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176 N Michigan Ave Pasadena, CA 91106

$2,030,000 Sold Price as of 08/21/2023

8 Beds
5 Baths
3,506 Sq.Ft.

Sold

$2,030,000 Sold Price as of 08/21/2023 Refinance Your Mortgage

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Map preview of 176 N Michigan Ave, Pasadena, CA 91106

Property Overview: 176 N Michigan Ave Pasadena, CA has 8 bedrooms, 5 bathrooms, 3,506 living square feet and 7,723 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 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.

Listed by Gary Tolfa | BRE #00955403 | Triqor Group

Last checked: 3 minutes ago | Last updated: August 28th, 2023 | Source CRMLS | DOM: 219

Home details

Lot Sq. Ft: 7,723
HOA Dues: $0/mo
Year built: 1898
Garage: --
Property Type:: Apartment

Status: Sold
MLS#: PW22247549
City: Pasadena
County: Los Angeles
Time on Site: 536 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 5
Total # of Buildings: 1
# of Electric Meters: 5
# of Gas Meters: 5
# of Water Meters: 0

Unit Breakdown 1

# of Units: 2
# of Beds: 1
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $1,735
Total Rent: $3,470
Pro Forma/Market Rent: $2,250

Unit Breakdown 2

# of Units: 3
# of Beds: 2
# of Baths: 1
Garage Spaces: 0
Garaged Attached? No
Furnishing: Unfurnished
Actual Rent: $2,466
Total Rent: $7,398
Pro Forma/Market Rent: $2,600

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $131,628
Net Operating Income: $92,299
Gross Operating Income: $127,679

Annual Expense Breakdown

Total Operating Expense: $35,381
Electric: $0
Gas/Fuel: $0
Trash: $0
Insurance: $0
Professional Management: $0
Water/Sewer: $0

Property Details for 176 N Michigan Ave

Interior Features

Laundry Information

Has Laundry
Community

Exterior Features

No Pool
Pool Features: None

Lot Details / Garage and Parking

Lot Information

Lot Features: Rectangular Lot
Lot Size Source: Assessor
Common Interest: Community Apartment

Property Information

Common Walls: 2+ Common Walls
Total # of Units: 5
Parcel Number: 5738019010
Year Built Source: Public Records
Property is Attached

Homeowners Association, Utilities, Taxes / Assessments

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Neighborhood Information

Community Features: Sidewalks

View more facts & features

Local Pasadena Agent

Sale History for 176 N Michigan Ave

Last sold for $2,030,000 on August 21st, 2023

August, 2023
Aug 21, 2023

Date

Sold

CRMLS: PW22247549

$2,030,000

Price
Nov 28, 2022

Date

Active

CRMLS: PW22247549

$2,150,000

Price
June, 2018
Jun 4, 2018

Date

Sold

CRMLS: AR18073755

$1,649,000

Price
Apr 30, 2018

Date

Pending

CRMLS: AR18073755

$1,649,000

Price
Apr 2, 2018

Date

Active

CRMLS: AR18073755

$1,649,000

Price
Listing provided courtesy of CRMLS

This listing is for 5 apartment units walking distance from Pasadena City College. The front two units (both 1bed+1bath) have been partially rehabbed. The three rear units (All 2bed+1bath) have been completely rehabbed with new kitchens, baths, flooring, dishwashers, cabinets, etc. Both the 1bed+1bath units are restricted to low income housing units which are currently rented to Section 8 tenants. All new windows. Zoning is RM48.

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June, 2018
Jun 1, 2018

Date

Sold (Public Records)

Public Records

$1,712,500

Price
May, 2018
May 29, 2018

Date

Sold

CRMLS: 316004223

$1,190,000

Price
Listing provided courtesy of CRMLS

Back on the Market! Great opportunity to own this fully rented & well established multi-dwelling investment property located in desirable Pasadena neighborhood. Endless possibilities to improve on existing structure and significantly increase the monthly rental amounts. NO rent control. Long term tenants currently paying below market rentals. New owner can benefit not only from the great location of this building but also from the huge upside in rents from the total of 5 units comprised of THREE 2-bedroom/1 bath units & TWO 1-bedroom/1bath unit in 3,506 sf on a 7,723 sf lot with on-site carport parking for tenants. Building passed a City inspection 2 years ago. Buyer to verify any potential redevelopment options with the City. Property sold AS-IS in its present condition. One 1-bedroom unit will be vacant as of July 31st. Please make offers subject to inspection. This is a Trust sale that does not require court confirmation. Trustee has no knowledge of the physical condition of the property. Motivated seller!

