Building Details

Building Size 6,721 SF

Year Built 1933

Listing Agency: Lee & Associates - Los Angeles - Downtown

Listed By: Evan Jurgensen · License #CalDRE #01967347 Show Phone

Source: Lee-associates

Added: Aug 28 Changed: Oct 14 Last Checked: Oct 16 at 7:46AM

Report an Issue

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 Lee & Associates - Los Angeles - Downtown

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located at 535 S Lake Ave in Pasadena, this 6,721 SF commercial property was built in 1933 and is positioned for restaurant use. The offering includes an entitlement, a full liquor license, and the possibility of outdoor patio seating.

The property also carries potential for live music and off-site catering. Nearby parking options include free parking on Shoppers Lane with 509 stalls, along with 360 complimentary spaces in the Macy’s garage.

Key Highlights

• 6,721 SF entitled commercial opportunity at 535 S Lake Ave
• Full liquor license included
• Potential for live music and off‑site catering

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$182,021

Cap Rate

8.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,640,420 $3.6M

Cap Rate 7%

$2,600,300 $2.6M

Cap Rate 9%

$2,022,456 $2.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,721 SF

Gross rent

$248.4K $36.96/SF

− Vacancy

−$5.7K −$0.85/SF

EGI

$242.7K $36.11/SF

− OpEx

−$60.7K −$9.03/SF

NOI

$182.0K $27.08/SF

Area

Pasadena, CA

Vacancy

2.30%

Lease Rate

$36.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,640,420

Cap Rate 7%

$2,600,300

Cap Rate 9%

$2,022,456

Alternative Uses

Best Use

Specialty Retail

$2.60M

$2.28M – $3.03M (±1% cap)

NOI $182,021 @ 7.0% cap · market cap 8.09%

Second Best

Retail

$2.43M

$2.12M – $2.83M (±1% cap)

NOI $169,886 @ 7.0% cap · market cap 7.55%

Theoretical Best

Multifamily LT 5

$151.29M

$132.38M – $176.51M (±1% cap)

NOI $10,590,302 @ 7.0% cap · market cap 470.68%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Food Market Mobile Phone Store Locksmith Daycare Center Clothing & Fashion Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Liquor license

Location Intelligence

Trade Area within ½ mile

5,544

Businesses Nearby

259k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Apparel 47% Dining 27% Groceries 10% Shops & Services 8%

Macy's Apparel

60,723 visits/mo 0.1 miles

Ross Dress for Less Apparel

52,032 visits/mo 0.1 miles

Pavilions Groceries

25,318 visits/mo 0.1 miles

Peet's Coffee & Tea Dining

13,376 visits/mo 0.2 miles

Chipotle Mexican Grill Dining

10,847 visits/mo 0.3 miles

Demographics for 91101, CA

20,583

Population

12,400

Households

1.7

Avg Household Size

38

Median Age

63%

College-Educated

93%

High-School Grad

1.3 sq mi

ZIP Area

15,833

Density / Sq Mi

$94,180

Median Household Income

$62,458

Median Earnings

$2,282

Median Rent

$687,300

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Similar For Sale Nearby

See more

Conventional Restaurant Building

1361 N Fair Oaks Avenue, Pasadena, CA 91103

$2,750,000

View details

Flexible Retail Storefront with Onsite Parking

30 W Green St, Pasadena, CA 91105

Contact for pricing

6,165 SF

View details

Prime Pasadena Retail Storefront Opportunity

396-400 S Lake Avenue, Pasadena, CA 91101

Contact for pricing

8,250 SF

View details

Freestanding Storefront Property

2060 E Foothill Blvd, Pasadena, CA 91107

Contact for pricing

3,403 SF

View details

Corner Conventional Restaurant Space

50 N Raymond Avenue, Pasadena, CA 91103

$180,000

1,770 SF

View details

For-Sale Retail Storefront

54 S Raymond Ave, Pasadena, CA 91105

Contact for pricing

View details

Conventional Restaurant with Fixtures

1251 N Lake Ave, Pasadena, CA 91104

$85,000

1,000 SF

View details

Turnkey Ground-Floor Restaurant

1491 E Colorado Blvd, Pasadena, CA 91106

Contact for pricing

1,100 SF

View details

End Cap Retail and Restaurant

75 W Walnut St, Pasadena, CA 91103

Contact for pricing

View details

Ground-Floor Thai Restaurant

680 N Los Robles Avenue, Pasadena, CA 91101

$160,000

View details

Restaurant Space with Maintained Kitchen

2391 E Colorado Boulevard, Pasadena, CA 91107

$120,000

View details

Courtyard-Style 8-Unit Apartment

2010 N Los Robles Ave, Pasadena, CA 91104

$2,498,888

6,623 SF

View details

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Entitled restaurant opportunity with a full liquor license and outdoor patio potential.

Where is this conventional restaurant located?

The property is located at 535 S Lake Ave Pasadena, CA.

What is the asking price?

The asking price for this property is $2,250,000.

What are key features of this property?

This property features: 6,721 SF entitled commercial opportunity at 535 S Lake Ave; Full liquor license included; Potential for live music and off‑site catering