Prime Pasadena Infill: High-Density RM-48 Lot Near Caltech & PCC – Up to 35 Buildable Units (High Density), or 17-21 units (Mid Density)
MARKETING HIGHLIGHTS:
- Class-A Infill Location nearby CALTECH and PCC, and minutes to LAKE Ave District and Old Town Pasadena
- Strong academic and employment centers providing built-in demand for rental units
- Ultimate Development Flexibility: Zoning accommodates three clear development paths: High-Density 100% Affordable (30-35 units), Mid-Density TOD Multifamily (14-21 units), or Low-Density Residential (5 units).
- Clear, Vacant Lot: Ready for immediate redevelopment with zero demolition costs, saving developers significant time and upfront capital.
- Class-A Educational & Employment Hub: Walking distance to Caltech and Pasadena City College (PCC), and minutes from major employers (Kaiser Permanente, Huntington Hospital), the Lake Avenue Business District, and Old Town Pasadena, ensuring built-in, premium rental demand.
- Unmatched Market Fundamentals: Pasadena boasts historically strong occupancy rates and steady rent growth, driven by a high-income, highly educated demographic and a severe lack of buildable land.
- Transit-Oriented & Walkable: A true TOD location situated near the Metro L Line and major bus routes, seamlessly connecting residents to local amenities, grocery, dining, and retail.
- Supportive Zoning Environment: Positioned to leverage Pasadena’s push for smart growth, offering developers potential eligibility for lucrative density bonuses, reduced parking requirements, and streamlined administrative approvals.
- Regional Connectivity: Immediate access to the 210, 134, and 110 freeways provides rapid transit to the broader Los Angeles region.
- Durable Long-Term Value: Pasadena’s historic character, stringent civic planning, and scarcity of undeveloped land ensure resilient property values and attractive long-term returns.
Executive Summary
Growth Investment Group California is proud to present a rare infill opportunity on N Michigan Avenue: a 7501SF, RM-48 high-density lot located mere steps from Caltech and Pasadena City College. Because this site is a vacant lot, developers benefit immediately from zero demolition costs, allowing for a faster, more cost-effective path to vertical construction in one of Southern California’s most supply-constrained markets.
The property offers unparalleled flexibility, accommodating a wide range of builder strategies. Depending on city approvals, developers can pursue three distinct development paths: a High-Density affordable project yielding up to 35 units, a Mid-Density Transit-Oriented Development (TOD) yielding 17-21 units, or a Low-Density residential project of 5 units. This makes it an ideal acquisition for boutique builders or seasoned development firms looking to expand their footprint in a high-barrier-to-entry city.
Location serves as the ultimate amenity for this site. Situated between LAKE Ave and Hill Ave, and 1 lot away from Union St and Michigan Ave corner, it offers superb access to all the best amenities City of Pasadena has. Situated just minutes from major employment centers, the Lake Avenue Business District, and the Metro L Line, the property sits squarely within a walkable, amenity-rich neighborhood. It benefits from a built-in, highly educated renter pool and aligns perfectly with Pasadena’s ongoing push for smart, sustainable, transit-connected growth.
With limited undeveloped land remaining in Pasadena, this parcel represents a strategic canvas to deliver much-needed housing while capturing durable, long-term value in an economically resilient, premium demographic.