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Property profile & analytics
OFF-MARKET
Estimated value
$1,655,000
Apartment buildings
129 Michigan Ave Pasadena, CA 91106-1827
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US09-6897765
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1928
Construction
TILT-UP CONCRETE
Total area
10,104 SF
Lot
0.17 ac (7,413 SF)
Zoning code
PSR4
APN
5738-014-024
UPID
US09-6897765
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
The Mailbox Closet Discount Store
-
Untreaded Chimney Sweep Cleaning & Co Home Help
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.39M
Blend (final)
Blend
$1.66M
Owner & transaction history
121 129 Michigan Property LLC
121 129 Michigan Property LLC
since 2025
Last sale
$1.8M
3 recorded transactions
Zoning & alternative use
PSR4 · Pasadena, CA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Pasadena submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Pasadena submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.66M
Range $1.49M – $1.82M · ±10% · vs last sale $1.79M (Nov 24 2025)
Last sale anchor
$1.79M
Nov 24 2025
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$164 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$5,362
Tax year 2024
Assessed value
$208,597
Assessed 2024
Previous assessed
$208,597
+0.0% YoY
Effective rate
2.57%
On assessed value
Assessed land
$29,333
Assessed improvement
$179,264
Applied tax rate
7.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1928
Construction
TILT-UP CONCRETE
Heating
NONE
Cooling
YES
Units
16
Bathrooms
16
Total area
10,104 SF
Lot
0.17 ac (7,413 SF)
Zoning code
PSR4
APN
5738-014-024
UPID
US09-6897765
Jurisdiction
LOS ANGELES
Metro division
LOS ANGELES-LONG BEACH-GLENDALE, CA METROPOLITAN DIVISION
Zoning & alternative use
PSR4 · Pasadena, CA
Zoning PSR4 · permitted uses
PSR4 · Pasadena, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Pasadena. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1928
Construction
TILT-UP CONCRETE
Heating
NONE
Cooling
Yes
Units
16
Bathrooms
16
Lot
0.17 ac
Current owner
From public records · entity-resolved
121 129 Michigan Property LLC
Entity
Mailing address
6135 YORK BLVD, LOS ANGELES, CA 90042-3541
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 24, 2025
$1,788,000
121 129 Michigan Property LLC
Ashlee Michigan Apartments LLC
Grant Deed
$1,510,000 · Everbank NA
Mar 12, 2004
—
Stephen L Melnyk
Melnyk,stephen L
Quit Claim Deed
related
—
Dec 28, 1962
—
Stephen L Melnyk
—
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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