$500K Price Reduction I 16-Unit Value-Add 129 N Michigan Ave 16 Unit Apartment Building $2,850,000 ($178,125/Unit) 4.03% Cap Rate Pasadena, CA 91106
INVESTMENT HIGHLIGHTS
- Compelling Value-Add – 59% Upside
- Proximity to Major Employers of Best-in-Class Renters
- 7,500 Square Foot Parking Lot Ideal for ADUs or Redevelopment
EXECUTIVE SUMMARY
WDIS, Inc., as the exclusive advisor, is pleased to present Michigan (the “Property”) for sale a 16-unit, 1920’s-character building with an adjacent 7,500-square-foot surface lot on a separate parcel. The property offers a mix of studio and one-bedroom units, while the surface lot provides a rare generational opportunity to develop up to five multifamily units in a highly supply-constrained submarket.
PROPERTY FACTS
| Price | $2,850,000 |
| Price Per Unit | $178,125 |
| Sale Type | Investment |
| Cap Rate | 4.03% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 10,104 SF |
| No. Stories | 2 |
| Year Built | 1928 |
| Parking Ratio | 1.19/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | - | 650 |
| 1+1 | 6 | - | 850 |
1 of 1
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 5738-014-024 | Improvements Assessment | $167,264 |
| Land Assessment | $29,333 | Total Assessment | $196,597 |
ZONING
| Zoning Code | PSR4 (Multiple Dwelling) |
