93 N Craig Avenue, Pasadena, California 91107, Pasadena, 91107 - 3 bed, 1 bath
ACTIVE$1,790,000
93 N Craig Avenue, Pasadena, California 91107
3Beds
1Bath
1,092Sqft
9,009Lot
Year Built
1920
Close
-
List price
$1.79M
Original List price
$1.79M
Price/Sqft
$1,639
HOA
-
Days on market
-
Sold On
-
MLS number
OC25154796
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $1.79M(63th), sqft - 1092(10th), beds - 3(50th), baths - 1(12th).
SELLING FOR LAND VALUE. APPROVED OF BUILDING 6 UNITS, GREDT DEVELOPMENT OPPORTUNITY.
Price History
Date
Event
Price
07/10/25
Listing
$1,790,000
Condition Rating
Tear down
The MLS listing explicitly states 'SELLING FOR LAND VALUE' and that the existing structure 'will require demolition' for a 6-unit development. Built in 1920, the property is over 100 years old, and the images show a severely aged exterior with clear signs of deferred maintenance. The property's value is solely based on its land and redevelopment potential, aligning perfectly with the 'tear-down' criteria.
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 = 9009, living area = 1092.
Pre-Approved Development: The property comes with explicit approval for building 6 units, significantly de-risking and accelerating the development process by bypassing major entitlement hurdles.
High-Value Development Potential: Marketed specifically for its land value and multi-unit development potential, this property offers a clear and defined path to maximizing investment returns.
Desirable Pasadena Location: Situated in Pasadena, a highly sought-after and affluent city, which enhances the future rental income or resale value of the developed units.
Generous Lot Size: The 9009 sqft lot provides ample space for a 6-unit project, allowing for thoughtful design, parking, and potential amenities.
Strategic Investment Opportunity: Ideal for developers seeking a project with pre-existing entitlements, offering a potentially quicker turnaround and return on investment compared to raw land.
Cons
Existing Structure Condition/Age: The 1920-built single-family home is likely outdated and will require demolition, adding to the overall development costs and project timeline.
High Initial Investment: The list price of $1.79M for 'land value' represents a substantial upfront capital outlay, potentially limiting the buyer pool to well-capitalized developers.
Limited Buyer Pool: The property's value is almost entirely tied to its development potential, making it unsuitable for traditional home buyers and narrowing its market appeal to specific investors/developers.