Michigan Apartments

165 N. Michigan Ave., Pasadena, CA 91106

Overview

Property Offered at $25,000,000
Number of Units: 45+1
Year Built: 1964

• Majority Large 2BD/2BA Units. Approx. 1,000 Sq. Ft.
• High Demand Rental Location Close to California Institute of Technology, Pasadena City College,
and Old Town Pasadena
• Well-Maintained and Tastefully Renovated, with Majority Upgraded Units
• Approximately a 5% Cap Rate with Market Rents
Call agent to set up a tour, please do not disturb management or residents

Investment Opportunity

Triqor Group is pleased to present the Michigan Apartments, a 45+1-unit apartment community located in the coveted city of Pasadena, CA. The building features amenities such as large patios/balconies, newly constructed laundry facility, controlled access, and a subterranean parking garage. The property has undergone extensive capital improvements in recent years giving it a modern appeal. Some of these upgrades include updated landscaping, modernized interiors & exteriors, new roof, top of the line security system, new mail-room, and all new windows and sliders. Approximately 57% (26 units) of units have been extensively renovated with laminate wood flooring, quartz counter-tops, stainless steel appliances, air-conditioning, and ceiling fans. Current management has implemented a Ratio Utility Billing System (RUBS) which has increased the building’s efficiency. This is a well maintained, nearly turnkey opportunity with a proven concept and clear investment potential.

Neighborhood Description

The Michigan Apartments is conveniently located within the iconic city of Pasadena, south of the 210 Freeway. Pasadena is a dynamic city, home to the acclaimed Rose Parade and Rose Bowl. This property is in close proximity to the city’s highlight attractions. The Rose Bowl Stadium, The Huntington Library, and Old Town Pasadena are all located within a 10-minute drive from the building. The property is also in walking distance from many of the areas popular shops, restaurants, and academic institutions such as California Institute of Technology, and Pasadena City College. Surrounding the property, on the horizon, are multiple hiking trails, within the San Gabriel Mountains, that showcase the beauty of Southern California. Conveniently located near the 210, 110, and 134 Freeways, Tenants can enjoy quick access to neighboring cities, as well as Downtown Los Angeles.

Photos
Agents
  • Ryan Loria
    Ryan LoriaMultifamily Investment Advisor#02006138(949) 756-3232