1562 N Lake Avenue, Pasadena, California 91104, Pasadena, 91104 - 0 bed, 0 bath
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Pasadena, California 91104
This Rare 4-Unit Multifamily Asset is a Prime Investment Opportunity, listed at $1,699,000—positioned well below the $1,734,911 Fair Market Value by 2%. This valuation gap offers $35,911 in Instant Equity. Boasting a Move-in Ready Condition Rating, the asset features new roofs and remodeled kitchens. Located near Longfellow Elementary, Eliot Middle, and Pasadena High School, the detached front house with a private patio offers a unique owner-user lifestyle, while residential financing eligibility enhances affordability. This is an ideal acquisition for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1562 N Lake Avenue Subject | $1,699,000* List Price | 0 | 0 | 3,793 | $457 | - |
A 1842 Sinaloa Avenue Sold | $1,560,000 | 5 | 4 | 3,373 | $462 | 1.0 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and has undergone significant recent renovations despite its 1907 build date. Interior photos show updated kitchens with cherry-finish cabinetry and stainless steel appliances, modern recessed lighting, and well-maintained hardwood or laminate flooring. The listing confirms major system updates including new roofs and electrical panels, though some exterior elements like the carports and laundry area show more typical age-related wear.
As a four-unit property, this asset qualifies for residential financing, allowing buyers to take advantage of lower down payment options and more favorable interest rates compared to commercial multi-family loans.
The property has undergone significant recent upgrades, including new roofs, updated electrical panels, and remodeled kitchens and bathrooms, which reduces immediate CapEx requirements for the new owner.
The inclusion of a detached front house with a bonus room provides a unique 'owner-user' opportunity, while the predominantly two-bedroom unit mix maximizes rental demand and income potential.
Built in 1907, the century-old structure may present ongoing maintenance challenges inherent to vintage properties, such as aging plumbing or foundation considerations not addressed by cosmetic upgrades.
The local public schools carry relatively low ratings (3 to 5 out of 10), which may limit the property's appeal to families and impact long-term appreciation compared to areas with top-tier school districts.
Rare 4-Unit Multifamily property in North Pasadena (this property qualifies for residential financing). Ideal mix of 2 x (2B+2B), 1 x (2B+1B), 1x (1B+1B). Building Size is 3,793 SF situated on large 11,936 SF lot . Each unit has their own covered carport parking. All units are currently occupied and all tenants are current on rents. Recent upgrades have been done on the property: new roofs, electrical panels, bathrooms, kitchen, flooring, and more (list of upgrades can be emailed over). Front unit is a detached home with 2 bedroom + 2 bathroom plus a bonus room that can be used as a 3rd bedroom or a home office. Ample outdoor space for landscaping or outdoor enjoyment.
No exterior & parking available.
Grades K-5 • 0.3 mi
Grades 6-8 • 0.7 mi
Grades 9-12 • 2.4 mi
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 | 3,793 | 3,174 | 67% |
| Lot Size | 11,939 | 6,435.5 | 67% |
| Price | $1.70M | $1.63M | 50% |
| Price per sq ft | $448 | $657 | 17% |
| Built year | 1907 | 1941 | 17% |
| HOA | $0 | $0 | 50% |
| Days on market | 30 | 193 | 17% |
Mar 23, 2026
$1,699,000
Initial Listing
Dec 2, 2020
$1,305,000
Public Record