44 Lk Ave Pasadena, CA 91101

This Pasadena, CA property, located at 44 N Lake Ave, 91101, presents a unique investment opportunity. The 2,691-2,962 square foot building sits on a 6,339-7,870 square foot lot (APN 5738-008-047&053) and currently operates as a restaurant under a triple net (NNN) lease expiring July 1, 2025, with 2-3 year renewal options at market rate. The property boasts a strong net operating income (NOI) of $138,216. The current tenant, operating for decades, is willing to negotiate their departure. The building is situated in a high-traffic area of downtown Pasadena, near Colorado Blvd and Lake Avenue. Importantly, the City of Pasadena is proposing a zoning change to high-density residential, opening significant redevelopment potential. This presents a compelling opportunity for investors seeking a stable income stream with substantial long-term upside. The property includes a patio (2800 sq ft) and storage (162 sq ft). The building footprint is 2691 sq ft. This single-story building is currently zoned for retail use (Convenience Store, QSR/Fast Food, Restaurant) but is poised for a transformation. The potential for adjacent property assemblage further enhances the long-term value proposition.