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1157 1165 Lake Avenue, Pasadena, California 91104, Pasadena, 91104 - bed, bath

1157 1165 Lake Avenue, Pasadena, California 91104 home-pic-0
ACTIVE$2,800,000
1157 1165 Lake Avenue, Pasadena, California 91104
0Bed
0Bath
4,608Sqft
21,106Lot
Year Built
1923
Close
-
List price
$2.8M
Original List price
$2.8M
Price/Sqft
$608
HOA
-
Days on market
-
Sold On
-
MLS number
P1-24296
Home ConditionFair
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $2.80M(85th), sqft - 4608(92th), beds - undefined(50th), baths - undefined(50th).

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.

Price History

Date
Event
Price
09/26/25
Listing
$2,800,000
Condition Rating
Fair
Built in 1923, this quadruplex is described as 'beautifully preserved' with 'thoughtful updates' and 'some updated electrical.' While the hardwood floors and original built-ins contribute to its charm, the visible bathroom features a vintage style with a pedestal sink, built-in tub, and older tiling, indicating it has not been recently renovated to modern standards. No clear images of the kitchen are provided, but given the bathroom's condition and the property's age, it is highly likely to be similarly dated. The presence of window AC units suggests a lack of central cooling. The property is functional and well-maintained for its age, but major components like the kitchen, bathrooms, and HVAC systems are outdated and would require substantial updates to meet contemporary buyer expectations, aligning with the 'fair' condition criteria.
Pros & Cons

Pros

Strong Income Potential: As a quadruplex with three units currently tenant-occupied and professionally managed, the property offers immediate and stable rental income. The vacant unit provides flexibility for owner-occupancy or new tenant placement.
Desirable Pasadena Location: Situated on vibrant Lake Avenue, just above Mountain Street, the property benefits from a prime and accessible location in Pasadena, enhancing tenant demand and property value.
Historic Charm & Architectural Integrity: The beautifully preserved 1922 Spanish-style architecture, featuring timeless details like hardwood floors and original built-ins, appeals to a discerning tenant base seeking character and unique living spaces.
Significant Upside & Expansion Opportunity: A generous 21,106 sqft lot and 'PSC' zoning present substantial potential for future expansion, value appreciation, or redevelopment, offering long-term investment growth.
Tenant-Centric Features & Amenities: Each unit offers spacious 2-bedroom, 1-bath layouts with natural light and in-unit laundry hookups. The property also includes four single-car garages and a generous shared backyard, boosting tenant satisfaction and retention.

Cons

Age-Related Maintenance & System Concerns: Built in 1923, the property likely requires ongoing maintenance and potential significant investment in updating older systems (e.g., plumbing, roof) beyond the 'some updated electrical' mentioned.
Incomplete System Modernization: The description notes 'some updated electrical,' implying not all wiring is modern, and critically, there is no mention of a cooling system (HVAC), which is a significant comfort and market expectation in Southern California.
Capital Investment for Full Potential: While offering 'upside potential and opportunity for expansion,' realizing this potential will require substantial additional capital investment and planning, which may not be suitable for all investors.

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