1157 1165 Lake Avenue, Pasadena, CA 91104
- $2,400,000
- List Price
- $2,400,000
- Status
- ACTIVE
- MLS#
- P1-27267
- Year Built
- 1923
- Lot Size
- 21,106
- Acres
- 0.48
- Lot Location
- Yard
- Days on Market
- 67
- Property Type
- Multifamily
- Style
- Spanish
- Property Sub Type
- Quadruplex
- Stories
- One Level
- Neighborhood
- Not Applicable
Property Description
Exceptional value-add investment opportunity in highly desirable Pasadena, ideally located just north of Mountain Street along vibrant Lake Avenue. This 1922 Spanish-style quadruplex features four spacious 2-bedroom, 1-bath units with an attractive unit mix ideal for strong long-term rental demand.Each unit offers generous layouts with timeless architectural charm, including hardwood floors, original built-ins, formal dining rooms, and breakfast nooks. Select system updates include portions of upgraded electrical, copper plumbing plus in-unit laundry hookups that add convenience and tenant appeal.The property includes a large shared backyard, four single-car garages, and significant upside potential for investors seeking to increase value through renovations, rental repositioning, or possible future expansion. Three units are currently tenant-occupied and professionally managed, providing immediate income stability, while one unit will be delivered vacant--creating an excellent opportunity for immediate improvements and market-rate leasing.Zoned PSC, this property offers compelling flexibility and future potential in one of the area's most desirable rental corridors. A rare chance to acquire a character-rich asset with income today and upside for tomorrow.
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Additional Information
- Appliances
- Free-Standing Range
- Pool Description
- None
- Fireplace Description
- Decorative, Living Room
- Heat
- Gravity
- Cooling
- Yes
- Cooling Description
- Wall/Window Unit(s)
- View
- None
- Exterior Construction
- Stucco
- Garage Spaces Total
- 4
- Sewer
- Public Sewer
- Water
- Public
- Interior Features
- Built-in Features, Crown Molding
- Attached Structure
- Attached
- Gross Scheduled Income
- $72,105
- Operating Expense
- 14280
Listing courtesy of Listing Agent: Giusy Mele-Brown (giusy@having-fun.com) from Listing Office: BHHS California Properties.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.