While numerous office markets across the Greater Los Angeles area have struggled in recent years, many commercial assets across Pasadena have seen stable tenancy due to strong employment in the surrounding area. One such property, located at 30 E. Del Mar Boulevard and 300 S. Fair Oaks Avenue, has recently been placed on the market, with guidance set at $9.18 million, or roughly $563 per square foot.
According to the listing by CBRE, the 17,436 square-foot office building consists of two buildings on just over half an acre of land. Initially constructed in 1907 and 1928, the buildings have been nominated to the National Register of Historic Places. The buildings were also renovated in 1996 and have been upgraded numerous times since by the property’s current owner, Optima Asset Management Services. Public records show that the Newport Beach-based company purchased the property in 2003 for just over $4 million, or about $229 per square foot.
The property is currently fully occupied by two tenants – Los Angeles College of Music and SupplyFrame – and offers a net operating income of $441,855. On average, the property has a 7.2 years remaining weighted lease term with rents 14.4 percent below market.
Located at the intersection of S. Fair Oaks Avenue and Del Mar Boulevard, the property is visible to about 46,000 vehicles per day. Nearby are also a number of transportation options, including the Metro Gold Line station at Del Mar, which is less than half a mile away. Within a two-mile radius of the property, the average household income is also $116,234 per year and the median home value is $898,873.
In general, the area’s office market has performed well over the past several years, with a total inventory of about 1.2 million square feet and a low vacancy rate of 6.1 percent. This is largely due to the growing number of tech companies in the area, including Caltech, Jet Propulsion Laboratory, ArtCenter College of Design and IdeaLab.
“Pasadena continues to progress as a preferred location for a growing tech industry. Coined the ‘Silicon Foothills,’ Pasadena has the ingredients for growth, funding, and the job market,” the listing states.
