176 N Michigan Avenue, Pasadena, CA 91106

About this property

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.

Listing description from the August 2023 sale, as reported to CRMLS.

Sale history

$2,030,000

Sold August 2023 · listed $2,100,000, orig. $2,150,000, on market November 2022 · MLS #PW22247549 · Source: CRMLS

Listing Agent: Gary Tolfa · Listing Office: Triqor Group · Contact: 949-756-3232 · Bought with: Max Pellegrini · Engel & Volkers Pasadena/Dilbeck RE

$1,649,000

Sold June 2018 · on market April 2018 · MLS #AR18073755 · Source: CRMLS

Listing Agent: Matt Cuong Ly · Listing Office: Coldwell Banker Arcadia · Contact: 626-445-5500 · Bought with: Matt Cuong Ly · Coldwell Banker Arcadia

$1,190,000

Sold September 2016 · listed $1,329,000, orig. $1,500,000, on market May 2016 · MLS #P0-316004223 · Source: CRMLS

Listing Agent: Shelley Mitchell · Listing Office: Coldwell Banker Realty · Contact: (626) 449-5222 · Bought with: Matt Cuong Ly · Coldwell Banker Realty

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