Description
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.
Location
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