2058 2068 N Lake AVE Active Save Request In-Person Tour Request Virtual Tour
Altadena,CA 91001
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID PF24148851
Year Built 1940
Lot Size 0.568 Acres
Property Description
Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: Parcel 1: A 9-unit apartment complex featuring a mix of 6 one-bedroom and 3 two-bedroom units. Additionally, this parcel boasts three 2-car garages and on-site laundry facilities. Parcel 2: Positioned to the north, this parcel includes a single-family residence at the rear of the property with a detached garage conversion. Notably, the front portion of this parcel offers ample parking space for up to 18 vehicles and a site for development.
Opportunity 1: Expansion and Conversion: The prospective investor can explore the possibility of adding additional units to the parking area. Additionally, there exists the potential to convert the current garages into income-generating units, thereby maximizing the revenue potential of the property.
Opportunity 2-A new development of low income housing for Senior citizens or… Alternatively, investors may opt to embark on a new development project encompassing both parcels. This comprehensive approach allows for the creation of a fresh, integrated development plan spanning across the entire property. Importantly, rental income from the existing structures can be sustained throughout the planning and entitlement phase of the new development, ensuring financial stability and flexibility.
Location
State CA
County Los Angeles
Area 604 - Altadena
Zoning LCC2*
Interior
Cooling Wall/Window Unit(s)
Laundry Common Area
Exterior
Parking Features Assigned
Garage Spaces 22.0
Garage Description 22.0
Pool None
Community Features Street Lights,Sidewalks,Urban
Utilities Available Cable Available,Sewer Connected,Water Connected
Building
Lot Description 21-25 Units/Acre,26-30 Units/Acre,36-40 Units/Acre,31-35 Units/Acre,Over 40 Units/Acre,Near Public Transit,Street Level,Tear Down,Value In Land
Story 2
Sewer Sewer Tap Paid
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan
Listing Terms Cash,Cash to New Loan
Special Listing Condition Trust