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160 S Michigan Ave 15 Unit Apartment Building $7,500,000 ($500,000/Unit) 5.19% Cap Rate Pasadena, CA 91106
Investment Highlights
- Walking Distance to CAL Tech
- Updated Plumbing and Story Retrofit
- Completely Rehabbed
- Large Units
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$595,067
|
$40.37
|
| Other Income |
$16,242
|
$1.10
|
| Vacancy Loss |
$17,852
|
$1.21
|
| Effective Gross Income |
$593,457
|
$40.26
|
| Taxes |
$93,750
|
$6.36
|
| Operating Expenses |
$110,245
|
$7.48
|
| Total Expenses |
$203,995
|
$13.84
|
| Net Operating Income |
$389,462
|
$26.42
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $595,067 |
| Annual Per SF | $40.37 |
| Other Income | |
|---|---|
| Annual | $16,242 |
| Annual Per SF | $1.10 |
| Vacancy Loss | |
|---|---|
| Annual | $17,852 |
| Annual Per SF | $1.21 |
| Effective Gross Income | |
|---|---|
| Annual | $593,457 |
| Annual Per SF | $40.26 |
| Taxes | |
|---|---|
| Annual | $93,750 |
| Annual Per SF | $6.36 |
| Operating Expenses | |
|---|---|
| Annual | $110,245 |
| Annual Per SF | $7.48 |
| Total Expenses | |
|---|---|
| Annual | $203,995 |
| Annual Per SF | $13.84 |
| Net Operating Income | |
|---|---|
| Annual | $389,462 |
| Annual Per SF | $26.42 |
Property Facts
| Price | $7,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $500,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 5.19% | Building Size | 14,742 SF |
| Gross Rent Multiplier | 12.27 | Average Occupancy | 100% |
| No. Units | 15 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.02/1,000 SF |
| Zoning | PSR4 | ||
| Price | $7,500,000 |
| Price Per Unit | $500,000 |
| Sale Type | Investment |
| Cap Rate | 5.19% |
| Gross Rent Multiplier | 12.27 |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 14,742 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 1.02/1,000 SF |
| Zoning | PSR4 |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Heating
- Oven
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $2,817 | 950 |
| 3+2 | 9 | $3,632 | 1,150 |
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Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 5735-009-014 | Total Assessment | $4,921,403 (2025) |
| Land Assessment | $3,444,983 (2025) | Annual Taxes | $93,750 ($6.36/SF) |
| Improvements Assessment | $1,476,420 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
5735-009-014
Land Assessment
$3,444,983 (2025)
Improvements Assessment
$1,476,420 (2025)
Total Assessment
$4,921,403 (2025)
Annual Taxes
$93,750 ($6.36/SF)
Tax Year
2024
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160 S Michigan Ave