Active

2058 2068 N Lake Avenue

Altadena CA, 91001

$3,750,000


$559.37 per sqft

Active

6,704 sqft

Condos

Built in 1940

Listed by John Fredrickson with Sotheby's International Realty 626-688-9890

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.

PF24148851

MLS ID

July 19, 2024

Listed

December 5, 2024

Updated

Map

2058 2068 N Lake Avenue
Altadena CA, 91001

Interior Features

Total Stories

2


Laundry Description

Common Area


Fireplace

No


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

No

Exterior/Building Features

Lot Size

0.57 Acres


Lot Features

21-25 Units/Acre, 26-30 Units/Acre, 36-40 Units/Acre, 31-35 Units/Acre, Over 40 Units/Acre, Near Public Transit, Street Level, Tear Down, Value In Land


Sewer

Sewer Tap Paid

Other Property Details

Area Name

604 - Altadena


Days on Market

138


Garage

Yes


Garage Spaces

22


Parking

Assigned


Parking Total

44


View

No


County

Los Angeles


Pool

No


Pool Features

None


Zoning

LCC2*

Listing Contact: 626-229-0909 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/5/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 12/5/2024 at 4:23 AM UTC

 

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