Pine Lake Apartments 755-757 E Pine St 19 Unit Apartment Building $5,595,000 ($294,474/Unit) 5.76% Cap Rate Altadena, CA 91001

The LAAA Team of Marcus & Millichap is pleased to present 755 East Pine Street, a 19-unit value-add apartment community located in Altadena (unincorporated Los Angeles County), directly north of Pasadena and positioned at the base of the San Gabriel Mountains. The offering features a highly functional, workforce oriented unit mix totaling ±13,682 square feet on a ±0.51-acre parcel, providing scale in a supply-constrained foothill submarket with strong renter demand driven by nearby Pasadena employment, education, and medical nodes.

The property consists of (2) Studios (±435 SF), (10) 1BR/1BA (±756 SF), and (7) 2BR/1BA (±925 SF. Ten (10) units are currently vacant, presenting a rare, immediate execution path to renovate and stabilize operations, allowing an investor to reposition the asset through a systematic interior upgrade program, optimize the rent roll, and capture strong “as-renovated” rent premiums in the immediate trade area. For reference, advertised rents in the area commonly range around ~$2,000 for 1 bedroom units and ~$2,200–$2,600 for 2-bedroom units, supporting substantial mark-to-market potential upon completion of renovations and lease-up.

Originally constructed in 1958, the subject property benefits from classic Southern California garden style fundamentals and on site amenities that support durable tenant demand. Public marketing sources for this address indicate features such as a pool, on site laundry, and gated/onsite parking. Altadena’s profile is further supported by high-income demographics, with U.S. Census QuickFacts showing median household income of $128,720 in 2024 dollars.

Altadena is a highly desirable foothill community located immediately north of Pasadena, known for its natural surroundings, historic residential character, and proximity to major employment centers. Residents benefit from convenient access to Pasadena’s employment base, including major institutions such as Caltech and NASA’s Jet Propulsion Laboratory (JPL), along with a broad concentration of professional services and innovation-oriented employers throughout the Pasadena corridor. The neighborhood also offers proximity to Old Town Pasadena’s retail and dining amenities, nearby transit stops, and outdoor recreation at Eaton Canyon and the San Gabriel Mountains.