Key Facts
- MLS® #: PF24148851
- Property ID: SIRC1979961
- Original Price: USD 3,750,000
- Property Type: Residential, Other
- Lot Size: 24,744 ac
- Year Built: 1924
- Bedrooms: 13
- Bathrooms: 10
- Listed By:
- John Fredrickson
Property 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 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.
Listing Agents
- John Fredrickson
C. 6266889890
O. 6263963930
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Location
2058 North Lake Avenue 2068 N Lake Avenue, Altadena, California, 91001 United States
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Sotheby's International Realty - Pasadena Brokerage
800 E Colorado Blvd Ste 150
Pasadena, California, 91101
United States
626.229.0909