44 Lk Ave Pasadena, CA 91101
- Turn key restaurants
- 1,200 SF
- 0.15 lot acres
Feb 14, 2025
Current Use by Public Records
- Turn key restaurants
Property Details for 44 Lk Ave
- Year built
- 1930
- Construction
- TILT-UP CONCRETE
- Lot size
- 0.15 lot acres
- Property size
- 1,200 SF
- Zone code
- PSC-
- Property type
- Turn key restaurants
- APN
- 5738-008-047
- APU
- 5738008047
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pasadena
- County
- Los Angeles
- State
- California
- Longitude
- -118.132
- Latitude
- 34.1469
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
