Here is a rare opportunity to acquire a prime infill site in the heart of the newly adopted North Lake Specific Plan (NLSP). Located at 1104 N. Lake Ave, this 8,618 SF parcel sits within the high-growth Washington Place subarea, designated for Washington Mixed-Use (NLSP-WMU). This zoning is a cornerstone of Pasadena's 'Great Streets' initiative, designed to transform this corridor into a vibrant, pedestrian-first urban village. The site currently features a well-maintained 3-unit residential with a 4th non-conforming dwelling, providing immediate cash flow during the entitlement process. The true value lies in the Maximum Build-Out Potential. Under current NLSP standards, the site supports a base density of 48 units per acre (approx. 10 units). By utilizing the State Density Bonus (AB 1287/SB 1818), developers can achieve an estimated 15-20 units with a 4-story 'Wedding Cake' structure. Boasting a 'Very Walkable' score, the site is steps from Washington Park, the historic Bungalow Heaven district, and the thriving retail nodes of Washington Blvd. It serves as a critical link to the Metro A Line (Lake Station), making it a 'Transit-Priority Area' (TPA) that qualifies for significant parking reductions and expedited CEQA processing. Position your portfolio at the leading edge of Pasadena's most significant urban redesign in decades. 1104 N. Lake Ave is not just a lot; it's the future of North Pasadena.

Gross Scheduled Income: $69,000

Vacancy Allowance Rate: $3,450

Operating Expense: $36,748

Net Operating Income: $28,802