239 S Madison Avenue
Pasadena, CA, 91101
$9,300,000
Beds
0 Baths
SqFt
0.46 Acres
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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

Price:
$9,300,000
MLS #:
AR24143469
Status:
Active
Baths:
0
Address:
239 S Madison Avenue
Type:
Residential Income
Subtype:
Apartment
Neighborhood:
647pasadenasw
City:
Pasadena
Listed Date:
Jul 12, 2024
State:
CA
ZIP:
91101
Lot Size:
19,992 sqft / 0.46 acres (approx)
Year Built:
1951
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Interior

Accessibility Features
None
Appliances
Dishwasher, Gas Range, Range Hood, Refrigerator
Cooling
Wall/ Window Unit(s)
Fireplace Features
None
Flooring
Laminate, Wood
Heating
Wall Furnace

Exterior

Community Features
Valley
Electric
Standard
Garage Spaces
0.00
Lot Features
Level with Street, Lot 10000-19999 Sqft, Rectangular Lot, Near Public Transit, Park Nearby
Parking Features
Assigned, Carport, Attached Carport, Detached Carport
Parking Spots
20.00
Pool Features
None
Roof
Asbestos Shingle
Sewer
Public Sewer
Spa Features
None
Stories Total
2
View
None
Water Source
Public

Financial

Association Fee
0.00
Tenant Pays
Electricity, Gas
Utilities
Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

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239 S Madison Avenue
Pasadena, CA