The LAAA Team of Marcus & Millichap is proud to present these 6 units located at 934 N Lake Avenue in Pasadena, California. Built in 1953, the property sits on 9,247 square feet of land with 3,696 square feet of rentable area and consists of (5) 1-Bed/1-Bath and (1) 2-Bed/1-Bath units.

The property offers investors the possibility to renovate all the units and capture the significant upside in rents. Unit #2, which was the owner's unit, will be delivered vacant at the close of escrow. Although the rents are significantly below market, the property is well maintained with no significant deferred maintenance, including the fact that this property does not need seismic retrofitting. Additionally, each unit has above average size floor plans, and each unit has their own water heater.

The winning investor on this opportunity might also be able to add another unit, possibly a 1,200 sq.ft. detached unit, through the new ADU program. This is possible because the property is situated on a large lot with almost half of the lot in the back used only for parking. The property should also have significant future development value due to its commercial zoning.

With a walk score of 88, this property is located in a good part of Pasadena, allowing a value add investor to achieve much higher rents through renovation.