1104 N Lake Avenue, Pasadena, California 91104, Pasadena, 91104 - 0 bed, 0 bath
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Pasadena, California 91104
Analysis of 1104 N Lake Avenue, Pasadena, California 91104 is currently available with a list price of $1,358,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Pasadena Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
Built in 1951, the property is described as well-maintained and currently provides immediate cash flow, suggesting it is in livable condition. However, the exterior features—including striped awnings, aged stucco, and a cracked asphalt parking lot—show significant signs of being outdated, and the listing is primarily marketed as a redevelopment opportunity.
Zoned under the North Lake Specific Plan with State Density Bonus eligibility, the site allows for a significant increase from 10 base units to an estimated 15-20 units.
As a designated TPA near the Metro A Line, the project qualifies for expedited CEQA processing and substantial parking reductions, significantly lowering development hurdles and costs.
The existing well-maintained residential units provide immediate cash flow, allowing an investor to offset carrying costs while navigating the entitlement and permitting process.
Achieving the maximum build-out potential requires navigating complex state and local density bonus regulations, which can involve lengthy timelines and regulatory uncertainty.
The presence of a fourth non-conforming dwelling may present challenges with traditional financing or require specific legal compliance measures during the transition to redevelopment.
REDEVELOPMENT OPPORTUNITY: Here is a rare opportunity to acquire a prime infill site in the heart of the newly adopted North Lake Specific Plan (NLSP). Located at 1104 N. Lake Ave, this 8,618 SF parcel sits within the high-growth Washington Place subarea, designated for Washington Mixed-Use (NLSP-WMU). This zoning is a cornerstone of Pasadena's 'Great Streets' initiative, designed to transform this corridor into a vibrant, pedestrian-first urban village.The site currently features a well-maintained 3-unit residential with a 4th non-conforming dwelling, providing immediate cash flow during the entitlement process. The true value lies in the Maximum Build-Out Potential. Under current NLSP standards, the site supports a base density of 48 units per acre (approx. 10 units). By utilizing the State Density Bonus (AB 1287/SB 1818), developers can achieve an estimated 15-20 units with a 4-story 'Wedding Cake' structure. Boasting a 'Very Walkable' score, the site is steps from Washington Park, the historic Bungalow Heaven district, and the thriving retail nodes of Washington Blvd. It serves as a critical link to the Metro A Line (Lake Station), making it a 'Transit-Priority Area' (TPA) that qualifies for significant parking reductions and expedited CEQA processing.Position your portfolio at the leading edge of Pasadena's most significant urban redesign in decades. 1104 N. Lake Ave is not just a lot; it's the future of North Pasadena.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 0% |
| Baths | - | - | 0% |
| Square foot | - | - | 0% |
| Lot Size | - | - | 0% |
| Price | - | - | 0% |
| Price per sq ft | - | - | 0% |
| Built year | 1951 | - | 0% |
| HOA | $0 | $0 | 0% |
| Days on market | - | - | 0% |
Mar 13, 2026
$1,358,000
Initial Listing
Jan 8, 2015
$749,000
Public Record
Oct 4, 2007
$203,500
Public Record