266 N Wilson Avenue, Pasadena, California 91106, Pasadena, 91106 - 3 bed, 2 bath
ACTIVE$1,360,000$1,536/sqft
Est. Value: $1,230,499
-9%
AboveEstimate
266 N Wilson Avenue, Pasadena, California 91106
3Beds
2Baths
1,536Sqft
8,119Lot
Price Vs. Estimate
The estimated value ($1,230,499.195) is $129,500.805 (9%) lower than the list price ($1,360,000). This property may be overpriced.
Key pros and cons
Top Pros:
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8119, living area = 1536.
Top Cons:
Demolition and Construction Costs: The property is sold for 'land value,' implying the existing 1927 single-family home will likely need to be demolished, incurring additional costs before new construction can begin, followed by substantial construction expenses for the 5-unit building.
Compared to the nearby listings
Price:$1.36M vs avg $1.90M ($-540,000)35%
Size:1,536 sqft vs avg 2,020.5 sqft35%
Price/sqft:$885 vs avg $97932%
More Insights
Built in 1927 (99 years old).
Condition: The property, built in 1927, is explicitly advertised as being 'SOLD for Land Value' and includes architectural plans for a new 5-unit building, which are nearing final approval. This indicates the existing structure is intended for demolition. The images of the current single-family home show a very old and dated interior with worn finishes, basic and old appliances, and general disrepair, consistent with a property whose value is solely in the land and its redevelopment potential.
Year Built
1927
Close
-
List price
$1.36M
Original List price
$1.36M
Price/Sqft
$885
HOA
-
Days on market
-
Sold On
-
MLS number
WS26004111
Home ConditionTear down
Features
Good View: City Lights
Patio
ViewCity Lights
About this home
For Investor/Builder! This Single Family Home is SOLD for Land Value and will include Architectural Plans to Build a 5 Units Building which is currently almost final approval! Seller will provide previously city-approved plans upon accepted offer. Five Units: Unit 1 : 2155sqft 4 bedroom 4.5 bathrom Unit 2 : 1223 sqft , 2 bedroom 2.5 bathroom Unit 3 : 1256sqft, 2 bedroom 2.5 bathroom Unit 4 : 1148sqft , 2 bedroom 2.5 bathroom Unit 5 : 1218 sqft , 2 bedroom 2.5 bathroom. This property is within close proximity to Old Town, The Rose Bowl, the Art Center, PCC, Cal Tech, JPL and minutes to downtown LA!
C
C. J. DUAN
Listing Agent
Price History
Date
Event
Price
06/30/21
Sold
$950,000
03/20/18
Sold
$880,000
05/09/08
Sold
$400,000
03/24/06
Sold
$745,000
Condition Rating
Tear down
The property, built in 1927, is explicitly advertised as being 'SOLD for Land Value' and includes architectural plans for a new 5-unit building, which are nearing final approval. This indicates the existing structure is intended for demolition. The images of the current single-family home show a very old and dated interior with worn finishes, basic and old appliances, and general disrepair, consistent with a property whose value is solely in the land and its redevelopment potential.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 8119, living area = 1536.
High-Value Development Opportunity: The property is explicitly sold for land value and includes architectural plans for a 5-unit building, which are nearing final approval, offering a clear path to significant value creation for an investor/builder.
Strategic Location: Situated in Pasadena, the property boasts proximity to major attractions and institutions such as Old Town, The Rose Bowl, Art Center, PCC, Cal Tech, JPL, and is minutes from downtown LA, enhancing future rental or resale potential.
Pre-Approved Development Plans: The inclusion of architectural plans for a 5-unit building, with 'almost final approval,' significantly de-risks the development process, saving the buyer substantial time and expense in the planning and permitting stages.
High Rental Demand Potential: The location near multiple educational institutions and employment centers suggests a strong and consistent demand for rental units, making the future 5-unit building a potentially lucrative income-generating asset.
Multi-Unit Income Potential: The approved plans for five distinct units (ranging from 2-bedroom to 4-bedroom configurations) provide diversified income streams and maximize the return on investment for the land parcel.
Cons
Demolition and Construction Costs: The property is sold for 'land value,' implying the existing 1927 single-family home will likely need to be demolished, incurring additional costs before new construction can begin, followed by substantial construction expenses for the 5-unit building.
Significant Upfront Investment & Time Commitment: Beyond the purchase price, the project requires a substantial capital outlay for construction and a significant time commitment for project management, contractor oversight, and final city approvals before generating any income.
No Immediate Income: The property currently offers no income generation and requires a multi-phase development process before any return on investment can be realized, which may not suit buyers seeking immediate cash flow.