Add Listing
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    215 Lk Ave Pasadena, CA 91101

    • Turn key restaurants
    • 5,827 SF
    • 0.40 lot acres
    OFF-MARKET
    Last Sale
    Sep 09, 2022
    $6,712,567
    Value Estimations
    $6,500,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-6919436
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Turn key restaurants

    Property Details for 215 Lk Ave

    Year built
    1967
    Construction
    TILT-UP CONCRETE
    Lot size
    0.40 lot acres
    Property size
    5,827 SF
    Zone code
    PSC-
    Property type
    Turn key restaurants
    APN
    5723-010-045
    APU
    5723010045

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,215,000
      ML approach
      $6,365,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,953,000
      Market price range: $2.48M - $5.83M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $4,075,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Los Angeles
    State
    California
    Longitude
    -118.133
    Latitude
    34.1498
    CBSA code
    31080
    CBSA name
    LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $54,451
    $2,142,000
    $1,407,600
    $3,549,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $525,000
      9,396 SF

      340 Lk Ave

      RESTAURANT • 9,396 SF
      340 Lk Ave, Pasadena, CA 91101-3508
      View Details
    • Value Estimation
      $525,000
      3,960 SF

      246 Lk Ave

      RESTAURANT • 3,960 SF
      246 Lk Ave, Pasadena, CA 91101-3002
      View Details
    • Value Estimation
      $555,000
      10,625 SF

      251 Colorado Blvd

      RESTAURANT • 10,625 SF
      251 Colorado Blvd, Pasadena, CA 91101
      View Details
    • Value Estimation by Request
      801 SF

      601 Grn St

      RESTAURANT • 801 SF
      601 Grn St, Pasadena, CA 91101-2019
      View Details
    • Value Estimation
      $925,000
      9,773 SF

      214 Lk Ave

      RESTAURANT • 9,773 SF
      214 Lk Ave, Pasadena, CA 91101-3002
      View Details
    • Value Estimation
      $750,000
      5,610 SF

      614 Colorado Blvd

      RESTAURANT • 5,610 SF
      614 Colorado Blvd, Pasadena, CA 91101-2006
      View Details

    Similar Nearby for Sale

    • $20,000,000
      25,040 SF

      Historic Pasadena Office Building

      Prime location, Craftsman-style, 25,040 SF
      95 Marengo Ave, Pasadena, CA 91101
      View Details
    • Contact for pricing
      9,020 SF

      Retail Building For Sale

      Retail building available for owner-users or investors.
      422 S Lake Ave, Pasadena, CA 91101
      View Details
    • Contact for pricing
      5,097 SF

      Retail Building on Lake Avenue

      Standalone retail building with parking available on Lake Avenue.
      510 N Lake Ave, Pasadena, CA 91101
      View Details
    • $2,800,000
      5,012 SF

      Pasadena Creative Office Building

      Playhouse District gem, 5,012 sq ft.
      234 El Molino Ave, Pasadena, CA 91101
      View Details
    • $1,700,000

      Pasadena Commercial Property For Sale

      Commercial property available for sale in Pasadena, California.
      542 N Madison Ave, Pasadena, CA 91101
      View Details
    • $960,500
      960 SF

      Luxury Condo with Outdoor Space

      Spacious 1 bed, 1 bath condo with resort-style amenities.
      380 Cordova St, Pasadena, CA 91101
      View Details

    Similar Nearby for Lease

    • $36 SF/Yr
      14,574 SF

      Pasadena Creative Office Space

      Historic building, flexible suites, prime location.
      766 Colorado Blvd, Pasadena, CA 91101
      View Details
    • $2 SF/Yr
      21,712 SF

      Pasadena Building and Land Parcels

      Two-parcel property ideal for office, retail, or mixed-use tenants.
      232 N Lake Ave, Pasadena, CA 91101
      View Details
    • Contact for pricing

      Fully Leased Retail Space

      Retail property in Pasadena, CA, currently 100% leased.
      239-243 E Colorado Blvd, Pasadena, CA 91101
      View Details
    • Contact for pricing
      127,128 SF

      Lake Avenue Retail Center

      Pasadena Shopping Center - Spaces Available
      345 Lake Ave, Pasadena, CA 91101
      View Details
    • $24 SF/Yr
      5,097 SF

      Lake Ave Retail Space For Lease

      Prime Pasadena retail space, 2,226-2,871 sq ft available.
      510 Lake Ave, Pasadena, CA 91101
      View Details
    • Contact for pricing
      24,366 SF

      Pasadena Retail Spaces Available

      Prime Pasadena location, multiple spaces
      495-505 Lake Ave, Pasadena, CA 91101
      View Details
    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.
    215 Lk Ave
    Pasadena, CA 91101
    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!