239 Madison AvePasadena, CA 91101

  • Residential income properties
  • 17,570 SF
For Sale
$9,000,000 View listing

Property Details for 239 Madison Ave

Year built
1951
Construction
WOOD
Lot size
0.46 AC
Property size (Sq ft)
17,570 SF
Zone code
PSR4
Property type
Residential income properties
Property subtype
Other apartment buildings
APN
5734-010-003
APU
5734010003

Description

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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $5,837,965
    6.5%
    $5,388,890
    7%
    $5,003,970
  • Comparable approach

    Method
    Valuation
    Relative Method
    $5,157,160
    Geo Method
    $5,178,722
  • Alternative Use

    Use
    Valuation
    Residential
    $5,388,890
    Hospitality
    $4,936,195
    Educational
    $4,106,856
    Medical
    $4,248,097
    Retail
    $6,388,443
239 Madison Ave, Pasadena, California

Location Insight

City
Pasadena
County
Los Angeles
State
California
Latitude
34.1416
Longitude
-118.139
CBSA code
31080
CBSA name
LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$84,420
$5,093,798
$2,175,476
$7,269,274
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