Active

239 S Madison Avenue

Pasadena CA, 91101

$9,300,000


$529.31 per sqft

Active

17,570 sqft

Condos

Built in 1951

Listed by Han Chen with Growth Investment Group Pasade 626-224-2495

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.

AR24143469

MLS ID

July 12, 2024

Listed

December 5, 2024

Updated

Map

239 S Madison Avenue
Pasadena CA, 91101

Interior Features

Total Stories

2


Appliances

Dishwasher, Gas Range, Refrigerator, Range Hood, Dryer, Washer


Laundry Description

Common Area, Washer Hookup, Gas Dryer Hookup


Floor Description

Laminate, Wood


Fireplace

No


Fireplace Description

None


Cooling

Yes


Cooling Description

Wall/Window Unit(s)


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.46 Acres


Lot Features

Near Park, Near Public Transit, Rectangular Lot, Street Level


Architectual Style

Mid-Century Modern


Roof

Asbestos Shingle


Sewer

Public Sewer

Other Property Details

Area Name

647 - Pasadena (SW)


Days on Market

145


Garage

No


Parking

Attached Carport, Assigned, Carport, Detached Carport


Parking Total

20


View

No


View Description

None


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

None


Zoning

PSR4

Listing Contact: 626-594-4900 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 12/5/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 12/5/2024 at 4:55 AM UTC

 

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