23
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$2,730,000
Est. payment /mo
5 Beds
4 Baths
0.38 Acres Lot
New
1677 N Lake Pasadena, CA 91104
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Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26217788
Bedrooms 5
Lot Size 0.378 Acres
Property Sub-Type Res Income 2-4 Units
Property Description
12-Unit Mid-Century Value-Add, Excellent Unit Mix + Large Lot, Major Capex Completed (New Roof, New Landscaping, Upgraded electrical panels and subpanels), 8.32% Proforma Cap Rate, Generational Hold (Owned Since 1963). Can Be Acquired together with 295 S Hudson Ave, Pasadena (14 units). 1677 N Lake Ave, a commanding 12-unit value-add apartment community in one of Southern Californias most desirable markets: Pasadena, CA. This generational asset has been meticulously maintained by the same family since 1963. Situated on the prominent Lake Avenue corridor, the property provides tenants with immediate access to premier local destinations including Old Pasadena, the Lake Ave Shopping District, the Rose Bowl, Caltech, and Pasadena City College. The asset is nestled among single-family homes and boutique apartment communities, supported by exceptional local demographics featuring an average household income of $167,051 within a one-mile radius. Constructed in 1959, this classic Mid-Century building boasts excellent curb appeal, enhanced by a well-maintained central courtyard and newly installed drought-tolerant landscaping. The property encompasses 9,118 square feet of rentable space on an expansive 16,478 square-foot, medium-density residential lot (RM-16). The highly attractive unit mix consists of two (2) 2-bedroom/2-bathroom units, two (2) 2-bedroom/1-bathroom units, and eight (8) spacious 1-bedroom/1-bathroom units, averaging 760 square feet each. The floor plans are bright and expansive, featuring large windows for abundant natural light, through-the-wall A/C, and a mix of
Location
State CA
County Los Angeles
Zoning Assessor
Direction FWY 210 exit Lake Ave and go north, property on the west side right before Atchison St.
Interior
Cooling Wall/Window
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 5848011008
Acceptable Financing Cash
Listing Terms Cash
Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10550
Listed by Handoko Chen, DRE#01749321 Growth Investment Group Pasade
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