Lucrum Real Estate Group is pleased to present 1685 N. Summit Avenue, a well-located multifamily investment opportunity situated in Northwest Pasadena, one of Los Angeles County’s most established and supply-constrained rental markets, just minutes from Old Pasadena, the Rose Bowl, and the Arroyo Seco.
Built in 1921, the property consists of twenty apartment units encompassing approximately ±11,808 square feet on a combined ±31,514-square-foot site comprised of two parcels (APNs 5837-006-016 and 5837-006-002). Situated on the corner of Summit Avenue and Penn Street, this gated bungalow court community offers investors an attractive combination of stable in-place income, rental upside, and vintage Pasadena character, making it an exceptional long-term investment opportunity in today’s Los Angeles County multifamily market.
A major investment highlight is the property’s rental upside, with current rents approximately 10% below market and two vacant units available for immediate lease-up, providing investors with a clear path to increase revenue through natural tenant turnover. Combined with its updated interiors and strong neighborhood fundamentals, the property presents an opportunity to enhance both cash flow and long-term asset value.
The property features a uniform unit mix of (20) one-bedroom + one-bath units averaging approximately 590 square feet, offered as a combination of apartment flats and private bungalows. Units feature kitchens with granite countertops, individual air conditioning, and washer/dryer hookups, appealing to young professionals, couples, and the area’s university and research workforce, supporting long-term occupancy and broad tenant appeal.
Further enhancing the investment opportunity is the inclusion of a separate ±3,658-square-foot parcel (APN 5837-006-002), which may provide additional parking, open space, or future development potential (buyer to independently verify with the City of Pasadena). This second parcel creates another avenue for future value creation beyond simply repositioning the existing units.
Offered at $4,600,000, the property provides a cost per unit of $230,000 and cost per square foot of approximately $389.57, representing a rare opportunity to acquire a vintage gated bungalow court within one of Los Angeles County’s most desirable and supply-constrained rental markets.
Unit Mix
1685 N. Summit Avenue is ideally situated in Northwest Pasadena, a historic residential neighborhood known for its tree-lined streets, Craftsman-era architecture, and proximity to the Arroyo Seco and the San Gabriel Mountains. The neighborhood has experienced growing interest from investors and renters due to its unique combination of historic charm, convenient access, and relative affordability compared to neighboring communities such as South Pasadena and Altadena.
The property enjoys immediate access to many of Pasadena’s most vibrant destinations, including Old Pasadena, the Playhouse District, the Rose Bowl, and the Arroyo Seco. Residents benefit from a wide variety of restaurants, boutique retail, entertainment venues, parks, and cultural attractions located just minutes away.
Pasadena is also home to several of the region’s largest employment and research centers, including NASA’s Jet Propulsion Laboratory, Caltech, Huntington Hospital, and Pasadena City College, making it an attractive location for professionals seeking convenient commuting options. Major transportation corridors, including the 210, 134, and 110 Freeways, provide efficient access throughout Los Angeles County, while nearby Metro A Line stations offer additional public transportation alternatives.
The area’s limited multifamily inventory, strong renter demand, and continued neighborhood revitalization have contributed to steady property appreciation, positioning Pasadena as one of Los Angeles County’s most attractive long-term multifamily investment markets.
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