130-136 S Michigan Ave — Sale in Pasadena, CA

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Pasadena, CA 91106

Investment Figures

Cap rate
4.91%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

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. Investment Highlights: • Two nine-unit multifamily buildings built in 1950 & 1952 • Highly desirable Pasadena location- walking distance to South Lake Avenue • Strong rental demand fueled by its proximity to the Caltech and Pasadena City College • Diverse Unit Mix: (11) Studios, (4) 1+1, (3) 2+1 • 1 parking space per unit • Onsite manager not required

Market Context

This multifamily in Pasadena, CA is listed for sale. It is offered at an approximate 4.9% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 101 days. Compare it against other multifamily listings for sale in Pasadena, CA — view the full market.

As of Q1 2026, the Greater Los Angeles multifamily market showed average asking rents near $2333.00/unit/mo, and cap rates around 5.0%. Source: multiple brokerage reports, Q1 2026.

Its 4.9% asking cap rate is in line with the Greater Los Angeles multifamily market average of about 5.0%.

Multifamily market FAQ

What is the typical cap rate for multifamily in Greater Los Angeles?
About 5.0% as of Q1 2026, per multiple brokerage reports.

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