2058-2068 Lake Avenue

Altadena, CA 91001

$3,750,000
Price
4
Beds
10
Baths
6,704 Sq. Ft.
$559 / Sq. Ft.
6,704
Sq. Ft.
$559
per Sq. Ft.

Description

Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: Parcel 1: A 9-unit apartment complex featuring a mix of 6 one-bedroom and 3 two-bedroom units. Additionally, this parcel boasts three 2-car garages and on-site laundry facilities. Parcel 2: Positioned to the north, this parcel includes a single-family residence at the rear of the property with a detached garage conversion. Notably, the front portion...Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: Parcel 1: A 9-unit apartment complex featuring a mix of 6 one-bedroom and 3 two-bedroom units. Additionally, this parcel boasts three 2-car garages and on-site laundry facilities. Parcel 2: Positioned to the north, this parcel includes a single-family residence at the rear of the property with a detached garage conversion. Notably, the front portion of this parcel offers ample parking space for up to 18 vehicles and a site for development. Opportunity 1: Expansion and Conversion: The prospective investor can explore the possibility of adding additional units to the parking area. Additionally, there exists the potential to convert the current garages into income-generating units, thereby maximizing the revenue potential of the property. Opportunity 2-A new development of low income housing for Senior citizens or… Alternatively, investors may opt to embark on a new development project encompassing both parcels. This comprehensive approach allows for the creation of a fresh, integrated development plan spanning across the entire property. Importantly, rental income from the existing structures can be sustained throughout the planning and entitlement phase of the new development, ensuring financial stability and flexibility.
  1. Listed by John Fredrickson • DRE #00853111 • Brokerage DRE #00899496 • Sotheby's International Realty • 626-688-9890

Property Details for 2058-2068 Lake Avenue

Parking Spaces Total
44
Private Pool
No
Total Units
10.0
Lot Size Source
Assessor
Property Attached YN
true
Common Walls
2+ Common Walls
New Construction
No
Average Studio Area Units
Square Feet
LISTING UPDATED: 11/04/2024 03:10 AM

Property Details for 2058-2068 Lake Avenue

StatusActive
MLS #PF24148851
Days on Market125
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Apartment
Year Built1940
Lot Size0.57 AC / 24,744 SF
CountyLos Angeles County

Building Information for 2058-2068 Lake Avenue

Stories2Residences-Year Built1940Building Size-Lot Size0.57 AC / 24,744 SF

Property Information for 2058-2068 Lake Avenue

Income / Expense / Tax Details
Income Details
  • Gross Income: $229,961
  • Gross Scheduled Income: $229,961
  • Vacancy Allowance: 0
  • Net Operating Income: $164,196
  • Number Of Rented Garages: 1
  • Garage Rental Rate: $500
  • Garage Income: $500
  • Laundry Income: $720
  • Other Income Description: Storage room rental
  • Other Income 1: $150
Expense Details
  • Operating Expense: $65,765
  • Gardener Expense: $3,413
  • Fuel Expense: $1,117
  • Electric Expense: $732
  • Insurance Expense: $950
  • Maintenance Expense: $6,983
  • Professional Management Expense: $11,718
  • Trash Expense: $5,708
  • Water Sewer Expense: $4,656
  • Total Expenses: $65,765
Tax / Assessment Info
  • Tax Tract Number: 1
  • Tax Census Tract: 4612.00
  • Tax Lot: 6
Community / Development
Community / Development
  • Community Features: Sidewalks, Street Lights, Urban
Property / Structure Info
Interior Features
  • Laundry: Yes
  • Laundry Features: Common Area
  • Laundry Equipment Own Lease: Lease
  • Cooling: Wall/Window Unit(s)
Exterior Features
  • Entry Location: Front
  • Pool Features: None
Land/Lot Info
  • Additional Parcels Description: 5845010016
  • Lot Features: 21-25 Units/Acre, 26-30 Units/Acre, 31-35 Units/Acre, 36-40 Units/Acre, Level with Street, Lot 20000-39999 Sqft, Near Public Transit, Over 40 Units/Acre, Tear Down, Value In Land
  • Land Lease: No
  • Road Surface Type: Paved
  • Road Frontage Type: City Street
  • Levels: Two
  • Sewer: Sewer Paid
  • Utilities: Cable Available, Sewer Connected, Water Connected
Parking Info
  • Garage Spaces: 22
  • Parking: Yes
  • Uncovered Spaces: 22
  • Parking Features: Assigned
Unit Information
Unit 1
  • Unit Type Units Total: 6
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,565
  • Unit Type Total Rent: $9,387
  • Unit Type Pro Forma: 11800
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,188
  • Unit Type Total Rent: $6,565
  • Unit Type Pro Forma: 7650
  • Unit Type Type: 2
Unit 3
  • Unit Type Units Total: 1
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 3
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,550
  • Unit Type Total Rent: $2,550
  • Unit Type Pro Forma: 2800
  • Unit Type Type: 3
Unit Information
  • Number Of Units Leased: 10
  • Rent Controlled: Yes
  • Number Of Buildings: 4
  • Number Of Separate Electric Meters: 11
  • Number Of Separate Gas Meters: 11
  • Number Of Separate Water Meters: 1

Property History for 2058-2068 Lake Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 2058-2068 Lake Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 5
Rating
School
Distance
Altadena Elementary School
PublicK to 5

Charles W. Eliot Middle School
Public6 to 8

Pasadena High School
Public9 to 12

Aveson School Of Leaders
CharterK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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2058-2068 Lake Avenue is a multi-family home for sale in Altadena, CA 91001. This property was listed for sale on July 19, 2024 by Sotheby's International Realty, it's currently listed at $3,750,000. This listing's school district is Pasadena Unified School District. Nearby schools include Altadena Elementary School, Charles W. Eliot Middle School and Pasadena High School. 2058-2068 Lake Avenue is a 4-bed, 10-bath, 6,704 sqft multi-family home built in 1940.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Sotheby's International Realty, John Fredrickson, DRE #00853111

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.