Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    232 N Lake Ave Pasadena, CA 91101

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $2 SF/Yr

    Two-parcel property ideal for office, retail, or mixed-use tenants.

    Type:Office
    Property size:
    21,712 SF
    Added:
    Dec 3, 2025
    Days on Market:
    119
    Last Refresh:
    Mar 25 at 11:25 pm

    Property Features for 232 N Lake Ave

    General Information

    Standard status
    Active
    Size
    21,712 SF
    Property subtype
    Office

    Building Details

    Year Built
    1956

    Spaces For Lease

    at 232 N Lake Ave Contact us

    We can help!

    Listing Contact
    Ana Soulriver
    Ana Soulriver

    Listing agent Ana Soulriver License #CalDRE #02042495

    Listing office NAI Capital - Pasadena

    Listing date Dec 3, 2025

    Source Naiglobal

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of NAI Capital - Pasadena

    Overview

    Pasadena Building and Land Parcels

    Located in Pasadena's established Lake Avenue Business District, this property features a \u00b121,712 square foot building on \u00b117,508 square feet of land, plus an adjacent \u00b118,027 square foot parcel. The location, just off the 210 Freeway, provides excellent accessibility and visibility. The property is suitable for office, creative, retail, or mixed-use tenants. It offers flexible space, on-site parking, and prime Lake Avenue frontage. The location is surrounded by major employers, retailers, and restaurants. The adjacent parcel offers parking, storage, or expansion potential. Lease terms are available from 3 to 5 years (or terms acceptable to owner).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Jaycocal Engineering Engineer Alliance Française de ... Language School The Pelvic Model Physical ... Medical Clinic Residents Match Consultant Hearken Creative Services Advertising Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Los Angeles
    State
    California
    Longitude
    -118.132
    Latitude
    34.15

    Nearby Similar for Lease

    • Contact for pricing

      Premium Office Space in Pasadena

      Sublease opportunity in a renovated Class A office building.
      301 N Lake Avenue, Pasadena, CA 91101
      View Details
    • Contact for pricing

      Old Town Pasadena Office Space

      Upscale office space near Keck USC hospital development in Pasadena.
      488 S Fair Oaks Ave, Pasadena, CA 91105
      View Details
    • Sponsored
      Contact for pricing

      Spaces Playhouse District

      680 Colorado Blvd, Pasadena, CA 91101
      View Details
    • Contact for pricing

      Old Town Pasadena

      117 Colorado Blvd, Unit 600, Pasadena, CA 91105
      View Details
    • Contact for pricing

      Century Square

      155 Lake Ave, Unit 8TH, Pasadena, CA 91101
      View Details
    • Contact for pricing

      Pasadena Mixed-Use Commercial Property

      Mixed-use property featuring commercial buildings and a single-family home.
      1736 N Sierra Bonita Avenue, Pasadena, CA 91104
      View Details
    • $3/mo

      Retail Space on Colorado Boulevard

      Retail space for lease with high traffic visibility.
      2494 East Colorado Boulevard, Pasadena, CA 91107
      View Details
    • $3/mo

      Colorado Boulevard Office Suite

      Office suite with balcony overlooking Colorado Blvd in Old Pasadena.
      36 West Colorado Boulevard, Pasadena, CA 91105
      View Details
    • $2/mo

      Retail Space in Pasadena Center

      Retail space available in a busy Pasadena shopping center.
      736 North Los Robles Avenue, Pasadena, CA 91104
      View Details
    • $3/mo

      Pasadena Office Space Available

      Office space available for lease in Pasadena, California.
      1143 N Lake Ave, Pasadena, CA 91104
      View Details
    • $3/mo

      Pasadena Office Space Available

      625 SF office space in Playhouse District for sublease.
      595 East Colorado Boulevard, Pasadena, CA 91101
      View Details
    • Contact for pricing

      Two Private Office and One Workspace For Sublease

      Two private offices, workspace, conference room, and kitchen available.
      70 S Lake Ave, Pasadena, CA 91101
      View Details

    FAQs

    What type of property is this?
    Office units - Two-parcel property ideal for office, retail, or mixed-use tenants.
    Where is this office units located?
    The property is located at 232 N Lake Ave Pasadena, CA.
    What is the lease rate?
    The lease rate is $2 SF/Yr.
    What are key features of this property?
    This property features: Prime Lake Avenue Location: High‑visibility in Pasadena's established Lake Avenue Business District.; Two‑Parcel Offering: Includes a ±21,712 SF building and an adjacent ±18,027 SF land parcel.; Flexible Use Potential: Suitable for office, creative, retail, or mixed‑use tenants.
    (626) 204-1524
    We can help!
    Listing Contact
    Ana Soulriver
    Ana Soulriver
    Real Estate License ID: CalDRE #02042495
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!