$2,100,000
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7,723 Sqft Lot
SOLD DATE : 08/21/2023
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Sold
Purchase Type For Sale
MLS Listing ID PW22247549
Sold Date 08/21/23
HOA Y/N No
Year Built 1898
Lot Size 7,723 Sqft
Property Sub-Type Apartment
Property Description
We are pleased to present Michigan Apartments, a 5-unit apartment community in Pasadena, CA. The property offers an ideal unit mix of one- and two-bedroom units and is situated near California Institute of Technology, Pasadena City College, and Old Town Pasadena. The property has been overlooked by a professional management company and has undergone recent interior and exterior improvements, such as new windows, kitchens, bathrooms, laminate wood flooring, quartz countertops, and stainless-steel appliances. Additional features include covered parking, a shared laundry facility, and individual water heaters. The front two units of the property were constructed in 1898 and the rear 3-units of the property were built in 1963. With strong in-place rents generating a current cap rate of 4.4%, 5.2% with market rents, this is an inflation and recession proof investment with easy to rent units in an irreplaceable location.
Location
State CA
County Los Angeles
Area 646 - Pasadena (Ne)
Zoning PSR4
Interior
Fireplace No
Laundry Common Area
Exterior
Pool None
Community Features Sidewalks
Private Pool No
Building
Lot Description Rectangular Lot
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 5738019010
Acceptable Financing Conventional
Listing Terms Conventional
Financing Cash
Special Listing Condition Standard
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Bought with Max Pellegrini Engel & Volkers Pasadena/Dilbeck RE
