For Sale
Call for price

44 Lake AvePasadena, CA 91101

Prime Pasadena location, strong NOI, redevelopment potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
This Pasadena, CA property, located at 44 N Lake Ave, 91101, presents a unique investment opportunity. The 2,691-2,962 square foot building sits on a 6,339-7,870 square foot lot (APN 5738-008-047&053) and currently operates as a restaurant under a triple net (NNN) lease expiring July 1, 2025, with 2-3 year renewal options at market rate. The property boasts a strong net operating income (NOI) of $138,216. The current tenant, operating for decades, is willing to negotiate their departure. The building is situated in a high-traffic area of downtown Pasadena, near Colorado Blvd and Lake Avenue. Importantly, the City of Pasadena is proposing a zoning change to high-density residential, opening significant redevelopment potential. This presents a compelling opportunity for investors seeking a stable income stream with substantial long-term upside. The property includes a patio (2800 sq ft) and storage (162 sq ft). The building footprint is 2691 sq ft. This single-story building is currently zoned for retail use (Convenience Store, QSR/Fast Food, Restaurant) but is poised for a transformation. The potential for adjacent property assemblage further enhances the long-term value proposition.

Highlights

  • Prime Downtown Pasadena location with high foot traffic and ample parking.
  • Rezoning potential for high-density residential development.
  • Stable income stream from a long-term NNN restaurant lease ($138,216 NOI).
  • Recently renovated building; tenant open to lease negotiations.
  • NNN NOI: $138,216; Lease expires July 2025 with options.
  • Combined lot size: 7,870 SF (APN 5738-008-047 & partial 5738-008-053).

Property Details for 44 Lake Ave

Property type
Retail properties, Restaurants
Square Feet
2,691 SF
Buildings
1
Stories
1
Units
1

Location Insight

City
Pasadena
County
Los Angeles
State
California
Latitude
34.146758580532
Longitude
-118.13244827319
44 Lake Ave, Pasadena, California

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44 Lake Ave
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