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March, 2018
Mar 1, 2018

Date

Expired

CRMLS: WS17243250

$1,950

Price
Nov 7, 2017

Date

Active

CRMLS: WS17243250

$1,950

Price
Listing provided courtesy of CRMLS

Completely remodeled 2bed/1bath apartment with 1-assigned carport in Pasadena. Brand new appliances in the kitchen: stove/oven, microwave, dishwasher, new cabinets and countertops. Bathroom has been updated with new toilet, new bathtub, and new vanity set. Beautiful laminated wood and tile flooring throughout. Freshly painted walls. New wall AC air-conditioning unit with wall heater. There is also a laundry room on-site for tenant's convenience. Conveniently located close to Old Town Pasadena, Pasadena City College (PCC), California Institute of Technology (Cal Tech), shops and restaurants on Colorado Blvd., and the I-210 freeway. Don't miss this chance to rent this lovely unit.

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June, 2017
Jun 2, 2017

Date

Sold

CRMLS: P0-316004223

$1,190,000

Price
Listing provided courtesy of CRMLS

Back on the Market! Great opportunity to own this fully rented & well established multi-dwelling investment property located in desirable Pasadena neighborhood. Endless possibilities to improve on existing structure and significantly increase the monthly rental amounts. NO rent control. Long term tenants currently paying below market rentals. New owner can benefit not only from the great location of this building but also from the huge upside in rents from the total of 5 units comprised of THREE 2-bedroom/1 bath units & TWO 1-bedroom/1bath unit in 3,506 sf on a 7,723 sf lot with on-site carport parking for tenants. Building passed a City inspection 2 years ago. Buyer to verify any potential redevelopment options with the City. Property sold AS-IS in its present condition. One 1-bedroom unit will be vacant as of July 31st. Please make offers subject to inspection. This is a Trust sale that does not require court confirmation. Trustee has no knowledge of the physical condition of the property. Motivated seller!

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September, 2016
Sep 30, 2016

Date

Sold (Public Records)

Public Records

$1,190,000

Price

Tax History for 176 N Michigan Ave

Assessed Value (2020): $1,781,835

Year	Land Value	Improved Value	Assessed Value
2020	$1,248,480	$533,355	$1,781,835

Home Value Compared to the Market

This property vs the competition

176 N Michigan Ave sold on August 21, 2023 for 68% higher than the current median sold price for the city of Pasadena which is $1,250,000. The median sold price per/sqft for Pasadena is $763 and this home is sold at $598.97 per/sqft which puts the price per square foot 21.5% lower than the current median sale per square foot for the city of Pasadena.

About 176 N Michigan Ave

Detailed summary of property

176 N Michigan Ave is a apartment that recently sold in Pasadena, CA 91106. This apartment offered 8 bedrooms, 5 bathrooms, roughly 3,506 living square feet, and sits on an approximately 7,723 square foot lot. 176 N Michigan Ave was first listed on ArdentRealEstateGroup.com on November 28, 2022. The homeowner sold the property for $2,030,000. Home in Pasadena are selling for a median price of $1,250,000 and a median price per square foot of $763. Based on Ardent Real Estate Group's Pasadena Market Data, this home is sold 68% higher than the current median priced home. Local homes that are currently for sale include 4311 Eagle Rock Blvd, 3813 Baldwin St and 3020 Baldwin St. While the average home in Pasadena, CA is selling in 51 days, 176 N Michigan Ave has a days on market of 219 days. There are currently 278 homes for sale in the Pasadena real estate market and 169 of them are single family homes while 83 of them are condos and 26 are townhomes. For more information on this home for sale at 176 N Michigan Ave Pasadena, CA 91106 contact Ardent Real Estate Group and we will put you in touch with one of our Pasadena agents.

Public Facts for 176 N Michigan Ave

Public county record property details

Beds: 9
Baths: 5
Year built: 1898
Sq. Ft.: 3,506
Lot Size: 7,723
Stories: --

Type: Apartment House (5+ Units)
Pool: No
Spa: No
County: Los Angeles
Lot#: 3
APN: 5738-019-010

The source for these homes facts are from public records.

91106 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$1,350,000

Median List Price/Sq.Ft.

$777

Median Sold Price

$830,000

Median Sold Price/Sq.Ft.

$672

Total Inventory

Median Sale to List Price %

89.73%

Avg Days on Market

Loan Type

Conventional (18.18%), FHA (0%), VA (0%), Cash (36.36%), Other (27.27%)

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(714) 706-1823

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.