This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
2068 Lake Ave - Apartment development site
0.57 Acres of Commercial Land Offered at $3,250,000 in Altadena, CA 91001
Investment Highlights
- Desirable location
- Rental income while planning project
- Low income housing bump available
Executive Summary
Two parcels with 9 units on one parcel and 1 single family home on the other. Convert garages into units, build new units in the second lot Great Development Potential: The strategic opportunity here presents two enticing options:
1) Expansion and Conversion: The prospective investor can explore the possibility of adding additional units to the existing parking lot. Additionally, there exists the potential to convert the current garages into income-generating units, thereby maximizing the revenue potential of the property.
2) New Development: 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 phase of the new development. ensuring financial stability and flexibility. Thee is a potential of up to 58 low income housing units and grants from the County of Los Angeles.
Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: 1) 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. 2) Parcel 2: Positioned to the north, this parcel includes a single-family residence with a detached garage. Notably, the front portion of this parcel offers ample parking space for up to 18 vehicles.
Financial Summary (Actual - 2022) |
Annual | Annual Per AC |
|---|---|---|
| Gross Rental Income |
$219,865
|
$386,813.86
|
| Other Income |
$10,297
|
$18,115.76
|
| Vacancy Loss |
$5,754
|
$10,123.15
|
| Effective Gross Income |
$224,408
|
$394,806.47
|
| Taxes |
-
|
-
|
| Operating Expenses |
$80,846
|
$142,234.34
|
| Total Expenses |
$80,846
|
$142,234.34
|
| Net Operating Income |
$143,562
|
$252,572.13
|
Financial Summary (Actual - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $219,865 |
| Annual Per AC | $386,813.86 |
| Other Income | |
|---|---|
| Annual | $10,297 |
| Annual Per AC | $18,115.76 |
| Vacancy Loss | |
|---|---|
| Annual | $5,754 |
| Annual Per AC | $10,123.15 |
| Effective Gross Income | |
|---|---|
| Annual | $224,408 |
| Annual Per AC | $394,806.47 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Operating Expenses | |
|---|---|
| Annual | $80,846 |
| Annual Per AC | $142,234.34 |
| Total Expenses | |
|---|---|
| Annual | $80,846 |
| Annual Per AC | $142,234.34 |
| Net Operating Income | |
|---|---|
| Annual | $143,562 |
| Annual Per AC | $252,572.13 |
Property Facts
| Price | $3,250,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Conditions | Redevelopment Project | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.57 AC |
| Price | $3,250,000 |
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.57 AC |
1 Lot Available
Lot
| Price | $3,250,000 | Lot Size | 0.57 AC |
| Price Per AC | $5,718,156 |
| Price | $3,250,000 |
| Price Per AC | $5,718,156 |
| Lot Size | 0.57 AC |
Offering Two contiguous lots with 9 unit apartment complex on one lot and 1 single family home and parking on the other. -Potential to build low income housing units on the C2 &C3 Zoned lots. Currently under construction next door-58 housing units.
Description
Development Highlights Offering two parcels totaling 24,744 square feet of C2 Zoned land. Current parcels include a 9 unit apartment with three garages and laundry facilities on one parcel and a second parcel with a 792 sqft home and detached garage with parking for 12 cars in front. Develop new commercial or build more units on the north property. Information from the county of Los Angeles Zoning appears that 58 low income housing units may be built with a 4 story building. Buyer to verify all information.
zoning
| Zoning Code | C2 & C3 (General Commercial) |
| C2 & C3 (General Commercial) |
-
John Fredrickson -
Sotheby's International Realty
Presented by
2068 Lake Ave - Apartment development site
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.