$9,300,000 Price Analysis   ♡   Pasadena, CA 91101 18 bed 21 bath 17,570 SqFt ($529/SqFt) 0.46 acre lot. Built 1951 Listed 2024-07-12, Taxes $80,860 | Ⓧ USDA Ineligible due to price & location near Pasadena |
239 S Madison Ave
A beautifully upgraded multifamily investment opportunities located in one of the best locations in Pasadena. Strategically located 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 impressive location. The property was built in 1951 with a center courtyard layout and vast 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 fu ture. 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, brnd 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.
Presented by Han Chen at
Growth Investment Group Pasade.
Property MLS #AR24143469 from CRMLS
Appliances YN: Yes
Laundry Features: Common Area, Community, Dryer Included, Gas Dryer Hookup, Washer Hookup, Washer Included
Heating Features: Wall Furnace
Heating: Yes
Garage Spaces: 20
Parking Features: Parking YN: Yes, Parking Features: Assigned, Carport, Attached Carport, Detached Carport
Parking Total: 20
Lot Size Acres: 0.459
Lot Size Source: Assessor
Lot Size Square Feet: 19992
Bedrooms in Unit-1: 1
Total Bathrooms in Unit-1: 1
Total Bathrooms in Unit-2: 1
Unit-1 Garage Spaces: 18
Unit-2 Garage Spaces: 2
Gardener Expense: 3000.00
Maintenance Expense: 8474.00
Tenant Pays: Electricity, Gas
Vacancy Allowance: 11105
Rent Control: Yes
County: Los Angeles
Cap Rate: 4.02
Source Property Type: Residential Income
Insurance Expense: 11000.00
Area: 647 - Pasadena (SW)
Source Neighborhood: 647 - Pasadena (SW)
New Taxes Expense: 107800.00
Number of Separate Electric Meters: 22
Number of Separate Gas Meters: 22
Number of Separate Water Meters: 1
Parcel Number: 5734010003
Professional Management Expense: 16096.00
Trash Expense: 5909.00
Zoning: PSR4
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $2,091,000 + $4,896,000 $6,987,000 | $80,860 |
| 2021 | $2,050,000 + $4,800,000 $6,850,000 | $77,550 |
| 2020 | $488,460 + $170,309 $658,769 | $11,295 |
| 2019 | $478,883 + $166,970 $645,853 | $11,279 |
| 2018 | $469,494 + $163,697 $633,191 | $11,053 |
| 2017 | $460,289 + $160,488 $620,777 | $10,907 |
| 2016 | $451,264 + $157,342 $608,606 | $10,460 |
| 2015 | $444,486 + $154,979 $599,465 | $10,331 |
| 2014 | $435,780 + $151,944 $587,724 | $10,295 |
| 2013 | $433,811 + $151,258 $585,069 | $10,260 |
| 2012 | $425,305 + $148,293 $573,598 | $10,158 |
| 2010 | $416,966 + $145,386 $562,352 | $9,787 |
| 2009 | $414,834 + $144,643 $559,477 | $9,673 |
| 2009 | $413,850 + $144,300 $558,150 | $9,673 |
| 2008 | $406,700 + $141,807 $548,507 | $9,160 |
| 2007 | $398,726 + $139,027 $537,753 | $8,708 |
$9,300,000
CRMLS
Sold 2020-12-17
$6,800,000
Public Record
Listing removed 2014-02-20
$1,100
WestsideRentals
Listed for rent 2014-02-14
$1,100
WestsideRentals
Listing removed 2012-07-09
$1,100
ITECH
Listing removed 2012-03-23
$1,100
TheMLSCLAW
Listed for rent 2012-03-12
$1,100
TheMLSCLAW
Listed for rent 2012-01-17
$1,100
ITECH
Year Built: 1951
Building Features: 1
Common Walls: 2+ Common Walls
Direction Faces: East
Entry Level: 1
Entry Location: 1
Property Age: 73
Property Attached: Yes
Roof: Asbestos Shingle
Levels or Stories: Two
Building Total Stories: 2
Structure Type: Apartment
House Style: Mid Century Modern
Year Built Source: Assessor
Electric Expense: 1500.00
Sewer: Sewer: Public Sewer, Water Sewer Expense: 3500.00
Cable Connected
Electricity Connected
Natural Gas Connected
Phone Available
Sewer Connected
Water Connected
Water Source: Public
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.