1562 N Lake Avenue, Pasadena, California 91104, Pasadena, 91104 - bed, bath
ACTIVE$1,699,000
1562 N Lake Avenue, Pasadena, California 91104
0Bed
0Bath
3,793Sqft
11,936Lot
Year Built
1907
Close
-
List price
$1.7M
Original List price
$1.7M
Price/Sqft
$448
HOA
-
Days on market
-
Sold On
-
MLS number
WS25125882
Home ConditionFair
Features
Patio
View-
About this home
We found 3 Cons,5 Pros. Rank: price - $1.70M(77th), sqft - 3793(85th), beds - undefined(50th), baths - undefined(50th).
Rare 4-Unit Residential Income property in North Pasadena. 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 . Carport parking on site. All units are currently occupied and all tenants are current on rents.
Nearby schools
4/10
Longfellow (Henry W.) Elementary School
Public,•K-5•0.3mi
3/10
Charles W. Eliot Middle School
Public,•6-8•0.7mi
5/10
Pasadena High School
Public,•9-12•2.4mi
Price History
Date
Event
Price
06/05/25
Listing
$1,699,000
Condition Rating
Fair
The property was built in 1907, making it over a century old. While some interior images show updated kitchens with dark cabinets, granite countertops, and stainless steel appliances, along with recessed lighting and modern-patterned tile in some bathrooms/laundry areas, these updates appear to be piecemeal and not a comprehensive, recent renovation across all units. Other areas show older appliances (Maytag washer/dryer) and more basic flooring. The presence of window AC units on the exterior suggests a lack of central air conditioning, indicating older systems. The overall condition reflects an aged property that has received some maintenance and updates over time, but many components show signs of being outdated, aligning with a 'Fair' condition.
Pros & Cons
Pros
Strong Income Potential: This is a rare 4-unit residential income property, offering a diverse unit mix (2x 2B+2B, 1x 2B+1B, 1x 1B+1B) which caters to a broad tenant base and maximizes rental income potential.
Immediate Cash Flow: All units are currently occupied, and all tenants are current on rents, ensuring immediate and stable cash flow for the investor from day one.
Generous Lot Size: Situated on a large 11,936 SF lot, this property offers potential for future expansion, additional amenities, or enhanced outdoor living spaces, which is a significant asset for a multi-unit property.
On-Site Parking: The presence of carport parking on site provides a valuable amenity for tenants, enhancing convenience and desirability, especially in a dense urban area like Pasadena.
Desirable Location: Located in North Pasadena, the property benefits from being in a sought-after area with good school ratings nearby, which can attract quality tenants and support property value.
Cons
Age of Construction: Built in 1907, the property is over a century old, which may necessitate significant capital expenditures for ongoing maintenance, system upgrades, and potential compliance with modern building codes.
Potential for Rent Control: As a multi-unit residential income property in California, it is likely subject to statewide rent control (AB 1482) and potentially local rent stabilization ordinances, which could limit future rent growth and investment returns.
Data Inconsistency: The 'on_market_date' is listed as 2025-06-05 for an 'Active' listing, which is a significant discrepancy that could indicate a data error or a future availability not clearly communicated, potentially causing confusion for buyers.