1677 N Lake, Pasadena, CA 91104
Local realty services provided by:CENTURY 21 Valley Properties
1677 N Lake,Pasadena, CA 91104
$2,730,000
- - Beds
- - Baths
- 9,118 sq. ft.
- Multi-family
- Active
Listed by: handoko chen
Office: growth investment group pasade626-594-4900
MLS#:AR26217788
Source:CRMLS
Price summary
- Price:$2,730,000
- Price per sq. ft.:$299.41
About this home
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....
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Home facts
- Year built:1959
- Listing ID #:AR26217788
- Added:3 day(s) ago
- Updated:October 10, 2026 at 10:45 AM
Rooms and interior
- Flooring:Carpet, Wood
- Kitchen Description:Gas Range
- Living area:9,118 sq. ft.
Heating and cooling
- Cooling:Wall Window Units
- Heating:Wall Furnance
Structure and exterior
- Roof:Shingle
- Year built:1959
- Building area:9,118 sq. ft.
- Lot area:0.38 Acres
- Lot Features:Landscaped, Level with Street, Near Public Transit, Rectangular Lot, Street Level
- Construction Materials:Stucco
- Foundation Description:Raised
- Levels:2 Story
Utilities
- Water:Public, Water Connected
- Sewer:Public Sewer, Sewer Connected
Finances and disclosures
- Price:$2,730,000
- Price per sq. ft.:$299.41
- Tax amount:$30,593
Features and amenities
- Amenities:Carbon Monoxide (CO2) Detector
Parking
- Total parking spaces:16
- Parking description:12 Carport Space(s), Assigned
- Carport spaces:12
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