Commerical_Appraisal_Price_Proposal.pdf
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- Attached to
- Commercial Appraisal Services
- Solicitation number
- 2025-RFP-0180
- Issued by
- Los Angeles County, California
About this file
This document is a commercial appraisal proposal for three distinct property valuation projects in Pasadena, California, prepared for the City of Pasadena's potential property acquisition and development initiatives. Project #1 involves a single-tenant retail building at 2160 East Foothill Boulevard, spanning 6,825 square feet on 0.665 acres, with the purpose of determining market value for potential acquisition. Project #2 focuses on a vacant commercial lot at 280 Ramona Street, proposing a 5-story, 50,980 square foot affordable housing development featuring 100 low-income units utilizing Section 8 Project-Based Vouchers and state tax credit programs. Project #3 examines a medical office property at 470 & 434 N Lake Avenue, consisting of three medical buildings totaling 24,871 square feet across 103,718 square feet of land, currently vacant and marketed as a development opportunity.
The appraisal projects aim to provide comprehensive valuations including As-Is land values, potential As-Stabilized values, and in the case of Project #2, an Annual Ground Rental Rate. The affordable housing project (Project #2) demonstrates a nuanced unit mix with 48 units at 30% of Area Median Income (AMI), 51 units at 60% AMI, and one manager's unit, comprising 45 studios, 54 one-bedroom units, and 1 two-bedroom unit. Project #3's property is noted as having significant deferred maintenance and being vacant for over a decade, with its highest and best use identified as potential commercial or mixed-use commercial/multi-family development, contingent on demolition of existing improvements. These appraisals suggest the City of Pasadena is strategically evaluating property assets for potential redevelopment, affordable housing, and economic development purposes.
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Text version
Project #1
The subject property consists of a single-tenant retail building that is located at 2160 East Foothill
Boulevard, in the City of Pasadena, California. The improvements consist of a building that contains approximately 6,825 square feet of improvements and a site area of 0.665 acres. The full address is
2160 East Foothill Boulevard, Pasadena CA 91107. The purpose of this appraisal is to determine the market value of the subject property as of the current date. The intended use of the report is to serve as an aid in the determination of value for the potential acquisition of the subject property.
Project #2
The subject property, located at 280 Ramona St, Pasadena, CA, is currently vacant commercial land improved with a parking lot located in Pasadena. Provide the valuation of the As-Is Value of the land and the As-Stabilized Value of the proposed project based on a Hypothetical Condition that the proposed project is completed as of the date of inspection. In addition, provide the Annual Ground Rental Rate.
The proposed improvements will consist of one 5-story building, and will consist of a total of 50,980 square feet of net rentable area (NRA) and 77,150 SF of gross building area (GBA). The property will feature 100 low-income affordable housing units that will utilize the County's Section 8 Project-Based
Vouchers and the State's tax credit via HOME and CTCAC programs. The property will consist of 48 units at 30% of AMI, 51 units at 60%, and one manager’s unit. The unit mix will be 45 studios, 54 one-bedrooms, and 1 two-bedroom.
Project #3
The subject property, located at 470 & 434 N Lake Avenue, Pasadena, CA, consists of a medical office property with improvements located in Pasadena. Provide the valuation of the As-Is Value of the land.
The subject property comprises three medical buildings consisting of a total of 24,871 square feet. the subject improvements have been vacant for over ten years, are in poor condition, and have a significant amount of deferred maintenance. The subject's improvements are situated upon two legally separate but physically contiguous parcels totaling 103,718 square feet. The subject is currently vacant and is currently marketed for sale as a development opportunity. The subject property's highest and best use would be as a commercial or mixed-use commercial/multi-family land minus the costs of demolishing the existing improvement.
File details come from the government source that posted it. Updated .