Active
$21,000,000
46 Units
8 Beds
8 Baths
42,843 Area(sq.ft.)
Lot: 22,499 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 1 | studio | 1 | No | $ 1,500 | $ 1,500 | $ 2,295 |
| Unit 2 | 18 | 1 | 1 | No | $ 2,099 | $ 37,780 | $ 2,795 |
| Unit 3 | 24 | 2 | 2 | No | $ 2,421 | $ 58,104 | $ 3,395 |
| Unit 4 | 1 | 2 | 2 | No | $ 3,000 | $ 3,000 | $ 3,595 |
| Unit 5 | 2 | 3 | 2 | No | $ 3,320 | $ 6,640 | $ 4,200 |
| 46 | 74 | 73 | $ 107,026 | $ 2,092,316 | $ 146,080 |
| MLS #: | PW25052653MR |
| Days On Market: | 271 |
| Listing Date: | March 10, 2025 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 490 |
| Price per unit: | $ 456,522 |
| Year Built: | 1964 |
Property Details
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 building s efficiency. This trophy asset is ideal for investors seeking a brilliantly located property in excellent condition with upside potential.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | Yes |
| Total Annual Expense: | $ 444,563 |
| Net Operating Income: | $ 844,580 |
Structure
| Community Features: | Sidewalks |
| Sewer: | Public Sewer |
| Water: | Public |
Land & Parking
| Zoning: | PSR4 |
| Land Lease Type: | Fee |
| Total Parking: | 52 |
Interior
| Laundry: | Laundry Area |
Exterior
| Pool: | No |
Detailed Map
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Income
