1165 Lake Avenue, Pasadena, California 91104, Pasadena, 91104 - 0 bed, 0 bath
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Pasadena, California 91104
Analysis of 1165 Lake Avenue, Pasadena, California 91104 is currently available with a list price of $2,400,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. 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 Experienced Investors and Fix-and-Flip Specialists.
Property is extensive renovation needed.
Built in 1923, the property features a highly dated kitchen that appears to be over 40 years old. While the architectural details are preserved, the reliance on window AC units and only 'some' updated electrical indicates that the major systems and interiors require a full rehab to meet modern safety and functional standards.
The exceptionally large 21,106 sqft lot combined with PSC zoning provides a rare opportunity for further development or the addition of ADUs to maximize rental yield.
All four units feature a consistent 2-bedroom, 1-bathroom layout with preserved 1920s Spanish character, hardwood floors, and modern essentials like in-unit laundry hookups.
Delivering one unit vacant allows an investor to immediately occupy the unit or lease it at current market rates, facilitating easier financing and immediate cash flow adjustments.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =21106, other record lot size in square feet = 10570. Living area discrepancy between mls listing and other public or private record. mls listing living area = 4608, other record living area = 2304.
With three units currently tenant-occupied, immediate upside in cash flow may be restricted by local rent stabilization ordinances and existing lease terms.
Despite some electrical updates, a property from 1923 typically requires higher maintenance reserves for aging plumbing, roofing, and structural elements inherent in century-old buildings.
Exceptional value-add investment opportunity in highly desirable Pasadena, ideally located just north of Mountain Street along vibrant Lake Avenue. This 1922 Spanish-style quadruplex features four spacious 2-bedroom, 1-bath units with an attractive unit mix ideal for strong long-term rental demand.Each unit offers generous layouts with timeless architectural charm, including hardwood floors, original built-ins, formal dining rooms, and breakfast nooks. Select system updates include portions of upgraded electrical, copper plumbing plus in-unit laundry hookups that add convenience and tenant appeal.The property includes a large shared backyard, four single-car garages, and significant upside potential for investors seeking to increase value through renovations, rental repositioning, or possible future expansion. Three units are currently tenant-occupied and professionally managed, providing immediate income stability, while one unit will be delivered vacant--creating an excellent opportunity for immediate improvements and market-rate leasing.Zoned PSC, this property offers compelling flexibility and future potential in one of the area's most desirable rental corridors. A rare chance to acquire a character-rich asset with income today and upside for tomorrow.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 2.0 |
| Baths | 0.0 | 2.0 |
| Square foot | 4,608 | 2,217 |
| Lot Size | 21,106 | 8,545 |
| Price | $2.40M | $1.20M |
| Price per sq ft | $521 | $647 |
| Built year | 1923 | 1947 |
| HOA | $0 | $0 |
| Days on market | 61 | 81 |
May 22, 2026
$2,400,000
Initial Listing
Mar 16, 2020
$630,000
Public Record