0.38 Acres Lot
0.38 Acres Lot
Key Details
Property Type Other Types
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26217788
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 1959
Annual Tax Amount $30,593
Lot Size 0.378 Acres
Property Sub-Type Apartment
Property Description
1677 N Lake Ave, a commanding 12-unit value-add apartment community in one of Southern California's 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 original and upgraded hardwood flooring.
Current ownership has injected significant capital to strategically de-risk the asset, including a new roof and comprehensive upgrades to the electrical panels and unit subpanels. Operations are highly efficient: units are separately metered for gas and electricity, each features its own water heater, and the building is serviced by a shared laundry room with leased machines. Parking is generously accommodated by 12 rear carport spaces and 4 open spaces, fundamentally exempting the property from costly soft-story seismic retrofitting requirements. Furthermore, the property has already passed its required SB-721 inspection.
Beyond standard interior renovations to capture proven market premiums (achieving an 8.20% proforma CAP rate), the property's massive lot and rear carport layout present a superb opportunity to add ADUs.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Carpet, Wood
Fireplaces Type None
Fireplace No
Appliance Gas Range
Laundry Common Area
Exterior
Parking Features Assigned
Carport Spaces 12
Fence None
Pool None
Community Features Suburban, Valley
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N Yes
View Mountain(s), Neighborhood
Roof Type Shingle
Total Parking Spaces 16
Private Pool No
Building
Lot Description Landscaped, Level, Near Public Transit, Rectangular Lot, Street Level
Faces East
Story 2
Entry Level Two
Foundation Raised
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 5848011008
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Energy Description 2450.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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