$5,700,000
$200K PRICE DROP

144 N Michigan Ave Pasadena, CA 91106

Playhouse Village Neighborhood

Estimated payment $37,255/month

Total Views 3,331
22 Beds
13 Baths
19,994 Sq Ft
$285 Price per Sq Ft

Highlights

  • All Bedrooms Downstairs
  • 0.35 Acre Lot
  • Contemporary Architecture
  • Auto Driveway Gate
  • Dual Staircase
  • Property is near public transit

About This Home

15-unit apartment building in the highly-desirable city of Pasadena, California. This offering presents a rare opportunity for an investor to acquire a very well-located apartment community with low tenant turnover in one of the strongest sub-markets in the West San Gabriel Valley. Located within walking distance of the world-renowned California Institute of Technology, and Pasadena City College. Has high "walkability" to a variety of nearby amenities such as restaurants, shops, health clubs and entertainment venues.
This property is a three story building built in 1987. Offers a superb mix of one (1) 3bed + 2-1/2 bath townhouse style, two (2) 3bed + 2bath, and twelve (12) 2bed+1bath units. Total building is 15,714 sq ft which translates to a large average unit size per unit. Each unit is separately metered for electricity and gas, and equipped with stackable washer/dryers, private balcony(ies), dishwashers, microwaves and refrigerators. It is modernly equipped with copper pipe plumbing, elevator, fire sprinkler system, secured entrance, intercom system and CCTV cameras. Parking is provided by subterranean parking, with a total of 29 parking and storage spaces in the parking area.

Listing Agent

Michael Belzer

Westside Management Group Brokerage Phone: 310 849-5432 License #01034197 Listed on: 03/13/2026

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $84,415

Year Built

  • Built in 1987

Lot Details

  • 15,443 Sq Ft Lot
  • Two or More Common Walls
  • West Facing Home
  • Landscaped
  • Sprinkler System

Parking

  • 29 Car Direct Access Garage
  • Parking Storage or Cabinetry
  • Parking Available
  • Driveway Down Slope From Street
  • Auto Driveway Gate
  • Assigned Parking
  • Controlled Entrance

Home Design

  • Contemporary Architecture
  • Property Attached
  • Entry on the 1st floor
  • Turnkey
  • Asphalt Roof
  • Copper Plumbing

Interior Spaces

  • 19,994 Sq Ft Home
  • 3-Story Property
  • Elevator
  • Dual Staircase
  • Ceiling Fan
  • Blinds
  • Window Screens
  • Storage

Kitchen

  • Gas Oven
  • Gas Range
  • Microwave
  • Dishwasher
  • Granite Countertops
  • Formica Countertops
  • Disposal

Flooring

  • Carpet
  • Laminate
  • Tile

Bedrooms and Bathrooms

  • 22 Bedrooms
  • All Bedrooms Down
  • 13 Bathrooms

Laundry

  • Laundry Room
  • Stacked Washer and Dryer

Home Security

  • Security Lights
  • Intercom
  • Closed Circuit Camera
  • Carbon Monoxide Detectors
  • Fire and Smoke Detector
  • Fire Sprinkler System

Outdoor Features

  • Balcony
  • Exterior Lighting
  • Rain Gutters

Location

  • Property is near public transit
  • Urban Location

Utilities

  • Cooling System Mounted To A Wall/Window
  • Heating System Uses Natural Gas
  • Wall Furnace
  • Underground Utilities
  • Natural Gas Connected
  • Phone Available
  • Cable TV Available

Listing and Financial Details

  • Legal Lot and Block 28 / 2
  • Tax Tract Number 100
  • Assessor Parcel Number 5738019028
  • $4,085 per year additional tax assessments

Community Details

Overview

  • No Home Owners Association
  • 15 Units

Building Details

  • 15 Leased Units
  • Rent Control
  • 15 Separate Electric Meters
  • 15 Separate Gas Meters
  • Electric Expense $4,800
  • Gardener Expense $3,600
  • Insurance Expense $28,528
  • Maintenance Expense $172,406
  • Pest Control $780
  • Professional Management Expense $17,241
  • Trash Expense $31,392
  • Water Sewer Expense $7,796
  • Security Expense $2,616
  • Operating Expense $273,437
  • Gross Income $431,016
  • Net Operating Income $257,963

