Listed by Gary Tolfa, Triqor Group,

176 N Michigan Avenue

Pasadena, CA, 91106

$2,100,000

$598 per ft²
$2,100,000
$598 per ft²
Active
Active
 - For Sale
carpenters-square
3,506 ft²
property_type
Multi-family
calendar
Built 1898
We are pleased to present Michigan Apartments, a 5-unit apartment community in Pasadena, CA. The property offers an ideal unit mix of one- and two-bedroom units and is situated near California Institute of Technology, Pasadena City College, and Old Town Pasadena. The property has been overlooked by a professional management company and has undergone recent interior and exterior improvements, such as new windows, kitchens, bathrooms, laminate wood flooring, quartz countertops, and stainless-steel appliances. Additional features include covered parking, a shared laundry facility, and individual water heaters. The front two units of the property were constructed in 1898 and the rear 3-units of the property were built in 1963. With strong in-place rents generating a current cap rate of 4.4%, 5.2% with market rents, this is an inflation and recession proof investment with easy to rent units in an irreplaceable location.
MLS® ID:
PW22247549
Listed:
11/27/22
Updated:
2/4/23

Interior Features

Total Bedrooms
0
Total Bathrooms
0
Laundry Description
Common Area

Exterior/Building Features

Lot Size
7,723 ft² lot
Lot Details
Rectangular Lot
Sewer
Public Sewer

Other Property Details

Area Name
646 - Pasadena (NE)
Association Amenities
Sidewalks
Garage
No
Parking
N
View
N
County
Los Angeles
Water Source
Public
Pool
No
Pool Description
None
Zoning
PSR4
Buyer Agency Compensation
2.000

Property History

Date
Event
Price
Value
1/3/23
Price Change
$2,100,000
-2%

Listed by Triqor Group, Gary Tolfa,
Listing Contact:  

Based on information from California Regional Multiple Listing Service, Inc. as of 2/4/23. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing.  Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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Data last updated 6:26 AM UTC, 2/4/23

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