1135 1139 N Summit Ave, Pasadena, CA 91103

Property Description

Two beautifully restored houses sit side by side on a generous 7,451 sq. ft. corner lot, offering both space and versatility. The 1,200 sq. ft. California Craftsman features two bedrooms, one bathroom, a private yard, a driveway, and a detached garage. Next to it, the 1,020 sq. ft. Modern Farmhouse offers one bedroom, one bathroom, an open floor plan, drought-resistant desert landscaping, and two dedicated parking spots. Together, these properties generate an impressive annual income, equating to a strong cap rate and a standout return in today’s competitive market. Beyond immediate cash flow, this property offers long-term value appreciation, blending timeless architectural appeal with solid financial performance. This property also provides flexibility beyond investment potential. One home can serve as a primary residence while the other generates solid rental income (currently $4,000 per month) to offset living or mortgage expenses. Alternatively, both homes can be used for multi-generational living, offering privacy while keeping family members close. Zoned RM-12 (Multi-Family Residential – Two Units Per Lot), this property allows for the development of a third-unit ADU, further enhancing its investment potential. The garage is wired and has a dedicated electrical circuit for a standalone AC unit, with nearby plumbing and a mainline cleanout. An ADU can be added to create a one-bedroom unit with its own backyard and entrance, with an estimated rental income of $2,000 per month. The California Craftsman house will be delivered vacant. Recent upgrades at 1135 N Summit Ave include a new mini-split HVAC system, a new roof, new plumbing with a tankless water heater, new electrical, new appliances, new cabinets, upgraded plumbing fixtures, a renovated kitchen, a renovated bathroom, and new flooring. Recent upgrades at 1139 N Summit Ave include refinished original hardwood floors, restored original cabinets and windows with original hardware throughout, a new backyard deck, double French doors in the kitchen and primary bedroom opening to the backyard, unique original light fixtures, updated electrical wiring and new panel, updated plumbing with cast iron pipe replacements and new drain lines under the house, new tile in the kitchen and bath, and new appliances. Washer and dryer in both houses will convey with the sale.