CBRE is pleased to present 141 S Lake Avenue, a 2-story, a 27,220 SF mixed-use retail and office building situated on 1.27 acres along South Lake Avenue in Pasadena, California. The Property presents a compelling opportunity for an owner-user seeking a prominent South Lake Avenue address, an investor looking to capitalize on below-market in-place income, or a developer looking to advance a well-positioned mixed-use project. Anchored by Celestino's, the Property benefits from existing cash flow while offering significant upside through lease-up, renovation, or redevelopment. A conceptual development plan has received Concept Design Approval from the City of Pasadena, a meaningful milestone that reflects City support for the project vision and provides a qualified developer with a significant head start in the entitlement process. The approved concept envisions a 134-unit mixed-use project with 16 affordable units, comprised of 6 very low income and 10 moderate income units, a favorable affordability structure that meaningfully improves project economics relative to comparable sites in the submarket. The Property is being marketed without an asking price. Offers will be negotiated as received and please direct all inquiries to the investment advisors listed in this offering.