Original Location of Iconic Wolfe Burgers | 48 Lake Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Original Location of Iconic Wolfe Burgers 48 Lake Ave
2,000 SF Retail Building Pasadena, CA 91101 For Sale
Investment Highlights
- Located in the heart of the bustling Downtown Pasadena
- Poised for a rezone that would allow for high-density residential development
- Tenant states they are willing to negotiate to leave the space if needed
- Heavy foot traffic along
- Stable income from a long standing restaurant on a NNN Lease for investment Newly renovated building
- APN 5738-008-048 – 4054 sf ….sold separately and can be purchased for an additional price
Executive Summary
Introducing a prime retail property for sale nestled in the heart of Pasadena's vibrant downtown, where history meets opportunity. Located near the bustling intersection of Colorado Blvd and Lake Avenue, renowned for their bustling foot traffic, this property boasts a storied past as the former home of the iconic Wolfe Burgers.
Currently operating as a thriving burger joint, this establishment has been a staple in the community for decades, ensuring a steady stream of business. Whether you're an aspiring restaurateur seeking to make your mark or an astute investor looking to capitalize on a reliable income stream, this property offers versatile possibilities.
Under a triple net lease structure, the tenant shoulders responsibilities providing some hassle-free opportunity for owners. Moreover, the City of Pasadena has proposed a zoning change to high-density residential, opening the door for potential redevelopment into a bustling apartment complex.
With the possibility of adjacent property assemblage on the horizon, the potential for expansion is ripe, offering a canvas for visionary development. The City's anticipated adoption of the zone change presents a timely opportunity for creative investment strategies, making this property a compelling prospect for savvy investors and entrepreneurs alike.
NNN NOI - $138, 216
Lease ends July 2025 plus 2 -3 year options at market
APN ‘s 5738-008-047 and shared ownership of 5738-008-053
Lot Size 6339sf apn 047 + 1531sf apn 053 = 7870 sf
Lease states the following regarding leasable space that would need to be verified by the Buyer
Building footprint 2691 SF
Patio 2800 SF
Storage 162 SF
Currently operating as a thriving burger joint, this establishment has been a staple in the community for decades, ensuring a steady stream of business. Whether you're an aspiring restaurateur seeking to make your mark or an astute investor looking to capitalize on a reliable income stream, this property offers versatile possibilities.
Under a triple net lease structure, the tenant shoulders responsibilities providing some hassle-free opportunity for owners. Moreover, the City of Pasadena has proposed a zoning change to high-density residential, opening the door for potential redevelopment into a bustling apartment complex.
With the possibility of adjacent property assemblage on the horizon, the potential for expansion is ripe, offering a canvas for visionary development. The City's anticipated adoption of the zone change presents a timely opportunity for creative investment strategies, making this property a compelling prospect for savvy investors and entrepreneurs alike.
NNN NOI - $138, 216
Lease ends July 2025 plus 2 -3 year options at market
APN ‘s 5738-008-047 and shared ownership of 5738-008-053
Lot Size 6339sf apn 047 + 1531sf apn 053 = 7870 sf
Lease states the following regarding leasable space that would need to be verified by the Buyer
Building footprint 2691 SF
Patio 2800 SF
Storage 162 SF
Property Facts
Sale Type
Owner User
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
2,000 SF
Year Built
1930
Tenancy
Single
Number of Floors
1
Building FAR
0.31
Lot Size
0.15 AC
Zoning
PSC - Rezoned that will allow for high-density residential development
Frontage
44 ft on South Lake Avenue
Walk Score ®
Walker's Paradise (96)
Bike Score ®
Very Bikeable (76)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 5738-008-047 | Improvements Assessment | £35,240 |
| Land Assessment | £324,192 | Total Assessment | £359,432 |
PROPERTY TAXES
Parcel Number
5738-008-047
Land Assessment
£324,192
Improvements Assessment
£35,240
Total Assessment
£359,432
1 of 9
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Presented by
Original Location of Iconic Wolfe Burgers | 48 Lake Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.