• Broker Paul Darrow 3107429964
  • Broker Autumn Johnson 3109795750

$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

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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
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (83)

TRANSPORTATION

TRANSIT/SUBWAY
Lake Avenue Station
Los Angeles County Metropolitan Transportation Authority
Gold Line
 13 min walk 2.4 mi
Allen Station
Los Angeles County Metropolitan Transportation Authority
Gold Line
 19 min walk 1.0 mi
Memorial Park Station
Los Angeles County Metropolitan Transportation Authority
Gold Line
 3 min drive 1.6 mi
Del Mar Station
Los Angeles County Metropolitan Transportation Authority
Gold Line
 4 min drive 1.7 mi
Fillmore Station
Los Angeles County Metropolitan Transportation Authority
Gold Line
 5 min drive 2.5 mi

COMMUTER RAIL
Cal State La Metrolink Station
22 min drive 15.1 mi
El Monte
Southern California Regional Rail Authority (Metrolink)
San Bernardino Line
 18 min drive 10.0 mi
Glendale
Southern California Regional Rail Authority (Metrolink)
Ventura County Line
Antelope Valley Line
 14 min drive 10.4 mi
Los Angeles
Amtrak
 18 min drive 11.0 mi
Union Station
Southern California Regional Rail Authority (Metrolink)
Ventura County Line
Antelope Valley Line
San Bernardino Line
Riverside Line
Orange County Line
91 Line
 20 min drive 11.1 mi

airplane iconAIRPORT
Bob Hope
24 min drive 17.9 mi
Los Angeles International
41 min drive 26.1 mi

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)

MAP

ADDITIONAL PHOTOS

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