239 South Madison Avenue

239 S Madison Ave
Pasadena, CA 91101

$9,300,000
Price
1
Beds
21
Baths
17,570 Sq. Ft.
$529 / Sq. Ft.
17,570
Sq. Ft.
$529
per Sq. Ft.

Description

239 S Madison Ave, a beautifully upgraded multifamily investment opportunities located in one of the best locations in Pasadena. Strategically located only a block south of Pasadena Playhouse District, several blocks South of OLD TOWN PASADENA, and within walking distance to Pasadena Convention Center and Lake Ave shopping district – including recently opened Erewhon market on Lake Ave, this community offers superb location and amenities to tenants. Walk Score 89, Bike Score 82. The property is a...239 S Madison Ave, a beautifully upgraded multifamily investment opportunities located in one of the best locations in Pasadena. Strategically located only a block south of Pasadena Playhouse District, several blocks South of OLD TOWN PASADENA, and within walking distance to Pasadena Convention Center and Lake Ave shopping district – including recently opened Erewhon market on Lake Ave, this community offers superb location and amenities to tenants. Walk Score 89, Bike Score 82. The property is a two-story garden style apartment that has been extensively remodeled. The current owner did not take any shortcut in completing major capital improvements such as brand-new roof (2022), parking soft story retrofit, new asphalt driveway, fully upgraded 14 units with high-end upgrades and brand-new plumbing, brand new landscaping, new exterior paint, updated gate, new high-end Butterfly entry system (intercom + camera for package delivery), new mailboxes, new hand railing system, new irrigation system and other significant improvements. With the major capital improvements completed, this offering provides plug-and-play easy to manage apartment in an amazing location. The property was built in 1951 with a center courtyard layout and spacious units. It has a large living space of ±17,570 SF (per assessor) and sits on a large ±19,986 HIGH Density R4/RM-48 lot. Due to its high-density zoning, by law the lot can support up to 22 units before any bonus density which translates to prospective junior ADU in the future. It offers a good unit mix of eighteen (18) large 1bedroom+1bathroom, and three (3) spacious studio units. Fourteen out of 21 units have been fully upgraded. Fourteen units were upgraded high end finishes such as: brand new plumbing in the unit, wide plank flooring, smooth ceiling, recessed lighting, brand new kitchen with quartz countertops and modern cabinetry, stainless steel appliances, brand new bathroom with glass sliding doors, stacked-up laundry machine, and mini-split A/C system. Each unit has an individual water heater and separately metered for electricity and gas. There is an in-place RUBS system for new leases. Parking is provided via a combination of tuck-under parking and a detached carport. There is a total of 21 spaces providing 1 parking per unit. There is an additional shared laundry room for the community, and a storage room for the owner.

Property Details for 239 South Madison Avenue

Architectural Style
Mid Century Modern
View
None
Parking Spaces Total
20
Private Pool
No
Cooling Type
Wall/Window
Total Units
21.0
Building Type
Attached
Lot Size Source
Assessor
LISTING UPDATED: 10/11/2024 07:42 AM

Property Details for 239 South Madison Avenue

StatusActive
MLS #AR24143469
Days on Market109
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1951
CountyLos Angeles County

Building

239 S Madison Ave

21 UnitsBuilt in 1951

Building Information for 239 South Madison Avenue

Building/Complex239 S Madison AveFloor-Stories-Residences21Pet Policy-Year Built1951Building Size-

