2629-2643 1/2 Lake Ave - Apartments FOR SALE


Altadena, CA 91001
$5,150,000 USD
626-487-4300
2629-2643 1/2 Lake Ave, Altadena, CA for Sale
$5,150,000 USD
Apartments - FOR SALE
1/24
null | 5.52% Cap Rate

2629-2643 1/2 Lake Ave
Altadena, CA 91001


HIGHLIGHTS

  • 15 OF 16 UNITS CURRENTLY VACANT AND RENT READY
  • 14 INDIVIDUAL ENCLOSED GARAGES
  • 14 UNIT PROPERTY & DUPLEX NEXT DOOR - SOLD TOGETHER

OVERVIEW

15 OF 16 UNITS CURRENTLY VACANT AND RENT READY! We are pleased to present a rare investment opportunity in Altadena where the rebirth of the City has already begun. These two properties combined are 16 residential units with 15 vacant offering a fresh start slate for investors seeking immediate lease-up potential and long-term upside. The offering consists of two adjacent parcels, a 14-unit apartment property and a separate Duplex property, providing operational flexibility, owner-user potential and eliminating the requirement for an on-site manager. The property has been fully remediated following the Eaton Fire, presenting a fresh start with renewed confidence in the asset's condition. The properties benefit from new roofs within the past few years 14 INDIVIDUAL, ENCLOSED GARAGES, all of which are currently vacant offering further income potential or added tenant appeal in a competitive rental market. With strong fundamentals, minimal deferred maintenance, and significant lease-up opportunity, this Altadena property is ideally suited for investors looking to stabilize and maximize returns in what will be a premiere rental location. Two properties must be sold together because of shared driveway and lot configurations. Duplex address is 765 E. Pine St., Altadena, APN# 5841-030-005. Price includes both properties!

FOR SALE DETAILS

PRICE

$5,150,000 USD

PRICE/SF

$407 USD /SF

# OF UNITS

16

PRICE/UNIT

$321,875

CAP RATE

5.52%

% LEASED

94%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1950

PARKING SPACES

29

LAND DETAILS

LAND ACRES

0.43 AC

LAND SF

18,840 SF

ZONING

R3, Altadena

APN/PARCEL ID

5841-030-003,5841-030-005

ASK ABOUT THIS PROPERTY

Alexander MetaxasRealty Investment AdvisorsMore Info
626-487-4300

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Alexander MetaxasRealty Investment AdvisorsMore Info
626-487-4300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.