Rare Pasadena Investment with Strong Income + Value-Add Play Cash Flow Today. Upside Tomorrow. This versatile Pasadena asset is a prime opportunity for savvy cash flow investors, 1031 exchange buyers, and owner-users seeking strong returns and multiple exit strategies. Currently generating $400,000+ in gross annual income with a path to $535,000+ in Proforma Income, this property provides immediate yield with a proven trajectory to a 7.0%–7.5% Cap Rate within 90 days of closing. The current Cap Rate is ~5%, creating a clear path for short-term income growth. Property Features: 12 legal commercial work/live units, fully approved for both residential and commercial use 3 Industrial Buildings totaling 16,250+ sq ft (inclusive of mezzanines, common areas & storage) Two legal parcels totaling approx. 15,578 sq ft of land All tenants on month-to-month or expiring leases within 12 months – ready for repositioning Flexible zoning supports a wide range of uses and creative tenant mixes Draft condo conversion plans ready – option to split into 12 work/live condo units for resale Fully rebuilt in the early 1990s, remodeled again in the early 2000s to its modern creative use Formerly home to Occidental College’s art school – well-maintained and thoughtfully reimagined Owner-user potential with upside through lease-up, repositioning, or strategic unit sales This is not just a building—it’s a strategic asset offering multiple income streams, value-add options, and long-term scalability. Perfectly positioned for investors seeking flexibility and return in one of Pasadena’s most desirable and supply-constrained markets. Whether you’re looking to cash flow from Day 1 or scale into a higher valuation over time, this is your chance to own a Pasadena property that checks all the boxes. Whether you're building long-term passive income, looking to reposition and increase NOI, or exploring profitable exit strategies through condo resale or tenant repositioning, this property delivers multiple income streams and scalability in a high-demand Pasadena location. It is also perfect for an Owner-User. Opportunities like this—offering immediate income with built-in value-add potential—rarely hit the market in Pasadena.