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$1,430,000
Est. payment /mo
5 Beds
4 Baths
1,942 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 1,942 sqft
Price per Sqft $736
MLS Listing ID 26843273
Bedrooms 5
HOA Y/N No
Year Built 1924
Lot Size 9,574 Sqft
Property Description
Opportunities like this don't surface often. 553-559 Lincoln Avenue is a character-rich, four-unit cottage-style property positioned in the heart of Pasadena and it arrives with one unit delivered vacant. That detail opens the door to owner-user financing: conventional loans with lower down payment requirements, better rates, and terms unavailable on pure investment acquisitions. Live in one, collect rent from three, one of the most effective wealth-building structures in residential real estate. For the investor, the fundamentals are equally strong. In-place income is stable, tenants cover gas and electricity, and landlord-owned laundry equipment adds $150-$200/month in supplemental revenue. Major capital work has already been absorbed; plumbing updates in 2023, electrical improvements within the last decade, and a roof in good standing. Upside runs through operational refinement and cosmetic improvement. Market Cap Rate near 6%. Built in the classic cottage tradition, the property carries architectural character that commands tenant loyalty and holds value in soft markets. Interiors feature hardwood and tile flooring, granite countertops, and ceiling fans. Individual wall units handle heating and cooling, keeping systems simple and maintenance contained. Walkability is a headline feature. The Metro Gold Line Station is steps away, and a grocery store, Starbucks, CVS, and major banking are within a single block. Old Town Pasadena with its concentration of dining, retail, and cultural anchors is minutes from the front door. Pasadena's strong employment base, educated renter demographic, and constrained multifamily inventory make this a market that consistently outperforms in occupancy and rent growth. 553-559 Lincoln Avenue suits a first-time buyer entering the market with built-in income, an owner-user ready to build equity, or a seasoned investor adding a low-maintenance performer to an existing portfolio. The vacant unit is the opportunity, what you do with it is yours to decide.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning PSR3
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Wood
Fireplace No
Appliance Microwave, Refrigerator
Laundry Common Area
Exterior
Parking Features Carport
Carport Spaces 4
Pool None
View Y/N No
View None
Total Parking Spaces 4
Private Pool No
Building
Story 1
Entry Level One
Architectural Style Cottage
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 5726010021
Special Listing Condition Standard
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Listed by Rolan Meyer Compass #02129783
NEARBY SCHOOL & BUSINESS
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