165 N Michigan Ave
Pasadena, CA 91106
Michigan Apartments · Multifamily Property For Sale · 45 Units

CBRE is proud to exclusively present Michigan Apartments in the city of Pasadena. Located at 165 N Michigan Ave, just east of Lake Avenue, between Walnut Street and Colorado Boulevard, Michigan Apartments presents an investor with the unique opportunity to own an excellent piece of real estate in one of the healthiest and most coveted rental submarkets within the Tri-Cities Market. Michigan Apartments is a five story, 45 unit, non rent-controlled property constructed in 1964 on a ±22,055 square foot lot, with a total building size of ±42,843 square feet. The secured entry property offers a lobby area, elevator, three stairwells, cameras in select areas, a barbeque area, trash chutes on each floor, an on-site laundry facility, and a gated 45 parking space on-grade enclosed garage with dual driveways. The property is separately metered for gas and electric, and serviced by central water heaters. Michigan Apartments boasts a solid unit mix of 18 one-bedroom/one-bathroom units, 25 two-bedroom/two-bathroom units, and 2 three-bedroom/two-bathroom units. The units are large with the one-bedroom units averaging approximately ±800 SF, the two-bedroom units averaging approximately ±1,000 SF, and the three-bedroom units averaging approximately ±1,500 SF. Units offer wall units for heating and cooling, gas stoves, dishwashers, ceiling fans, ample storage space, and sliding glass doors to balconies or patios. Most units have carpet and vinyl flooring, but a few select units have laminate and tile. The three penthouse units have central air and heat and large rooftop patios, and select units have dual entrances.