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130-136 S Michigan Ave. 130 S Michigan Ave 18 Unit Apartment Building $6,627,040 CAD ($368,169 CAD/Unit) 4.80% Cap Rate Pasadena, CA 91106
Investment Highlights
- Two nine-unit multifamily buildings built in 1950 & 1952
- Two contiguous parcels totaling over half an acre of land
- Diverse Unit Mix: (11) Studios, (4) One Bedroom/One Bath, (3) Two Bedroom/One Bath
- Highly desirable Pasadena location- walking distance to South Lake Avenue
- 1 parking space per unit
- Strong rental demand fueled by its proximity to Caltech and Pasadena City College
Executive Summary
Marcus and Millichap is pleased to present 130-136 S. Michigan Avenue, situated in the highly desirable South Lake Pasadena submarket, one of the city’s most vibrant and walkable neighborhoods. Just minutes from Old Town Pasadena and the Playhouse District, the property benefits from a prime infill location surrounded by retail, dining, and everyday amenities along South Lake Avenue.
The area offers a strong live-work-play environment, with convenient access to national retailers, local boutiques, and a wide range of restaurants. Its walkability and neighborhood appeal make it especially attractive to long-term renters.
The property is also situated near major demand drivers, including the California Institute of Technology (Caltech) and Pasadena City College, supporting consistent rental demand from students, faculty, and local professionals.
The area offers a strong live-work-play environment, with convenient access to national retailers, local boutiques, and a wide range of restaurants. Its walkability and neighborhood appeal make it especially attractive to long-term renters.
The property is also situated near major demand drivers, including the California Institute of Technology (Caltech) and Pasadena City College, supporting consistent rental demand from students, faculty, and local professionals.
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$533,678
|
$98.83
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$26,683
|
$4.94
|
| Effective Gross Income |
$506,994
|
$93.89
|
| Taxes |
$79,524
|
$14.73
|
| Operating Expenses |
$109,109
|
$20.21
|
| Total Expenses |
$188,633
|
$34.93
|
| Net Operating Income |
$318,361
|
$58.96
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $533,678 |
| Annual Per SF | $98.83 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $26,683 |
| Annual Per SF | $4.94 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $506,994 |
| Annual Per SF | $93.89 |
| Taxes (CAD) | |
|---|---|
| Annual | $79,524 |
| Annual Per SF | $14.73 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $109,109 |
| Annual Per SF | $20.21 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $188,633 |
| Annual Per SF | $34.93 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $318,361 |
| Annual Per SF | $58.96 |
Property Facts
| Price | $6,627,040 CAD | Apartment Style | Garden |
| Price Per Unit | $368,169 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.50 AC |
| Cap Rate | 4.80% | Building Size | 10,672 SF |
| Gross Rent Multiplier | 12.42 | No. Stories | 2 |
| No. Units | 18 | Year Built | 1950 |
| Property Type | Multifamily | Parking Ratio | 1.69/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PSR4 | ||
| Price | $6,627,040 CAD |
| Price Per Unit | $368,169 CAD |
| Sale Type | Investment |
| Cap Rate | 4.80% |
| Gross Rent Multiplier | 12.42 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.50 AC |
| Building Size | 10,672 SF |
| No. Stories | 2 |
| Year Built | 1950 |
| Parking Ratio | 1.69/1,000 SF |
| Zoning | PSR4 |
Amenities
Site Amenities
- Laundry Facilities
- Bicycle Storage
- Walk To Campus
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | - | 1 |
| 1+1 | 4 | - | 1 |
| 2+1 | 3 | - | 1 |
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 5735-009-008 | Total Assessment | $2,026,899 CAD (2025) |
| Land Assessment | $1,391,864 CAD (2025) | Annual Taxes | $79,524 CAD ($7.45 CAD/SF) |
| Improvements Assessment | $635,035 CAD (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5735-009-008
Land Assessment
$1,391,864 CAD (2025)
Improvements Assessment
$635,035 CAD (2025)
Total Assessment
$2,026,899 CAD (2025)
Annual Taxes
$79,524 CAD ($7.45 CAD/SF)
Tax Year
2026
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130-136 S Michigan Ave. | 130 S Michigan Ave
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