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107 - 109 N Michigan Avenue, Pasadena, CA

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107 - 109 N Michigan Avenue

Pasadena, CA 91106 - Pasadena/Arcadia/Monrovia Submarket

Property Type:Land Parcel Size:.24 Acres
For Sale Price:$2,050,000 Price/Acre:$8,548,791 Price/SF:$196.28

Proposed Use:MultiFamily

On-Site Improv:-

Sale Notes:
Growth Investment Group is proud to present the Michigan Ave development opportunity; a high density zoned RM-48 lot in the highly-desirable city of Pasadena, California. This offering presents a rare opportunity for investors to acquire a well-located, multifamily/residential development site in one of the strongest sub-markets in the West San Gabriel Valley.

The property is located at the south west corner of Michigan Ave and Union St. It is situated on a large 10,444 SQFT lot size with RM-48 zoning. The zoning for the property allows density up to 48-units per acre. Based on the lot size, this lot allows density up to 11-unit condominiums or apartments*.

There is a 4-unit apartment structure on the lot. The building was built in 1984 and consists of three 3bedroom+1-1/2bathroom units and one 2bedroom+1-1/2 bathroom unit. Total building size is 4,491sqft. The property is separately metered for electricity and gas. Each unit has a private patio area, windows, and A/C. Parking is provided by a carport on the side of the lot.
*Buyer is to verify with the City of Pasadena planning department to verify the maximum density for this property.

Growth Investment Group, Inc.
Han Widjaja-Chen
(626) 594-4901

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