199 South Madison Avenue

Pasadena, CA 91101

$3,650,000
Price
14
Beds
12
Baths
7,142 Sq. Ft.
$511 / Sq. Ft.
7,142
Sq. Ft.
$511
per Sq. Ft.

Description

Excellent opportunity to acquire a well maintained 12 unit property located walking distance to South Lake and recently opened Erewhon market, Pasadena Playhouse and even Old Town. South Madison Ave is considered one of the most desired streets in all of Pasadena and this property is ONLY $304,000 PER UNIT! Situated on a corner lot approximately 12,755 S. F. in size and boasting a unit mix of two 2 Bed + 1 bath units and 10 1 Bed + 1 bath units, make this a fantastic rental investment. On-site carport...Excellent opportunity to acquire a well maintained 12 unit property located walking distance to South Lake and recently opened Erewhon market, Pasadena Playhouse and even Old Town. South Madison Ave is considered one of the most desired streets in all of Pasadena and this property is ONLY $304,000 PER UNIT! Situated on a corner lot approximately 12,755 S. F. in size and boasting a unit mix of two 2 Bed + 1 bath units and 10 1 Bed + 1 bath units, make this a fantastic rental investment. On-site carport parking, separate water heaters, laundry room, separate meters for gas/electricity and a pitched roof are some additional features. No soft-story retrofit needed! With below market rents, there is excellent rent growth potential for a long-term investor. Property is subject to local Pasadena rent control laws. Don't miss this chance to invest in such a prized location where few properties trade hands. Please do not disturb the tenants.
  1. Listed by Alexander Metaxas • DRE #01784652 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
  2. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 199 South Madison Avenue

Zoning
PSR4
Parcel Number
5734010037
Total Units
12.0
Living Area
7142
Source Living Area
Assessor
Area
Pasadena SE (648)
Vacancy Rate
0
Lot Size Area
12790
LISTING UPDATED: 11/23/2024 12:01 AM

Property Details for 199 South Madison Avenue

StatusActive
MLS #24-464165
Days on Market45
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1955
Lot Size0.29 AC / 12,790 SF
CountyLos Angeles County

Building Information for 199 South Madison Avenue

Stories-Residences-Year Built1955Building Size-Lot Size0.29 AC / 12,790 SF

Property Information for 199 South Madison Avenue

Community / Development
Community / Development
  • Number Of Units: 12
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Assessor
  • Number Of Stories: 0
  • Number Of Buildings: 1
  • Type Of Units: Apartments
  • Water Heaters: Yes
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Actual
  • Gross Operating Income: $204,468
  • Net Operating Income: $127,764.00
  • Gross Income: $210,792
  • Cap Rate: 3.50%
  • Gross Rent Multiplier: $17.32
  • Total Annual Expense: 76704
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.2936
  • Lot Size Square Feet: 12790
Parking Details
Parking Details
  • Parking Garage: Carport Detached, Carport Attached
  • Total Parking: 10
  • Covered Parking: 10
  • Parking Features: Detached Carport, Attached Carport
  • Attached Garage: Yes
Interior Features
Interior Features
  • Levels: Two
  • Cooling Type: Wall Unit(s)
  • Heating: Wall Furnace
  • Heating Type: Wall
  • Equipment: Range/Oven
  • Laundry: Community, Room
  • Laundry Equipment: Lease
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 11-15-2024
  • Rent Control: Yes
  • Rent Control: 100
Unit Details
Unit 1 Information
  • Unit Beds: 2
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,587.00
  • Unit Actual Rent: $3,175.00
  • Unit Projected Rent: $4,800.00
  • Like Units: 2
Unit 2 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $1,414.00
  • Unit Actual Rent: $12,046.00
  • Unit Projected Rent: $22,950.00
  • Like Units: 9
Unit 3 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $2,095.00
  • Unit Actual Rent: $2,095.00
  • Unit Projected Rent: $2,295.00
  • Like Units: 1
Unit Details
  • Unit Type Type: 2106, 2107, 2108
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $819,235.00
  • Assessed Improvement Percent: 30.0
  • Assessed Land Value: $1,911,551.00
  • Assessed Land Percent: 70
  • Assessed Total Value: $2,730,786.00

Property History for 199 South Madison Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 199 South Madison Avenue

Taxable ValueLand$1,949,782Additions$837,779Total$2,787,561
Tax Record2024$33,092 ($2,758 / month)
Home Facts
Total Finished SqFt7,142 SqFtAbove Grade Finished SqFt7,142 SqFtLot Size12,755 SqFtStyleMulti-Family Res (5+ Units)Year Built1955ZoningPSR4CountyLOS ANGELESAPN5734-010-037

Schools near 199 South Madison Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 8
Public - 6 to 12
Public - 9 to 12
Public - 6 to 12
Rating
School
Distance
McKinley School
PublicK to 8

Blair High School
Public6 to 12

Rose City High (Continuation) School
Public9 to 12

Marshall Fundamental School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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199 South Madison Avenue is a multi-family home for sale in Pasadena, CA 91101. This property was listed for sale on November 15, 2024 by Realty Investment Advisors, Inc., it's currently listed at $3,650,000. This listing's school district is Pasadena Unified School District. Nearby schools include McKinley School, Blair High School and Rose City High (Continuation) School. 199 South Madison Avenue is a 14-bed, 12-bath, 7,142 sqft multi-family home built in 1955.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Realty Investment Advisors, Inc., Alexander Metaxas, DRE #01784652; Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.