46-56 N Lake Ave
Pasadena, CA 91101
Pasadena High Density Development Opportunity · Land For Sale · 0.64 AC

We are pleased to present an opportunity to own a crucial retail property that is zoned for either existing retail/restaurant use or for a mixed use office building. The property is located in the bustling downtown area of Pasadena, on the main artery of Colorado Blvd and the popular Lake Avenue, both known for their high foot traffic. The current restaurant has been a stable burger restaurant there for decades and maintains a great business. This can be delivered to an owner user, or to an investor who will renew the lease. The current restaurant is on a NNN lease in which the tenant pays taxes, insurance, and maintenance, which allows ownership to collect income with minimal management of the property. In 2023 the City of Pasadena included in the zoning a mixed use high-density residential opportunity. This allows for a developer, if desired, to redevelop the property into a high-density residential apartment complex. There is a possibility for an assemblage of the adjacent properties as well which would allow for a larger footprint for a building. The City may adopt the zone change in the near future and as early as 2024. This gives the new owner creative options for their investment.