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

Coldwell Banker Commercial' s, Team Archibald & Olaiz, have been retained by the ownership of 46 & 56 North Lake Avenue, Pasadena,CA 91103 to market their property For Sale ( Subject Properties ). This asset consists of four (4) parcels APN 5738-008-047, 048, 051 and 053 with tremendous ingress and egress via frontage of eighty five feet (85 ) on N. Lake Avenue, forty-five feet (45' ) on Boston Court, and one half (1/2) ownership of a parcel with nineteen (19 ) feet fronting Market Alley. The total land area of this offering is 14,982 square feet (O.344 AC), there is a 1,640 square foot restaurant at 46 North Lake Avenue with a 440 square foot enclosed patio area and exterior patio area built in 1930 and was renovated and expanded in 1978. There are 23 (14/1000) adjacent surface parking spaces at 56 North Lake Avenue there is a two (2) story house converted to retail and Office consisting of 1,575 square feet. The Subject Properties has a low site coverage ratio of only 14%. 46 North Lake Avenue is currently leased to Rounds Premium Burgers at $8,507.44 Triple Net (NNN) with a 2.5% annual increase on November 1, 2016 that expires on October 31, 2017. The subject property is located in the incorporated City of Pasadena. The City of Pasadena is located in the central portion of Los Angeles County, approximately ten miles northeast of Downtown Los Angeles. Pasadena is an older well-established community located at the foot of the San Gabriel Mountain range, in the northwestern portion of the San Gabriel Valley. Pasadena is the third largest of the 88 cities comprising Los Angeles County. Although close to the heart of Los Angeles, Pasadena retains its autonomy and commands an identity distinct from the cities around it. The city' s land area is 23 square miles with a reported population of approximately 138,915.