Los Angeles, Residential Income – 1968 Lake Avenue, Altadena, CA 91001 -001-11-30T00:00:00-08:00
-Millard Place is a newly constructed (built in 2015 Mixed-Use condominium property with ground floor retail / office units -The property consists of 18 separate condos made up of the following mix: 14 residential; 4 commercial -Residential units are fully l
1968 Lake Avenue, Altadena, CA 91001
$9,700,000 USD
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Address1968 Lake Avenue, Altadena
Price$9,700,000
Price Changed3% (-$300,000, 8 days ago)
Year Built2015
Bedrooms Total0
Living Area23,035
Lot Size (Sq.Ft.)31,020
Listing ID17253040
StatusActive Under Contract
Parcel Number5845016023
ZoningLCR175
Special ConditionsStandard
Days on Market92

Detailed Description: -Millard Place is a newly constructed (built in 2015 Mixed-Use condominium property with ground floor retail / office units -The property consists of 18 separate condos made up of the following mix: 14 residential; 4 commercial -Residential units are fully leased have open floor plans, modern fixtures and large windows for natural lighting -The project is a ready to sell condo project with Full Subdivision, Final map and White Slip -Property contains 2 low income units (40-year restriction) -Property is surrounded by million dollar homes and sits just a few blocks from the Montecedro Senior Living Project and is also close to JPL and the Estate Area of Altadena -Ample parking for both residential and commercial units

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Address Information
Address1968 Lake Avenue, Altadena
Street SuffixAvenue
CityAltadena
Location (MLS Area)604 – Altadena
County Or ParishLos Angeles
State or ProvinceCA
Postal Code91001
Financial Information
Purchase Contract DateOctober 10, 2017
Price Changed-3%
Previous Price$10,000,000
Price per Square Foot$421.10
Price per Lot Square Foot$312.70
Price per Unit$555,556
Special ConditionsStandard
Total Expenses$175,569
Insurance Expense$5,880
Gardner Expense$4,800
Water Sewer Expense$19,200
Maintenance Expense$5,000
Other Expense$2,880
Gross Operating Income$551,959
Net Operating Income$376,390
Total Actual Rent$569,030
Vacancy Allowance$17,071
Gross Multiplier17.05%
Land Value$127,974
Tax Year2000
Full Descriptions
Parcel Number5845016023
Detailed Description-Millard Place is a newly constructed (built in 2015 Mixed-Use condominium property with ground floor retail / office units -The property consists of 18 separate condos made up of the following mix: 14 residential; 4 commercial -Residential units are fully leased have open floor plans, modern fixtures and large windows for natural lighting -The project is a ready to sell condo project with Full Subdivision, Final map and White Slip -Property contains 2 low income units (40-year restriction) -Property is surrounded by million dollar homes and sits just a few blocks from the Montecedro Senior Living Project and is also close to JPL and the Estate Area of Altadena -Ample parking for both residential and commercial units
Laundry FeaturesSee Remarks
Cooling DescriptionSee Remarks
Parking FeaturesAssigned
Property parameters
Year Built2015
Living Area (Sq.Ft.)23,035
Lot Size (Sq.Ft.)31,020
Lot Size SourceEstimated
Number of Buildings1
Number of Units Total18
ZoningLCR175
Stories Total3
Units Total18
Vacancy Allowance Rate5%
Number of Separate Electric Meters18
Number of Separate Gas Meters18
Cap Rate (For Cash Payment Only)3.88
Listed withThomas Jonsson (CBC Advisors)