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$1,125,000

$6,000Reward *

131 N Michigan Avenue, Pasadena, CA 91106Listing ID AR26086347

131 N Michigan Avenue, Pasadena, CA 91106

Active

Time on site: 88 days • Last updated: Apr 25, 2026

Property Type

Land

Property Sub Type

Acres

0.17

Days on Site

Prime Pasadena Infill: High-Density RM-48 Lot Near Caltech & PCC – Up to 35 Buildable Units (High Density), or 17-21 units (Mid Density). A rare infill opportunity on N Michigan Avenue: a 7501SF, RM-48 high-density lot located mere steps from Caltech and Pasadena City College. Because this site is a vacant lot, developers benefit immediately from zero demolition costs, allowing for a faster, more cost-effective path to vertical construction in one of Southern California’s most supply-constrained markets. The property offers unparalleled flexibility, accommodating a wide range of builder strategies. Depending on city approvals, developers can pursue three distinct development paths: a High-Density affordable project yielding up to 35 units, a Mid-Density Transit-Oriented Development (TOD) yielding 17-21 units, or a Low-Density residential project of 5 units. This makes it an ideal acquisition for boutique builders or seasoned development firms looking to expand their footprint in a high-barrier-to-entry city. Location serves as the ultimate amenity for this site. Situated between LAKE Ave and Hill Ave, and 1 lot away from Union St and Michigan Ave corner, it offers superb access to all the best amenities City of Pasadena has. Situated just minutes from major employment centers, the Lake Avenue Business District, and the Metro L Line, the property sits squarely within a walkable, amenity-rich neighborhood. It benefits from a built-in, highly educated renter pool and aligns perfectly with Pasadena’s ongoing push for smart, sustainable, transit-connected growth. With limited undeveloped land remaining in Pasadena, this parcel represents a strategic canvas to deliver much-needed housing while capturing durable, long-term value in an economically resilient, premium demographic.

*Average of $2,150 in rewards is calculated based on the purchase or sale of a home between $400,000 to $449,000. The median home price for all housing types is in the United States is $405,400 as of 2025 as reported by the National Association of Realtors® (NAR). The actual reward amount may vary depending on the purchase or sales price of the home. Please see the Lakeview Home Rewards program terms and conditions for more details. The National Association of Realtors® is a registered trademark of the National Association of Realtors®.

Source: California Regional MLS

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AR45550 • AR42133

131 N Michigan Avenue, Pasadena, CA 91106

Market Report for 91106

Property Information

Property Details

Location

Financial