239 Madison Ave Pasadena, CA 91101

This exceptional Class A, 21-unit apartment building in Pasadena, CA presents a compelling value-add opportunity. Boasting a prime location just a block south of the Playhouse District, it's within walking distance of Old Town Pasadena, South Lake Avenue, and the Pasadena Convention Center. The property, built in 1951 and extensively renovated in 2023, features 17,570 square feet of net rentable space situated on a large 19,986 square foot lot (R4/RM-48 zoning). Recent capital improvements include a new roof, parking soft-story retrofit, new landscaping, exterior paint, and a high-end Butterfly entry system. Fourteen of the twenty-one units have undergone high-end upgrades, including new plumbing, wide-plank flooring, modern kitchens with quartz countertops, and updated bathrooms. The unit mix includes eighteen one-bedroom units and three studios. The property enjoys 100% occupancy, generating a current NOI of $399,082 and a pro-forma NOI of $492,160, representing a 4.43% cap rate and a pro-forma cap rate of 5.47%. With twenty parking spaces and a convenient location offering easy freeway access (210, 134, and 110 freeways), this property is an ideal investment for those seeking strong returns in a desirable market. The average household income within a one-mile radius is approximately $125,887. The asking price is $9,000,000, or $428,571 per unit. The property is fee simple ownership and includes a RUBS program.