Active
2058 2068 N Lake Avenue
Altadena CA, 91001
$3,750,000
$559.37 per sqft
Active
6,704 sqft
Condo
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
October 6, 2024
Updated
Map
2058 2068 N Lake Avenue
Altadena CA, 91001
Interior Features
Total Stories
2
Laundry Description
Common Area
Fireplace
No
Cooling
No
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
25
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 10/6/2024. 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.
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Data last updated on 10/6/2024 at 12:57 PM UTC