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$84,415

Year Built

Built in 1987

Lot Details

0.35 Acres

Parking

29

Listing Details

  • Assessments: Yes
  • CapRate: 4.50
  • Professional Management Expense: 17241.00
  • Property Attached: Yes
  • Road Frontage Type: City Street
  • Road Surface Type: Paved
  • Security Expense: 2616.00
  • Security: Fire Sprinkler System, Closed Circuit Camera(s), Carbon Monoxide Detector(s), Fire and Smoke Detection System, Security Lights, Smoke Detector(s), Automatic Gate
  • View: No
  • Water Sewer Expenses: 7796.00
  • Architectural Style: Contemporary
  • Property Condition: Turnkey
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Gardener Expense: 3600.00
  • Parcel Number: 5738019028
  • Year Built: 1987
  • Special Features: None

Interior Features

  • Interior Amenities: Intercom, Balcony, Elevator, Ceiling Fan(s), 2 Staircases, Storage, Copper Plumbing Full, Formica Counters, Granite Counters
  • Stories: 3
  • Common Walls: 2+ Common Walls
  • Flooring: Tile, Carpet, Laminate
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Three Or More
  • Price Per Square Foot: 285.09
  • Room Type: All Bedrooms Down, Kitchen
  • Window Features: Blinds, Screens

Exterior Features

  • Direction Faces: West
  • Exterior Features: Rain Gutters, Lighting
  • Fence: No
  • Pool Private: No
  • Roof: Asphalt
  • Spa: No

Garage/Parking

  • Garage Spaces: 29.00
  • Parking: Yes
  • Parking Features: Concrete, Assigned, Covered, Auto Driveway Gate, Driveway Down Slope From Street, Gated, On Site, Direct Garage Access, Controlled Entrance, Built-In Storage
  • Total Parking Spaces: 29.00

Utilities

  • Utilities: Natural Gas Connected, Phone Available, Sewer Connected, Cable Available, Electricity Connected, Underground Utilities, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Disposal, Microwave, Refrigerator, Gas Range, Gas Oven, Dishwasher
  • Electric: Standard
  • Heating Type: Natural Gas, Wall Furnace
  • Laundry Features: Stackable, Washer Included, Dryer Included
  • Pest Control Expense: 780.00
  • Sewer: Public Sewer
  • Trash Expense: 31392.00
  • Water Source: Public
  • Cooling: Electric, Wall/Window Unit(s)
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Street Lights, Urban, Storm Drains, Sidewalks

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Landscaped, Near Public Transit, Sprinkler System
  • Lot Size Sq Ft: 15443.00
  • Lot Size Acres: 0.3545

Rental Info

  • Tenant Pays: Insurance, Gas, Telephone, Cable TV, Electricity

Multi Family

  • Average2 Bed Area: 975 Square Feet
  • Average3 Bed Area: 1275 Square Feet
  • Electric Expense: 4800.00
  • Gross Income: 431016.00
  • Gross Multiplier: 7.32
  • Gross Operating Income: 429938.00
  • Gross Scheduled Income: 431016.00
  • Gross Spendable Income: 257963.00
  • Insurance Expense: 28528.00
  • Laundry Equipment Own Lease: Own
  • Lot Size Area: 15443.0000 Square Feet
  • Maintenance Expense: 172406.00
  • Maintenance Percent: 40.00
  • Net Operating Income: 257963.00
  • Number Of Separate Electric Meters: 15
  • Number Of Separate Gas Meters: 15
  • Number Of Units Leased: 15
  • Number Of Units Total: 15
  • Number With Carpet: 4
  • Number With Dishwasher: 15
  • Number With Disposal: 15
  • Number With Range: 15
  • Number With Refrigerator: 15
  • Operating Expense: 171975.00
  • Operating Expense Percent: 40.00
  • Rent Control: Yes
  • Total Actual Rent: 35918.00
  • Total Expenses: 273437.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • Tax Area: 07500
  • Tax Block: 2
  • Tax Lot: 28
  • Tax Rate: 1.00
  • Tax Tract Number: MB2-100
  • Tax Annual Amount: 84414.60
  • Tax Year: 2026
  • TaxOtherAnnualAssessmentAmount: 4085.00

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/10/2026 04/10/26 Price Changed $5,700,000 -3.4% $285 / Sq Ft
03/13/2026 03/13/26 For Sale $5,900,000 -- $295 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SB26044815

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Pasadena 91106 Playhouse Village

144 N Michigan Ave, Pasadena, CA

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California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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Listing Agent
Michael Belzer
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Westside Management Group
(818) 459-6091
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