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160 S Michigan Avenue

Pasadena, CA 91106
  • $7,995,000
  • STATUS: Active
  • ON SITE: 141 Days
  • MLS #: AR24243115
UPDATED: 35 min ago
$7,995,000
  • 0
    BEDS
  • 0.22
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1965
County:

School Ratings & Info

Listing Agent(s): Matt Cuong Ly of Coldwell Banker Realty (626-445-5500)


Description

Discover a prime turnkey 3-story apartment building just blocks from the renowned California Institute of Technology. This fully rehabbed property features upgraded electrical systems, 80% replumbed infrastructure, and individual electric meters. The completed soft story retrofit enhances safety and stability, while each unit boasts new bathrooms, kitchens, and flooring. Equipped with in-unit washer/dryer combos, stoves, refrigerators, and microwaves, these apartments are designed for easy rental and high occupancy rates. With its strategic location near Caltech, this property is an outstanding opportunity for investors seeking a cash-flowing asset in a desirable area.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2025-04-25T14:37:34.047. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.
www.theziagroup.com/homes/158480763
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160 S Michigan Avenue Pasadena, CA 91106

  • Price: $7,995,000
  • Status: Active
  • On Site: 141 Days
  • Updated: 35 min ago
  • MLS #: AR24243115
0
Beds
0
Baths
0
½ Baths
0.22
Acres
1965
Built
Neighborhood:
648 - Pasadena (SE)
County:
Los Angeles
Area:
648 - Pasadena (SE)
Property Description
Discover a prime turnkey 3-story apartment building just blocks from the renowned California Institute of Technology. This fully rehabbed property features upgraded electrical systems, 80% replumbed infrastructure, and individual electric meters. The completed soft story retrofit enhances safety and stability, while each unit boasts new bathrooms, kitchens, and flooring. Equipped with in-unit washer/dryer combos, stoves, refrigerators, and microwaves, these apartments are designed for easy rental and high occupancy rates. With its strategic location near Caltech, this property is an outstanding opportunity for investors seeking a cash-flowing asset in a desirable area.
Exterior Features

Carport Spaces 15 Carport YN Yes Direction Faces West Entry Level 1 Entry Location Front Foundation Details Combination Lot Features 11-15 Units/Acre Number Of Separate Electric Meters 16 Parking Features Assigned Parking Total 15 Pool Features None Pool Private YN No Property Attached YN Yes Roof Rolled/Hot Mop Spa Features None Spa YN No View Mountain(s) View YN Yes

Interior Features

Appliances Gas Range Common Walls 2+ Common Walls Cooling Wall/Window Unit(s) Cooling YN Yes Fireplace Features None Fireplace YN No Heating Wall Furnace Heating YN Yes

Property Features

Additional Parcels YN No Cap Rate 4.55 Common Interest Community Apartment Community Features Urban Electric Expense 0 Fuel Expense 0 Garage YN No Gross Income 0 Gross Scheduled Income 617026 Insurance Expense 12000 Land Lease YN No Laundry Features Inside Levels Three Or More Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash to New Loan1031 Exchange Maintenance Expense 40000 Net Operating Income 363684 New Construction YN No New Taxes Expense 99938 Number Of Separate Gas Meters 1 Number Of Separate Water Meters 1 Operating Expense 235920 Other Expense 83982 Possession Close Of Escrow Property Condition Turnkey Property Sub Type Apartment Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays Electricity Trash Expense 0 Utilities Electricity ConnectedSewer ConnectedWater Connected Vacancy Allowance 17422 Vacancy Allowance Rate 3 Water Sewer Expense 0 Water Source Public Zoning PSR4



Based on information from California Regional Multiple Listing Service, Inc. as of 2025-04-25T14:37:34.047. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Zia Group | eXp Realty. Licensed in the State of California, USA.
 
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The Zia Group | eXp Realty
10 E Yanonali St #11
Santa Barbara CA, 93101
Listing Agent(s): Matt Cuong Ly of Coldwell Banker Realty (626-445-5500)