NOT LISTED FOR SALE
10 Beds
9 Baths
6,050 Sq Ft
7,925 Sq Ft Lot

Last Sold May 30, 2017

Last sale price $3,100,000 $512 Per Sq Ft

21 Days on Market

Highlights

  • Wood Flooring
  • Laundry Room
  • Stacked Washer and Dryer
  • No HOA
  • Central Heating and Cooling System

About This Home

As of May 2017

The Michigan is a recently completed, completely remodeled 7-unit apartment building located in Pasadena, California. Set amid recent landscaped surroundings on a 7,924 square foot lot, the 6,050 square foot property offers one-, two- and three-bedroom apartment homes. Originally built in 1956 and remodeled in 2017, the property offers luxury amenities, an excellent rental location and easy freeway access.

* Prime Pasadena
* 2017 Complete Remodel
* No Rent Control
* Copper Piping
* Central AC/Heat
* New Kitchens, Bathrooms, Flooring, AC, Laundry, etc.

The Michigan is located along the western side of N. Michigan Avenue between E. Walnut Street to the north and E. Union Street to the south. N. Chester Avenue is east of the subject property and Mar Vista Avenue is west.

Last Agent to Sell the Property

Warren Berzack

Warren Lee Berzack License #01329015 Listed on: 04/03/2017

Warren Lee Berzack

Last Buyer's Agent

Troy Kuo

In Realty Inc. License #01849263

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1956

Lot Details

  • 7,925 Sq Ft Lot
  • 1 Common Wall
  • Density is 11-15 Units/Acre

Home Design

  • Apartment

Interior Spaces

  • 6,050 Sq Ft Home
  • 2-Story Property
  • Wood Flooring

Kitchen

  • Gas Oven
  • Gas Cooktop

Bedrooms and Bathrooms

  • 10 Bedrooms
  • 9 Bathrooms

Laundry

  • Laundry Room
  • Stacked Washer and Dryer

Parking

  • 5 Parking Spaces
  • 5 Carport Spaces
  • Parking Available
  • Assigned Parking

Additional Features

  • Urban Location
  • Central Heating and Cooling System

Listing and Financial Details

  • Tax Lot 39
  • Tax Tract Number 4623
  • Assessor Parcel Number 5738014012

Community Details

Overview

  • No Home Owners Association
  • 7 Units

Amenities

  • Laundry Facilities

Building Details

  • 8 Separate Electric Meters
  • 8 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $1,200
  • Gardener Expense $1,200
  • Insurance Expense $2,100
  • Maintenance Expense $6,384
  • Other Expense $700
  • Pest Control $420
  • Trash Expense $1,000
  • Water Sewer Expense $1,000
  • New Taxes Expense $39,938
  • Operating Expense $55,192
  • Gross Income $17,650
  • Net Operating Income $151,225

Property Details

Home Type

Multi-Family

Year Built

Built in 1956

Lot Details

0

Listing Details

  • CapRate: 4.73
  • Property Attached: Yes
  • Water Sewer Expenses: 1000.00
  • Zoning: PSR4
  • Property Sub Type: Apartment
  • Property Type: Residential Income
  • Gardener Expense: 1200.00
  • Parcel Number: 5738014012
  • Year Built: 1956
  • Special Features: None

Interior Features

  • Stories: 2
  • Common Walls: 1 Common Wall
  • Flooring: Wood
  • Appliances: Yes
  • Levels: Two
  • Price Per Square Foot: 512.40

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 5.00
  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 5.00

Utilities

  • Utilities: Sewer Connected, Water Connected
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Gas Oven, Gas Range, Gas Cooktop
  • Heating Type: Central
  • Laundry Features: Community, Inside, Stackable, Washer Included
  • Pest Control Expense: 420.00
  • Sewer: Public Sewer
  • Trash Expense: 1000.00
  • Water Source: Public
  • Cooling: Central Air
  • Cooling: Yes

Condo/Co-op/Association

  • Association: No
  • Senior Community: No
  • Community Features: Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 11-15 Units/Acre
  • Lot Size Sq Ft: 7925.00

Multi Family

  • Electric Expense: 1200.00
  • Gross Income: 17650.00
  • Gross Multiplier: 15.01
  • Gross Scheduled Income: 212800.00
  • Insurance Expense: 2100.00
  • Laundry Equipment Own Lease: Own
  • Laundry Income: 1000.00
  • Maintenance Expense: 6384.00
  • Net Operating Income: 151225.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 7
  • Operating Expense: 55192.00
  • Other Expense: 700.00
  • Other Expense Description: misc.
  • Rent Control: No
  • Total Expenses: 55192.00

Tax Info

  • New Taxes Expense: 39938.00
  • Tax Census Tract: 4623.02
  • Tax Lot: 39
  • Tax Tract Number: 4623

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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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
05/30/2017 05/30/17 Sold $3,100,000 -3.0% $512 / Sq Ft
04/24/2017 04/24/17 Pending -- -- --
04/03/2017 04/03/17 For Sale $3,195,000 -- $528 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $40,289 $3,597,810 $2,518,469 $1,079,341
2024 $40,289 $3,527,266 $2,469,088 $1,058,178
2023 $39,958 $3,458,105 $2,420,675 $1,037,430
2022 $38,573 $3,390,300 $2,373,211 $1,017,089
2021 $36,994 $3,323,825 $2,326,678 $997,147
2019 $35,596 $3,225,860 $2,257,668 $968,192
2018 $36,377 $3,162,620 $2,213,400 $949,220
2016 $9,400 $727,605 $218,275 $509,330
2015 $9,294 $716,677 $214,997 $501,680
2014 $9,148 $702,639 $210,786 $491,853
Source: Public Records

Agents Affiliated with this Home

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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: SR17069547

California Regional Multiple Listing Service (CRMLS)