fair Oaks Avenue. Located at 118-128 N. Fair Oaks Avenue, Pasadena, CA 91103. The Property is a two-story building to be delivered vacant at COE, offering an exceptional opportunity in a market with high barriers to entry. The space can be configured to meet a variety of uses including corporate owner-user, creative office space, retail sales, banks, restaurants, health/ physical fitness clubs, health spa, alcohol beverage manufacturing/ artisan production, charitable institutions, religious facilities, religious facilities with affordable housing, cultural institutions, multifamily housing, live/work units and various residential housing. The Property is situated at the gateway to Old Pasadena, one of the most affluent areas in the region with Average Household Incomes topping $158,000 within a three-mile radius of the Property.
Investment highlights
- Premium location : the marine building is a true old pasadena landmark and on the national register of historic places since 1983. Located 2 blocks north of colorado blvd., this office building is situated in the heart of 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.
- High quality finishes :the ground floor features high ceilings with exposed ductwork, handcrafted wood beam work with decorative beam straps, custom craftsman style door trim, hardwood floor moldings, california mission pendant chandeliers and sconces.
- Irreplaceable business location: currently used as offices for a law firm. Ideal move-in ready offices with layout for law, accounting, technology, science, creative media or corporate office users. Also, the marine building has potential for mixed-use ground floor retail and 2nd floor offices in old pasadena’s premier business & shopping district. 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 on-site parking spaces, old pasadena 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 blocks from metro a LINE station at memorial park station.
- Freeway adjacent: traffic volume of over 45,791 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.
- Rare, generational opportunity to purchase a trophy asset in a high barrier to entry market.
- Located on fair oaks ave. Between holly st. And walnut street and directly across the street from the new $1 billion phase I, 10 west walnut mixed-use 210,000 square feet of office space, 17,500 square feet of retail and 400 apartment unit development completed in 2022. The leading food and beverage company headquarters for dine brands occupies 92,000 square feet of office space.
- Old pasadena is nationally recognized for its vibrant revitalization and preserved historic charm. The landmark streets and alleyways, rustic brick facades and architectural accents of pasadena’s original business district has come to create an exceptional and lively entertainment focal point for both residents and tourists alike.
- Situated two blocks from colorado blvd. And home of the world famous the rose parade which brings millions of people to old pasadena and is broadcast worldwide in more than 100 international countries and territories along with UCLA football games, sporting events and concerts at the rose bowl.
- Affluent demographics with an average hhi of $158,194 within 3 miles.
- Vogue magazine’s 12.2023 article “An insider’s guide to pasadena" www.Vogue.Com/article/pasadena-guide states “Lately, a new crop of creatives has been wooed by pasadena’s under-the-radar attitude.”
- Recognized by their bright-yellow shirts, the ambassador guides of old pasadena management district assist visitors to old pasadena by giving directions and answering questions.
- $2m raised annually for services within old pasadena • daily sidewalk pressure washing – most streets and alleyways are cleaned once per week.
- A sophisticated marketing team dedicated to promoting old pasadena with signature events such as bold pas: a day of art and play in old pasadena, day of the dead, jackalope art fair, old pasadena summer cinema, old pasadena holidays, small business Saturday, yappy hour and corso Ferrari car show.
Listing Contacts
Listed by NAI Capital - Pasadena
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Zoning
CD-MU-C MixedMixed UseCentral District Mixed Use Core
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