44 Lake AvePasadena, CA 91101

Property Details for 44 Lake Ave

Year built

1930

Construction

TILT-UP CONCRETE

Lot size

0.15 AC

Property size (Sq ft)

1,200 SF

Zone code

PSC-

Property type

Retail properties

Property subtype

Turn key restaurants

APN

5738-008-047

APU

5738008047

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $472,679

  6.5%

  $436,319

  7%

  $405,154

• Comparable approach

  Method

  Valuation

  Relative Method

  $572,650

  Geo Method

  $575,044

• Alternative Use

  Use

  Valuation

  Residential

  $368,052

  Hospitality

  $337,133

  Educational

  $280,491

  Medical

  $290,138

  Retail

  $436,319

Location Insight

City

Pasadena

County

Los Angeles

State

California

Latitude

34.1469

Longitude

-118.132

CBSA code

31080

CBSA name

LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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