129 N Michigan Ave - Apartments FOR SALE


Pasadena, CA 91106
$3,350,000 USD
310-742-9964
129 N Michigan Ave, Pasadena, CA for Sale
$3,350,000 USD
Apartments - FOR SALE
1/2
null | 3.43% Cap Rate

129 N Michigan Ave
Pasadena, CA 91106


HIGHLIGHTS

  • Compelling Value-Add – 59% Upside
  • 7,500 Square Foot Parking Lot Ideal for ADUs or Redevelopment
  • Proximity to Major Employers of Best-in-Class Renters

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$3,350,000 USD

PRICE/SF

$291 USD /SF

# OF UNITS

16

PRICE/UNIT

$209,375

CAP RATE

3.43%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

16-Unit Apartment Value-Add in Prime Pasadena

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1928

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

7,187 SF

ZONING

PSR4

APN/PARCEL ID

5738-014-024

ASK ABOUT THIS PROPERTY

Paul DarrowWalker & DunlopMore Info
310-742-9964

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Paul DarrowWalker & DunlopMore Info
310-742-9964

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.