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.
Step into this beautifully preserved 1922 Spanish-style quadruplex, ideally located just above Mountain Street on vibrant Lake Avenue. All 4 units offer 2 bedrooms and 1 bath, blending timeless charm with thoughtful updates, including hardwood floors, original built-ins, a formal dining room, and a cozy breakfast nook. The spacious layouts are filled with natural light, complemented by some updated electrical and in-unit laundry hookups. A generous shared backyard provides plenty of space to relax or entertain. With four single-car garages, this property offers the best of urban living with classic architectural character. Plenty of upside potential and opportunity for expansion. 3 units are currently tenant-occupied and professionally managed. 1 will be delivered vacant. Zoned PSC.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 4,608 | 2,620 | 86% |
| Lot Size | 21,106 | 8,545 | 86% |
| Price | $2.40M | $1.90M | 71% |
| Price per sq ft | $521 | $664 | 14% |
| Built year | 1923 | 1924 | 29% |
| HOA | $0 | $0 | 50% |
| Days on market | 15 | 103 | 14% |
May 22, 2026
$2,400,000
Initial Listing
Mar 16, 2020
$630,000
Public Record