16-Unit Apartment Property
For Sale
$5,150,000
2629 Lake Avenue, Altadena, CA 91001
Two adjacent residential properties combine an apartment building and duplex with enclosed garages and substantial vacancy for lease-up.
Property Size12,652 SF
Price / SF$407.05
Days on Market217
Property Features for 2629 Lake Avenue
General Information
Standard status
Active
Size
12,652 SF
Total Parking Spaces
14
Property subtype
Multi-family
Additional Details
Multifamily Units
16
Building Details
Year Built
1949
Listing Agency:
Realty Investment Advisors,Inc.
Listed By:
Alexander Metaxas
(714) 497-3550
Source:
Sevengables
Added: Jan 24
Changed: Aug 29
Last Checked: Aug 29 at 5:15PM
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 Realty Investment Advisors,Inc.
Investment Insights
Based on property information with market context.
This offering combines two adjacent residential properties totaling 16 units: a 14-unit apartment building and a separate duplex. The properties include 14 individual enclosed garages, and 15 of the 16 units are currently vacant. The buildings date to 1949 and have received new roofs within the past few years. The property was remediated following the Eaton Fire.
Located in Altadena, the portfolio includes 2629 Lake Avenue and the duplex at 765 E. Pine St. The properties share driveway and lot configurations and must be sold together. The combined property size is 12,652 square feet, providing a multi-building residential asset with separate apartment and duplex components.
Located in Altadena, the portfolio includes 2629 Lake Avenue and the duplex at 765 E. Pine St. The properties share driveway and lot configurations and must be sold together. The combined property size is 12,652 square feet, providing a multi-building residential asset with separate apartment and duplex components.
Key Highlights
- 16 total residential units across a 14‑unit apartment property and separate duplex
- 15 of 16 units currently vacant and rent ready
- 14 individual enclosed garages included with the properties
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$220,949
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,418,980
$4.4M
Cap Rate 7%
$3,156,414
$3.2M
Cap Rate 9%
$2,454,989
$2.5M
Market Conditions
NOI Build-Up for 12,652 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$341.6K $27.00/SF
− Vacancy
−$26.0K −$2.05/SF
EGI
$315.6K $24.95/SF
− OpEx
−$94.7K −$7.48/SF
NOI
$220.9K $17.46/SF
Area
Los Angeles County, CA
Vacancy
7.60%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,418,980
Cap Rate 7%
$3,156,414
Cap Rate 9%
$2,454,989
Alternative Uses
Best Use
Multifamily LT 5
$3.16M
$2.76M – $3.68M
NOI $220,949 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$2.91M
$2.54M – $3.39M
NOI $203,581 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$6.77M
$5.93M – $7.90M
NOI $474,168 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
704
Businesses Nearby
Explore this area
Business Placement
Demographics for 91001, CA
36,578
Population
13,335
Households
2.7
Avg Household Size
45
Median Age
52%
College-Educated
93%
High-School Grad
8.3 sq mi
ZIP Area
4,407
Density / Sq Mi
$133,840
Median Household Income
$64,449
Median Earnings
$2,298
Median Rent
$1,085,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent residential properties combine an apartment building and duplex with enclosed garages and substantial vacancy for lease-up.
Where is this apartment building located?
The property is located at 2629 Lake Avenue Altadena, CA.
What is the asking price?
The asking price for this property is $5,150,000.
What are key features of this property?
This property features: 16 total residential units across a 14‑unit apartment property and separate duplex; 15 of 16 units currently vacant and rent ready; 14 individual enclosed garages included with the properties
