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$ 4,530,000
$ 4,480,000 1.1%
Est. payment | /mo
10 Beds
16 Baths
11,212 SqFt
$ 4,530,000
$ 4,480,000 1.1%
Est. payment | /mo
10 Beds
16 Baths
11,212 SqFt
Key Details
Sold Price $4,530,000
Property Type Single Family Home
Listing Status Sold
Purchase Type For Sale
Square Footage 11,212 sqft
Price per Sqft $404
MLS Listing ID 26857859
Bedrooms 10
Year Built 1954
Lot Size 0.293 Acres
Property Description
We are pleased to present 200 South Madison Avenue, a rare opportunity to acquire a pride-of-ownership 16-unit multifamily asset in the highly coveted Madison Heights neighborhood of Pasadena. The property combines an irreplaceable location, strong in-place cash flow, and meaningful rental upside, making it an exceptional long-term investment opportunity. The property consists of sixteen well-designed units, including one two-bedroom/one-bathroom unit, eight one-bedroom/one-bathroom units, and seven studio units, providing a diverse unit mix that appeals to a broad tenant base. Current ownership has completed numerous capital improvements, including the mandatory soft-story seismic retrofit, copper plumbing upgrades, newer roofing, fresh exterior paint, and interior unit renovations. The property is separately metered for gas and electricity and offers fifteen on-site parking spaces. Situated on a prominent 12,774-square-foot corner lot, 200 South Madison Avenue enjoys one of the most desirable residential locations in Pasadena. Residents benefit from immediate access to South Lake Avenue's premier dining and shopping destinations, Erewhon Market, the Pasadena Playhouse District, and Old Town Pasadena. The property's tree-lined setting, walkable neighborhood amenities, and proximity to major employment centers continue to drive strong tenant demand. Additional amenities include professionally landscaped grounds and a well-maintained on-site laundry facility, providing residents with added convenience while generating supplemental income for ownership. Currently operating at approximately a 12.75 GRM, the property offers investors the opportunity to capture significant future rent growth through the repositioning of below-market leases while benefiting from Pasadena's historically strong rental market fundamentals. Opportunities to acquire quality assets on Madison Avenue are exceedingly rare, particularly in a neighborhood where properties are often held for generations. 200 South Madison Avenue represents a unique opportunity to acquire a turnkey multifamily investment in one of Southern California's most prestigious and supply-constrained submarkets.
Location
State CA
County Los Angeles
Area 648 - Pasadena (Se)
Zoning PSR4
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Exterior
Parking Features Assigned, Carport
Building
Story 2
New Construction No
Others
Special Listing Condition Standard
Listed by Benjamin J. Hsiang Realty Investment Advisors, Inc. #01438644
Bought with KEVIN LUTZ Keller Williams Realty/Pasadena
Bought with KEVIN LUTZ Keller Williams Realty/Pasadena
NEARBY SCHOOL & BUSINESS