160 S Michigan Ave
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160 S Michigan Ave
15 Unit Apartment Building Offered at $11,332,273 CAD at a 4.55% Cap Rate in Pasadena, CA 91106
Investment Highlights
- 2 Blocks to Cal Tech
- In Unit Wash/Dryer
- Soft Story Completed
- All Units Fully Rehabbed
- 80% Cooper Plumbing
- All Appliances Included
Executive Summary
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.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$823,153
|
$55.84
|
| Other Income |
$51,433
|
$3.49
|
| Vacancy Loss |
$24,694
|
$1.68
|
| Effective Gross Income |
$849,891
|
$57.65
|
| Taxes |
$141,654
|
$9.61
|
| Operating Expenses |
$192,744
|
$13.07
|
| Total Expenses |
$334,398
|
$22.68
|
| Net Operating Income |
$515,493
|
$34.97
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $823,153 |
| Annual Per SF | $55.84 |
| Other Income (CAD) | |
|---|---|
| Annual | $51,433 |
| Annual Per SF | $3.49 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $24,694 |
| Annual Per SF | $1.68 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $849,891 |
| Annual Per SF | $57.65 |
| Taxes (CAD) | |
|---|---|
| Annual | $141,654 |
| Annual Per SF | $9.61 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $192,744 |
| Annual Per SF | $13.07 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $334,398 |
| Annual Per SF | $22.68 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $515,493 |
| Annual Per SF | $34.97 |
Property Facts
| Price | $11,332,273 CAD | Property Type | Multifamily |
| Price Per Unit | $755,485 CAD | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 14,742 SF |
| Cap Rate | 4.55% | Average Occupancy | 100% |
| Gross Rent Multiplier | 12.96 | No. Stories | 3 |
| No. Units | 15 | Year Built/Renovated | 1965/2020 |
| Price | $11,332,273 CAD |
| Price Per Unit | $755,485 CAD |
| Sale Type | Investment |
| Cap Rate | 4.55% |
| Gross Rent Multiplier | 12.96 |
| No. Units | 15 |
| Property Type | Multifamily |
| Lot Size | 0.22 AC |
| Building Size | 14,742 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1965/2020 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $3,891 CAD | 950 |
| 3+2 | 9 | $5,103 CAD | 1,150 |
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Walk Score ®
Very Walkable (89)
Bike Score ®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 5735-009-014 | Total Assessment | $6,789,511 CAD (2024) |
| Land Assessment | $4,752,659 CAD (2024) | Annual Taxes | $141,654 CAD ($9.61 CAD/SF) |
| Improvements Assessment | $2,036,852 CAD (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
5735-009-014
Land Assessment
$4,752,659 CAD (2024)
Improvements Assessment
$2,036,852 CAD (2024)
Total Assessment
$6,789,511 CAD (2024)
Annual Taxes
$141,654 CAD ($9.61 CAD/SF)
Tax Year
2023
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160 S Michigan Ave
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