Property Information for 239 South Madison Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $373,388
  • Gross Scheduled Income: $556,073
  • Vacancy Allowance: 11121
  • Vacancy Allowance Rate: 2
  • Gross Operating Income: $544,952
  • Net Operating Income: $395,759
  • Gross Multiplier: 16.72
  • Cap Rate: 4.26
  • Current Financing: Conventional
Expense Details
  • Operating Expense: $149,192
  • Operating Expense Percent: 27.00%
  • New Taxes Expense: $103,017
  • Gardener Expense: $2,750
  • Fuel Expense: $1,500
  • Electric Expense: $1,500
  • Insurance Expense: $11,000
  • Maintenance Expense: $3,300
  • Professional Management Expense: $0
  • Trash Expense: $5,909
  • Water Sewer Expense: $3,500
  • Total Expenses: $149,192
Tax / Assessment Info
  • Tax Tract Number: 0
  • Tax Census Tract: 4636.01
  • CFD/Mello-Roos Fee: $4,787
  • Tax Lot: 23
Community / Development
Community / Development
  • Accessibility Features: None
  • Disability Access: None
  • Assessments YN: Yes
  • Assessments: Buyer to Verify
  • Community Features: Valley
Property / Structure Info
Interior Features
  • Appliances: Dishwasher, Gas Range, Range Hood, Refrigerator
  • Equipment: Community, Dishwasher, Dryer, Dryer Included, Gas Dryer Hookup, Laundry Area, Refrigerator, Washer, Washer Hookup, Washer Included
  • Laundry: Yes
  • Laundry Features: Common Area, Community, Dryer Included, Gas Dryer Hookup, Washer Hookup, Washer Included
  • Laundry Equipment Own Lease: Lease
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
  • Flooring: Laminate, Wood
  • Virtual Tour URL Branded: http://growthinvestmentgroup.com/listingdetail.aspx?pid=10455
Exterior Features
  • Roof: Asbestos Shingle
  • Entry Location: 1
  • View Description: None
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: Level with Street, Lot 10000-19999 Sqft, Rectangular Lot, Near Public Transit, Park Nearby
  • Direction Faces: East
  • Number Of Units: 21
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
  • Electric: Standard
  • Water Source: Public
Parking Info
  • Garage Spaces: 0
  • Parking: Yes
  • Parking Garage: Assigned, Carport
  • Uncovered Spaces: 0
  • Open Other Spaces Total: 0
  • Parking Garage Spaces: 0
  • Carport Spaces: 20
  • Parking Features: Assigned, Carport, Attached Carport, Detached Carport
Unit Information
Unit 1
  • Unit Type Units Total: 18
  • Unit Type Beds Total: 1
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 18
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,223
  • Unit Type Total Rent: $40,018
  • Unit Type Pro Forma: 46800
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 3
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,850
  • Unit Type Total Rent: $5,549
  • Unit Type Pro Forma: 6750
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 21
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 22
  • Number Of Separate Gas Meters: 22
  • Number Of Separate Water Meters: 1
  • Number With Dishwasher: 21
  • Number With Range: 21
  • Number With Refrigerator: 21
  • Number With Disposal: 21
  • Number Wall AC: 21

Property History for 239 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 239 South Madison Avenue

Taxable ValueLand$5,093,798Additions$2,175,476Total$7,269,274
Tax Record2024$84,420 ($7,035 / month)
Home Facts
Total Finished SqFt17,570 SqFtAbove Grade Finished SqFt17,570 SqFtLot Size19,986 SqFtStyleMulti-Family Res (5+ Units)Year Built1951ZoningPSR4CountyLOS ANGELESAPN5734-010-003

Schools near 239 South Madison Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
McKinley School
Public - K to 8
Blair High School
Public - 6 to 12
Rose City High (Continuation) School
Public - 9 to 12
Marshall Fundamental School
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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More information about 239 South Madison Avenue, Pasadena, CA 91101

239 South Madison Avenue is a multi-family home for sale in Pasadena, CA 91101. This property was listed for sale on July 12, 2024 by Growth Investment Group Pasade, it's currently listed at $9,300,000. It has been on the market for a total of 109 days and was last sold on November 24, 2020. This listing's school district is Pasadena Unified School District. Nearby schools include McKinley School, Blair High School and Rose City High (Continuation) School. 239 South Madison Avenue is a 1-bed, 21-bath, 17,570 sqft multi-family home built in 1951.

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 Growth Investment Group Pasade, Han Chen, DRE #01749321

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.