Altadena Place

Altadena, CA (Los Angeles County)
Storefronts on Lake Avenue
Starting Bid: $800,000 Online Auction: Jul 26-Jul 28, 2021

Highlights
  • 100% leased with two retail units totaling approximately 10,541 SF fronting Lake Avenue, and one 732 SF residential home.
  • Steve’s Pet Store has occupied the property since 2003, Abundant Harvest since 2009, and the residential tenant since 2003.
  • Opportunity for an investor to capture future income through higher rents and converting leases to NNN.
  • Strong traffic counts of approximately 16,000 VPD on N Lake Ave and 11,000 VPD on E Altadena Drive.
  • Limited retail vacancy combined with a supply-constrained trade area maintains upward pressure on rental and occupancy rates.
Executive Summary

Altadena Place consists of a ±10,541 SF retail center and ±732 SF residential home in Altadena, California. It features ample parking, with approximately paved parking thirty-nine (39) spaces, seven (7) of which are covered. The retail portion of the Property is 100% occupied by two long-term tenants: Steve’s Pet Store and Abundant Harvest. Steve’s, a longtime family-owned business, recently renewed for five (5) years, showing their commitment to the location. In addition, the residential home is fully leased through September 30th, 2021. Recent façade renovations and tenant signage position the property as one of the highest image storefront retail properties on Lake Avenue. Recent renovations and long-term leases limit any near-term capital requirements for property maintenance and tenant improvements. On-site parking lot with covered parking and storage units utilized by the tenants and their patrons, increasing the probability of long-term tenancy at the property. No existing financing prepayment or assumption penalty in place - pay cash or obtain new financing at historically low rates and long-term tenancy with diversified “mixed-use” income. Property tours are available by appointment ONLY. Please contact Patrick DiCesare at 310-871-5911 or patrickjdicesare@gmail.com to schedule.

Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Property Type
General Retail
Property Subtype
Storefront Retail Office
Building Size
11,183 SF
Building Class
C
Lot Size
0.76 Acre
Year Built/Renovated
1950/2008
Percent Leased
100%
Building Height
1 Story
Zoning
C3
Opportunity Zone
No
Amenities
 Banking
 Tenant Controlled HVAC
 Storage Space
Location Information
Location: 2391 Lake Ave, Altadena, CA 91001