Commercial Office Building
2600 Mission, San Marino, CA 91108

CRESMONT SAN MARINO - OFFICE IN DOWNTOWN SAN MARINO, HARD-CORNER LOCATION

Property Details

Address
2600 Mission Street, San Marino, CA 91108
Price
Ask: $7,000,000
# of Units
17
Status
SOLD
Building Size
16,907 SF
Price/Unit
$411,764
CAP Rate
Year Built
GRM
Type
Office
Lot Size
11,922 SF
Price/SF
$414

Property Information

INVESTMENT HIGHLIGHTS

  • Irreplaceable Real Estate: Rare opportunity to purchase a pride-of-ownership, hard-corner two-story office building in downtown San Marino
  • Strong Fundamentals: Located in a city that has one of the strongest demographics in Greater Los Angeles area with an Average Household Income of $152,446 within a mile radius
  • Extra Benefit for tenants leasing an office space in San Marino: Business owner’s located in the City of San Marino might be able to enjoy San Marino Unified School District which considered one of the top school districts in the nation (recognized as National Blue-Ribbon schools for the over 15 years)
  • Low inventory of Office Space in downtown San Marino area: This led to a strong demand for office spaces which drives down the vacancy (current vacancy rate for this property is 2%)
  • Reasonable Price per SQFT: The property is being offered at a very reasonable price/sf where nearby other commercial property is asking over $1,000/sf
  • Flexibility to charge premium $/SF because of superb location
  • Proforma rent shows proforma CAP Rate close to 6%

 

PROPERTY HIGHLIGHTS

  • Truly irreplaceable and prime location in downtown area of San Marino
  • Upgraded office property with upside potential
  • 6 Professional Offices, 9 Executive Suites, and 2 Phone Towers.
  • Newer built office that was completed in 1980 with subterranean parking, ADA Compliant, elevator, fire sprinkler, HVAC system, and attractive lounge area
  • Ample parking with 40 Parking Spaces
  • Secured entrance and parking

 

EXECUTIVE SUMMARY

The Growth Investment Group is proud to present the CRESTMONT, a rare pride-of-ownership two-story office building in an irreplaceable location in the City of San Marino. This investment offering provides an extremely unique and rare opportunity to purchase in a High-End location in downtown San Marino on a HARD CORNER of historic Mission Street and Los Robles Ave, which provides two sides of frontage and great visibility from a highly affluent demographic.

The property is approximately 16,907 square feet situated on 11,921 square feet of land and was built in 1980. The Property is zoned SOC1 which is to be used as a commercial office building. There are 17 units in total which consist of: 6 professional offices, 9 executive suites, and 2 cell phone towers, which provide great professional spaces for businesses. The subterranean parking lot provides 40 gated and covered parking spaces and is ADA compliant. Other amenities include: an elevator, fire sprinklers, HVAC system, and an attractive lounge area.

 

ACCESS

The property is centrally located in an exceptional area that is easily accessible to many areas of the San Gabriel Valley. It has convenient access to 110 FWY, 210 FWY, 10 FWY and only 1.2 miles away from the Gold Line (South Pasadena Station), making it easy to commute to other cities in the San Gabriel Valley and Los Angeles county.

 

AMENITIES

The property is located in an extremely amenity rich area. It is only blocks away from shopping centers, grocery stores, restaurants, and entertainment. Some of the main nearby attractions include: The Huntington Library, El Molino Viejo (commonly known as “The Old Mill”), The Langham-Huntington, Rose Bowl, Norton Simon Museum, California Institute of Technology, Pasadena Civic Auditorium, Old Town Pasadena, and many more.  The abundance in amenities provides locals a very convenient and upscale lifestyle. The property is also located in close proximity to the Fair Oaks Corridor in South Pasadena, which feature specialty boutiques and well-known restaurants locals love to visit.

 

DEMOGRAPHICS

The property is located in a highly affluent and upscale community in the San Gabriel Valley. In 2014, Forbes Magazine ranked the city as 48th most expensive area to live in the United States. LA Weekly ranked San Marino as the 3rd most expensive area to live in the Los Angeles County and in 2017, Bloomberg ranked the city #78 in the country with the 2015 Average Household Income of $207,276.

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