$3,750,000
- Beds
- Unknown
- sq ft
- Unknown
2058 2068 Lake Ave, Altadena, CA 91001
2058 2068 Lake Ave
Altadena, CA 91001
- 157 days on market
Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: Parcel 1: A 9-unit apartment complex featuring a mix of 6 one-bedroom and 3 two-bedroom units. Additionally, this parcel boasts three 2-car garages and on-site laundry facilities. Parcel 2: Positioned to the north, this parcel includes a single-family residence at the rear of the property with a detached garage conversion. Notably, the front portion of this parcel offers ample parking space for up to 18 vehicles and a site for development.
Opportunity 1: Expansion and Conversion: The prospective investor can explore the possibility of adding additional units to the parking area. Additionally, there exists the potential to convert the current garages into income-generating units, thereby maximizing the revenue potential of the property.
Opportunity 2-A new development of low income housing for Senior citizens or… Alternatively, investors may opt to embark on a new development project encompassing both parcels. This comprehensive approach allows for the creation of a fresh, integrated development plan spanning across the entire property. Importantly, rental income from the existing structures can be sustained throughout the planning and entitlement phase of the new development, ensuring financial stability and flexibility.
Details
Property type
Apartment
Lot size
0.568 acres
Price per sq ft
Unknown
Year built
1940
HOA
No
Price History
07/19/2024
CRMLS #PF24148851
Listed
$3,750,000
Schools & Community
Elementary school:
Unknown
Middle school:
Unknown
High school:
Unknown
Community features: Street Lights, Sidewalks
Community features:
Street Lights, Sidewalks
Status: Active
Tomo last checked: 12/23/2024 at 7:25 AM
Listing updated: 12/10/2024 at 9:31 AM
Listed by: John Fredrickson, Sotheby's International Realty Phone #: (626) 229-0909
MLS: CRMLS #PF24148851
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