505 Colorado
First time available in 5 Decades - Rare Colorado Frontage Owner-User
Marketing description
OFFERED FOR THE FIRST TIME IN OVER FIVE DECADES, 505 E COLORADO BLVD represents a rare opportunity to acquire a freestanding commercial asset occupying the entire east end of a city block at the intersection of Colorado Blvd, Oakland Ave, and Union St in the heart of Pasadena’s vibrant Playhouse District. The property consists of an approximately 20,160-square-foot, three-story office building originally constructed in 1949 as the First Bank of Pasadena. The building features two full floors of office space, a mezzanine level, and a full-height basement, complemented by 57 surface parking spaces — a highly coveted amenity in this urban corridor.
Investment highlights
The offering presents an ideal owner/user opportunity with strong long-term fundamentals driven by irreplaceable land value and central location. In addition to its existing utility, the property offers compelling redevelopment potential. Under current zoning, the site supports mixed-use development at up to 87 units per acre, equal to approximately 59 residential units with up to 30,000 square feet of ground-floor retail.
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