Homes for sale - 2058 2068 N Lake AVE, Altadena, CA 91001

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Max Lindenberger

max.lindenberger@engelvoelkers.com

$ 3,750,000

Est. payment -/mo

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2058 2068 N Lake AVE Altadena, CA 91001

0.57 Acres Lot

UPDATED:

11/04/2024 07:12 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID PF24148851

HOA Y/N No

Year Built 1940

Lot Size 0.568 Acres

Property Description

Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: Parcel 1: A 9-unit apartment complex featuring a mix of 6 one-bedroom and 3 two-bedroom units. Additionally, this parcel boasts three 2-car garages and on-site laundry facilities. Parcel 2: Positioned to the north, this parcel includes a single-family residence at the rear of the property with a detached garage conversion. Notably, the front portion of this parcel offers ample parking space for up to 18 vehicles and a site for development.
Opportunity 1: Expansion and Conversion: The prospective investor can explore the possibility of adding additional units to the parking area. Additionally, there exists the potential to convert the current garages into income-generating units, thereby maximizing the revenue potential of the property.
Opportunity 2-A new development of low income housing for Senior citizens or… Alternatively, investors may opt to embark on a new development project encompassing both parcels. This comprehensive approach allows for the creation of a fresh, integrated development plan spanning across the entire property. Importantly, rental income from the existing structures can be sustained throughout the planning and entitlement phase of the new development, ensuring financial stability and flexibility.

Location

State CA

County Los Angeles

Area 604 - Altadena

Zoning LCC2*

Interior

Cooling Wall/Window Unit(s)

Fireplace No

Laundry Common Area

Exterior

Garage Assigned

Garage Spaces 22.0

Garage Description 22.0

Pool None

Community Features Street Lights, Sidewalks, Urban

Utilities Available Cable Available, Sewer Connected, Water Connected

Total Parking Spaces 44

Private Pool No

Building

Lot Description 21-25 Units/Acre, 26-30 Units/Acre, 36-40 Units/Acre, 31-35 Units/Acre, Over 40 Units/Acre, Near Public Transit, Street Level, Tear Down, Value In Land

Story 2

Entry Level Two

Sewer Sewer Tap Paid

Level or Stories Two

New Construction No

Others

Senior Community No

Tax ID 5845010015

Energy Description 1117.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Trust

Listed by John Fredrickson • Sotheby's International Realty • 626-688-9890

Max Lindenberger

Advisor | License ID: 02073155

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