1677 N Lake Ave · Pasadena, CA 91104

$2,975,000

16 bd · 12.0 ba · 9,118 sqft · MultiFamily public records · 106 Days on market

Built 1959 0.38 ac lot $326/sqft · 24% below area Est $3900k · 24% under ↓ 17% since listing

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• Schools +4.6/10.0
• DSCR +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Located on North Lake Avenue, the major north/south corridor from Pasadena to Altadena providing a variety of eateries, financial services, transportation, personal service establishments, boutique and major retailers, has this multi-family, twelve unit building much to offer to residents and investors alike. Spacious units, covered surface parking, onsite laundry room, and more. Please respect the current tenants and do not go on to the property or make direct contact with the tenants. Thank you

Key facts

• Onsite laundry room
• 0.38 acre lot
• 12 parking spots

Tags

• MULTI-FAMILY BUILDING
• COVERED SURFACE PARKING
• ONSITE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $2.98M.

Deal economics

• At list price, monthly cash flow is $476 ($6k/yr) — positive. Per door: $95/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.66M (10.5% below list).
• Recommended offer: $2.66M (10.5% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 1.5% in Pasadena — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#181 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools D+, health & safety D+, crime F.
• Pasadena Unified (urban): math 42% / reading 60% proficiency, ranked #123 of 517 in CA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.6%/yr); 44 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $26,627/mo this rent would consume 302% of the median local household income ($106k/yr) (locally 1486% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $21k of loan paydown is wiped out by about $89k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($2.71M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,662,700 (10.5% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $3,900,219
• List price: $2,975,000
• Delta: -23.72%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.36×
• Total profit: $-529,407
• Equity at exit: $443,582

10-year hold

• IRR: -18.6%
• Equity multiple: 0.13×
• Total profit: $-721,915
• Equity at exit: $257,224

Cash invested: $833,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91104

• Rents YoY: -0.6%
• Active inventory: 44
• Price-to-rent: 46.6×

Monthly cashflow live

• Estimated rent: $26,627 high
• Mortgage (P&I): −$15,601
• Tax est. 1.5%: −$3,719 /mo · $44,625/yr
• Insurance: −$1,240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,592
• Net cashflow: $476

Break-even live

Break-even rent $26,025

Max offer price $2,975,000

Occupancy floor 93%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$26,625
Total (5 units)			$26,627

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $743,750
• Closing costs: $89,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $2,975,000 Active 106 DOM
2. 2026-06-17
   days on market $2,975,000 Active 105 DOM
3. 2026-06-16
   days on market $2,975,000 Active 104 DOM
4. 2026-06-15
   days on market $2,975,000 Active 103 DOM
5. 2026-06-13
   days on market $2,975,000 Active 101 DOM
6. 2026-06-13
   days on market $2,975,000 Active 100 DOM
7. 2026-06-09
   days on market $2,975,000 Active 97 DOM
8. 2026-06-08
   days on market $2,975,000 Active 96 DOM
9. 2026-06-07
   days on market $2,975,000 Active 95 DOM
10. 2026-06-04
    days on market $2,975,000 Active 92 DOM
11. 2026-06-03
    days on market $2,975,000 Active 91 DOM
12. 2026-06-02
    days on market $2,975,000 Active 90 DOM
13. 2026-06-01
    days on market $2,975,000 Active 89 DOM
14. 2026-05-31
    days on market $2,975,000 Active 88 DOM
15. 2026-04-22
    price $2,975,000 501-char remark

    Show marketing remark (501 chars)

    Located on North Lake Avenue, the major north/south corridor from Pasadena to Altadena providing a variety of eateries, financial services, transportation, personal service establishments, boutique and major retailers, has this multi-family, twelve unit building much to offer to residents and investors alike. Spacious units, covered surface parking, onsite laundry room, and more. Please respect the current tenants and do not go on to the property or make direct contact with the tenants. Thank you

16. 2026-03-04
    listed $3,595,000 Active 501-char remark

    Show marketing remark (501 chars)

    Located on North Lake Avenue, the major north/south corridor from Pasadena to Altadena providing a variety of eateries, financial services, transportation, personal service establishments, boutique and major retailers, has this multi-family, twelve unit building much to offer to residents and investors alike. Spacious units, covered surface parking, onsite laundry room, and more. Please respect the current tenants and do not go on to the property or make direct contact with the tenants. Thank you

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 21 unhealthy d/yr today · 24 by 30 yrs out

Taxation est. · year 1

• Rental income: $319,524
• − Mortgage interest: −$166,646
• − Property taxes: −$44,625
• − Insurance: −$14,875
• − Repairs & maintenance: −$25,562
• − Management: −$25,562
• − Depreciation: −$86,545
• Taxable loss: −$44,292
• Est. tax savings @ 24.0%: +$10,630
• After-tax cash flow: $16,339/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pasadena Unified
• NCES district ID: 0629940
• Math proficiency: 42% ▲ 7.00%
• Reading proficiency: 60% ▲ 15.00%
• Median HH income: $73,762
• Composite: 45.82/100
• National rank: #2557
• State rank: #123 of 517 in CA

Livability — Pasadena

• Score: 72/100
• State rank: #181
• US rank: #5981

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing C+ Health & safety D+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena, CA
• County: Los Angeles County · 9,444,647 people
• City population: 151,001
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 35,937
• Household income: $105,958
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1486.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Hispanic / Latino 39% White 38% Two or more races 18% Asian 10% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 2% Scotch-Irish 2% Italian 2%
• Foreign-born: 30% · Canada, China, South Korea
• Languages at home: 54% English-only · Spanish 29% Other Indo-European 8% Chinese 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1490.79%
• Current HPI: 445.4741
• Rent YoY: ▼ -0.63%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-17.2% since first listed

2 events — show timeline

• 2026-04-22 Price Changed $2,975,000 CRMLS
• 2026-03-04 Listed $3,595,000 CRMLS

Property tax history

+2.3%/yr

Latest (2025): $5,843 · +6.9% YoY. Source: county tax records.