1550 N Lake, Pasadena, California 91104, Pasadena, 91104 - 3 bed, 4 bath
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Pasadena, California 91104
This Stately Mediterranean Triplex is a High-Potential Investment Opportunity, listed at $2,100,000—positioned well below the $2,180,494 Fair Market Value by 3%. This valuation gap offers $80,494 in Instant Equity. Boasting an Excellent Condition Rating after $250,000 in recent capital improvements, the property features a renovated primary suite with Mountain Views and a Wrap-around Balcony. Located near Pasadena High School, this turnkey asset balances luxury living with high rental demand. It is perfectly suited for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1550 N Lake Subject | $2,100,000* List Price | 3 | 4 | 3,022 | $722 | - |
A 849 E Howard Sold | $2,100,000 | 0 | 0 | 2,975 | $706 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
This 1924 Mediterranean triplex has undergone over $250,000 in extensive renovations within the last two years, effectively bringing it to a like-new standard. The property features fully remodeled bathrooms, updated kitchens with modern appliances, and high-end finishes like hardwood flooring and character detailing. Critical infrastructure—including the roof, electrical panels, HVAC systems with new ducting, and plumbing—has been recently upgraded, eliminating deferred maintenance and meeting the criteria for excellent condition.
With over $250,000 invested in the last two years—including a new roof, electrical panels, HVAC ducting, and plumbing repairs—this property offers a rare turnkey experience with significantly reduced immediate CAPEX requirements.
The spacious, remodeled 2-bedroom upstairs unit features private laundry, a balcony, and central air, providing a high-quality primary residence while the two lower units generate substantial rental income.
Sited on a nearly 12,000-square-foot lot with a deep setback and stately Mediterranean architecture, the property offers a premium aesthetic and ample space that distinguishes it from standard multi-family investments.
Situated on North Lake Avenue, a major Pasadena thoroughfare, the property is subject to higher noise levels and traffic volume, which may be a drawback for tenants seeking a quiet residential atmosphere.
The assigned public schools for this address have relatively low ratings (ranging from 3 to 5), which could limit the appeal for families looking to occupy the larger units.
Do not miss seeing this extraordinary opportunity to live in a beautiful, spacious unit while leasing the others out or to simply become a landlord of an extremely well maintained & updated triplex in the heart of Pasadena. This stately Mediterranean style triplex, built in 1924, is perfectly sited on a large 11,901 square foot lot with a deep setback & exceptional curb appeal. You might not normally think of living on the top floor of a gorgeous triplex like this, but perhaps you are in need of housing while rebuilding, or you would simply like to take advantage of living in one fabulous home while building wealth leasing the other units. This truly is the live-in investment opportunity you have been thinking about & looking for, offering move-in ready condition & exceptional pride of ownership. The upstairs home is like a birdhouse w/ the best features & benefits of a traditional home. This private upstairs unit is gorgeous, spacious & light filled, with high ceilings, offering wonderful upgrades as well as character details galore, featuring a Primary Suite as well as another spacious bedroom, two beautifully remodeled full baths, its own entries, both front and rear, a very large back patio, wrap-around balcony, central air, gleaming hardwood floors, & private laundry inside the unit. This amazing triplex has 3 units, each w/ their own interior laundry & both front & rear doors for convenience. The downstairs level offers a one bedroom, one bath unit & a separate studio unit, each well appointed & thoughtfully remodeled. Each unit includes one garage space. There is an additional storage room that has been remodeled as a small office & is currently leased by a tenant. Over $250,000 of upgrades and improvements have been invested into this exceptional property over the past two years, including newer roofing, automatic security gate, extensive landscaping, new electrical panels & upgraded subpanel, Eaton fire remediation, select interior painting, plumbing repairs, HVAC improvements with duct replacement, attic repairs with insulation removal & replacement, storage room to office use & new mailboxes. Ideally located close to shopping, dining, transportation, & everyday conveniences, the property is positioned to grow in value, in a landmark district w/ gorgeous homes located just one block behind. Lot size is approx 61 by 195. Photos are of the 2 smaller units; No photos available for the house-like unit - come visit and see for yourself/call for info!
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades 6-8 • 0.8 mi
Grades 9-12 • 2.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 0.0 | 67% |
| Baths | 4.0 | 0.0 | 67% |
| Square foot | 3,022 | 2,998.5 | 50% |
| Lot Size | 11,901 | 6,435.5 | 67% |
| Price | $2.10M | $1.83M | 50% |
| Price per sq ft | $695 | $679 | 50% |
| Built year | 1924 | 1942 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 58 | 193 | 17% |
Feb 23, 2026
$2,100,000
Initial Listing
Oct 6, 2022
$1,800,000
Public Record
Oct 24, 2016
$1,100,000
Public Record