INVESTMENT HIGHLIGHTS
- Best Location in Pasadena, only a block south of Playhouse District, walk to Civic Center area, Old Town Pasadena, and South Lake Ave district!
- On a quiet and mature tree-lined residential area south of Cordova St and right off Del Mar Blvd; Less than a mile away from CALTECH (15 minutes’ walk)!
- Walking distance to Pasadena Convention Center, Pasadena Playhouse, Old Town Pasadena, and Lake Ave shopping including recently opened high-end Erewhon market on Lake Ave
- Excellent demographics with ±$125,887 average household income in a one-mile radius
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Great location south of Cordova st. and north of Del Mar Blvd. Walk Score 89, Bike Score 82.
- Upgraded Mid-Century Modern Garden style apartment community with an excellent curb appeal
- RUBS program already in-place, easy to rent and manage community with a very low vacancy history
- Many major capital improvements were completed: brand new roof, parking soft story retrofit completed, ±66% of the units have been completely upgraded, new driveway asphalt, new landscaping, new exterior paint, updated gate and new high-end Butterfly entry system (intercom + camera for package delivery), new mailboxes, new hand railing, etc.
- Large Lot size ±19,986 SF R4/RM-48 zoned lot; Buildable up to 22 units – ADU Upside
- Attractive unit mix with eighteen (18) large and spacious 1bedroom
- Sixteen (16) out of 21 units have been completely upgraded with high-end upgrades: 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
- Shared laundry room for non-upgraded unit, individually metered for electricity and gas. Individual water heater in each unit.
EXECUTIVE SUMMARY
Growth Investment Group California as the exclusive listing agents are proud to offer 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, 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 16 units, brand new landscaping, new exterior paint, updated gate, new high-end Butterfly entry system (intercom + camera for package delivery), new mailboxes, 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.
LOCATION AMENITIES AND ACCESS
The property is located south of Cordova St and north of Del Mar Blvd, in a mature and quiet residential area. Just a block from Pasadena Playhouse district, several blocks south of Old Town Pasadena, a few blocks west of Lake Ave Retail area, this location offers tenants superb amenities and myriads of shopping in Pasadena. It is within walking distance to Pasadena Convention Center, Pasadena Playhouse, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographic of $125,887 average household income within a 1-mile radius. The property has superb access to FWY 210 and FWY 134 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connects to Downtown Los Angeles.