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 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.