165 N Michigan Avenue, Pasadena, CA 91106

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Glen Henderson

[email protected] +1(619) 889-7646

$21,000,000

Est. payment - /mo

5 Beds

6 Baths

0.52 Acres Lot

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type Res Income 2-4 Units

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW25052653

Bedrooms 5

HOA Y/N No

Lot Size 0.517 Acres

Property Sub-Type Res Income 2-4 Units

Type of Financing Conventional

Property Description

We are pleased to present Michigan Apartments, a 46-unit apartment community situated in the heart of Pasadena, near California Institute of Technology, Pasadena City College, and Downtown Pasadena. The property features an excellent unit mix consisting of majority 2-bedroom 2-bath units with large patios/balconies, high-end finishes, and all new windows and sliders. The building has undergone major capital improvements such as a new electrical system, newly installed copper plumbing, new roof (2020), rebuilt laundry facility with state-of-the-art equipment, and a brand-new elevator taking tenants from the lower levels to the top floor penthouse units and roof access. The interiors have been tastefully renovated with quartz countertops, new cabinetry, stainless steel appliances, recessed LED lighting, laminate wood flooring, remodeled bathrooms, and new wall HVAC units. The top floor penthouse units are large, have beautiful views, central A/C, and expansive outdoor space. Other features include an outdoor area that can be used as a recreational space for tenants to relax and entertain guests, gated subterranean parking, controlled access, updated landscaping, and a new top-of-the-line security camera system. Current management has implemented a Ratio Utility Billing System (RUBS) which has increased the buildings efficiency. This trophy asset is ideal for investors seeking a brilliantly located property in excellent condition with upside potential.
We are pleased to present Michigan Apartments, a 46-unit apartment community situated in the heart of Pasadena, near California Institute of Technology, Pasadena City College, and Downtown Pasadena. The property features an excellent unit mix consisting of majority 2-bedroom 2-bath units with large patios/balconies, high-end finishes, and all new windows and sliders. The building has undergone major capital improvements such as a new electrical system, newly installed copper plumbing, new roof (2020), rebuilt laundry facility with state-of-the-art equipment, and a brand-new elevator taking tenants from the lower levels to the top floor penthouse units and roof access. The interiors have been tastefully renovated with quartz countertops, new cabinetry, stainless steel appliances, recessed LED lighting, laminate wood flooring, remodeled bathrooms, and new wall HVAC units. The top floor penthouse units are large, have beautiful views, central A/C, and expansive outdoor space. Other features include an outdoor area that can be used as a recreational space for tenants to relax and entertain guests, gated subterranean parking, controlled access, updated landscaping, and a new top-of-the-line security camera system. Current management has implemented a Ratio Utility Billing System (RUBS) which has increased the buildings efficiency. This trophy asset is ideal for investors seeking a brilliantly located property in excellent condition with upside potential.

Location

State CA

County Los Angeles

Area Pasadena (91106)

Zoning Public Rec

Building

Lot Description Sidewalks

Story 5

Others

Monthly Total Fees $800

Acceptable Financing Conventional

Space Rent $1,500

Listing Terms Conventional

CFD/Mello-Roos Fee $9, 607

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Listed by Ryan Loria • Triqor Group

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Glen Henderson

+1(619) 889-7646

Broker Associate | CA BRE #01384181

Broker Associate CA BRE #01384181

San Diego Communities

165 N Michigan Avenue Pasadena, CA 91106

Glen Henderson

Key Details

Location

Building

Others

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