Exclusive Listings

16-Units Prime Value Add in Pasadena, Superb Location with Significant Upside

Address:
95 N Michigan Ave
Pasadena, CA 91106
Price:
$5,150,000
Status:
Available
Type:
Apartment
# Units:
16
Year Build:
1961
Building Size:
10,588 SF
Lot Size:
14,991 SF
CAP Rate:
3.24%
GRM:
18.66x
Price/Unit:
$322,000
Price/SqFt:
$486

INVESTMENT HIGHLIGHTS:

  • Walking distance to Playhouse District, South Lake Ave District, California Institute of Technology and Pasadena City College
  • Nearby sales comparable shows $440,000/unit cost (±34% higher than subject property)
  • Highly desirable area South of 210 FWY location and within minutes away from South Old Town Pasadena
  • Prime value-add opportunity with an estimated 24%+ rental upside potential!
  • HIGH walk score of 91 out of 100
  • Strong demographics with ±$90,819 average household income within a 1.5-mile radius
  • One of the strongest submarkets in San Gabriel Valley; High rent growth and low vacancy rate area
  • Convenient access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
  • High barriers to entry submarket with very limited inventory and high demand for apartments for sale

PROPERTY HIGHLIGHTS:

  • Attractive unit mix of 2 bedroom and 1 bedroom units
  • Ten (10) units have private patio area that is not included in the building square footage
  • Separately metered for electricity and gas, shared laundry room
  • Recent capital improvements: New roof recently installed in 2015-2016, copper plumbing throughout
  • Highly desirable location on Michigan Ave; a quiet apartment community that is easy to maintain

EXECUTIVE SUMMARY

Growth Investment Group is proud to present the Michigan Apartment; a 16-unit apartment in the highly-desirable city of Pasadena, California. This offering presents a rare opportunity for an investor to acquire a very well located, value-add apartment community in one of the strongest sub-markets in the West San Gabriel Valley.

The property is located on the south west side of Michigan Ave and Union St, several blocks away from the Pasadena Playhouse District, an eclectic cosmopolitan community rich in history and architecture. It is also located within walking distance to the world renowned California Institute of Technology (CALTECH) and Pasadena City College (PCC). The close proximity to some of the largest colleges in San Gabriel Valley provides a unique opportunity for an investor to rent out the units to college students. Because of this superb location, it has a Walk Score 91 out of 100, demonstrating high “walkability” to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues.

The property is a garden style two story building that was built in 1961. It offers a superb unit mix of four (4) 2bed+1bath, and twelve (12) 1bed+1bath units. The total building size is 10,588 square feet and it is situated on a large 14,991 square feet lot. Each unit is separately metered for electricity and gas. Ten (10) units have private patios. Some units have been updated with laminate wood flooring, mirrored closet doors, tiled bathroom, and tiled kitchen vanity. Most of the units have carpet flooring, and laminate kitchen countertops. Parking is provided by carport and tuck under parking in the back. There are total 16 parking spaces and storage spaces in the parking area. There is a shared laundry room in the parking area.

 

 



LOCATION AMENITIES

The property occupies the highly desirable location south of 210 Freeway in the City of Pasadena. It is located several blocks east of Pasadena Playhouse District and within minutes to Old Town Pasadena, and South Lake Ave District. It offers convenient access to almost all amenities the City of Pasadena has to offer. The property has excellent access to downtown Los Angeles via 110 Freeway.

Known as a gateway to the San Gabriel Valley area, Pasadena is a city in California, northeast of downtown Los Angeles. In the heart of Pasadena lies Old Town Pasadena- a shopping and dining district known for its Victorian and art deco buildings.

The strikingly modern Norton Simon Museum houses notable European and Asian art, plus a sculpture garden. The Rose Bowl is a sports stadium known for hosting the Rose Bowl Game, an annual college football clash usually held on January 1. The Rose Bowl Game is part of Pasadena’s famed Tournament of Roses, also featuring a New Year’s parade with floats, marching bands and equestrian shows. Built in the early 20th century, the Gamble House is known for its elegant wooden interiors. The Pasadena Museum of California Art showcases regional artworks. The Pasadena Playhouse stages acclaimed dramas and musicals. Renowned for its science and engineering programs, the California Institute of Technology (Caltech) is set in a verdant campus.


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
[email protected]

Thank you for your time and interest. The information you are attempting to access requires a one-time registration before you can proceed. Your email address will allow you to log in any time.
Please log in or begin registration by providing your email address.


Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
Fax: 626.316.7552
Email: [email protected]
Copyright © 2017 GIG Real Estate, Inc. dba. Growth Investment Group
Visit us on social media websites