239 Madison ave, Pasadena, CA 91101

Active

$8,800,000

21 Units

1 Beds

2 Baths

n/a Area(sq.ft.)

Lot: 19,992 Lot Size(sq.ft.)

Type	# of Units	Bedroom	Bath	Furnished	Rent	Actual Rent	Projected Rent
Unit 1	18	1	1	No	$ 2,245	$ 40,403	$ 50,400
Unit 2	3	studio	1	No	$ 1,876	$ 5,629	$ 6,900
	21	18	21		$ 46,038	$ 744,141	$ 927,900

MLS #:	AR25053688MR
Days On Market:	270
Listing Date:	March 11, 2025
County:	Los Angeles
Property Type:	Residential Income
Price per unit:	$ 419,048
Year Built:	1951

Income Details / Structure / Land & Parking / Interior Features / Exterior Features

Property Details

One of the best locations in Pasadena (south of Cordova St and north of Del Mar Blvd); 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.

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Income Details

Rent Control:	Yes
Gross Operating Income:	$ 545,047
Total Annual Expense:	$ 152,195
Net Operating Income:	$ 392,852
Cap Rate:	4.46%
Gross Rent Multiplier:	15.66
Actual Gross Rent:	$ 46,031

Structure

Community Features:	Urban, Valley
Sewer:	Public Sewer
Water:	Public

Land & Parking

Zoning:	PSR4
Land Lease Type:	Fee
Parking Garage:	Assigned, Driveway
Total Parking:	20

Interior

Cooking Appliances:	Range
AC/Cooling:	Wall/Window Unit(s)
Equipment:	Community, Dryer, Dryer Included, Gas Dryer Hookup, Inside, Laundry Area, Washer, Washer Hookup, Washer Included
Heating:	Wall
Fireplace Rooms:	None
Laundry:	Community, Dryer, Dryer Included, Gas Dryer Hookup, Inside, Laundry Area, Washer, Washer Hookup, Washer Included
Laundry Equipment:	Lease