UPDATED:
12/13/2024 07:14 PM
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 2,622 sqft
Price per Sqft $572
MLS Listing ID IV24246230
Bedrooms 4
Full Baths 3
HOA Y/N No
Year Built 1955
Lot Size 8,768 Sqft
Property Description
Welcome to a rare find in the heart of Altadena, a well-maintained triplex nestled on an expansive 8,700+ sq. ft. lot with endless possibilities! With three current tenants on month-to-month leases paying under-market rents, this property offers immediate cash flow and a host of opportunities for savvy investors, developers, or even first-time homebuyers looking to capitalize on the robust Altadena real estate market.
Property Highlights:
Three units in great condition, providing a stable rental income stream.
Month-to-month leases offer flexibility for immediate rent increases or renovations.
Huge 8,700+ sq. ft. lot with development potential – a dream canvas for creative investors.
Covered carport with potential for ADU (Accessory Dwelling Unit) conversion, allowing for additional rental income or living space.
Prime Altadena location, just minutes from shops, dining, parks, and easy access to Pasadena and Downtown Los Angeles.
The Development Opportunity:
The sheer size of this 8,700+ sq. ft. lot opens up a world of options for the astute investor. Zoned for multi-family use, the lot’s size, shape, and current layout are ideal for someone looking to expand, redevelop, or reimagine the property to maximize value.
Investor Appeal – Immediate Cash Flow with Long-Term Growth Potential
With rents currently below market value, this property offers immediate upside potential. A simple rent increase to market rates could improve your cash flow considerably, even without making any major changes. However, if you're the type of investor looking to maximize returns, this property could be a goldmine with strategic upgrades or redevelopment.
Whether you're looking for a value-add opportunity, a place to call home while benefiting from rental income, or a development project with significant upside, this triplex checks all the boxes.
The time to act is now! Schedule a viewing to see this fantastic property and review the numbers with us. Properties offering this level of flexibility and growth potential are a rarity in Altadena. Whether you’re a seasoned investor looking for your next project or a first-time buyer hoping to live in one unit while benefiting from rental income, this triplex is a must-see.
Location
State CA
County Los Angeles
Area 699 - Not Defined
Zoning LCC2*
Interior
Cooling See Remarks
Fireplaces Type See Remarks
Fireplace Yes
Laundry See Remarks
Exterior
Pool None
Community Features Curbs
View Y/N Yes
View Neighborhood
Private Pool No
Building
Lot Description Irregular Lot
Dwelling Type Triplex
Story 2
Entry Level Multi/Split
Sewer Public Sewer
Water Public
Level or Stories Multi/Split
New Construction No
Schools
School District Pasadena Unified
Others
Senior Community No
Tax ID 5829005047
Acceptable Financing Submit
Listing Terms Submit
Special Listing Condition Standard
Lease Land No
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