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The Warburton Team Brokered By EXp

andreww@gowpnow.com +1(626) 630-2141

$2,730,000

Est. payment - /mo

0.38 Acres Lot

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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

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 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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Listed by Handoko Chen Growth Investment Group Pasade han.chen@growthinvestmentgroup.com, DRE #01749321

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1677 N Lake Pasadena, CA 91104