16-Unit Apartment Value-Add in Prime Pasadena | 129 N Michigan Ave
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16-Unit Apartment Value-Add in Prime Pasadena 129 N Michigan Ave
16 Unit Apartment Building $3,350,000 ($209,375/Unit) 3.43% 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 | $3,350,000 | Apartment Style | Garden |
| Price Per Unit | $209,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 3.43% | Building Size | 10,104 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | Parking Ratio | 1.19/1,000 SF |
| Price | $3,350,000 |
| Price Per Unit | $209,375 |
| Sale Type | Investment |
| Cap Rate | 3.43% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.16 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 |
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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 |
PROPERTY TAXES
Parcel Number
5738-014-024
Land Assessment
$29,333
Improvements Assessment
$167,264
Total Assessment
$196,597
zoning
| Zoning Code | PSR4 |
| PSR4 |
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Paul Darrow -
Autumn Johnson -
Walker & Dunlop
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16-Unit Apartment Value-Add in Prime Pasadena | 129 N Michigan Ave
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