199 S Madison Ave Pasadena, CA 91101
Active
$3,650,000
12 Units
14 Beds
12 Baths
7,142 Area(sq.ft.)
12,790 Lot Size(sq.ft.)
| Type | # of Units | Bedroom | Bath | Furnished | Rent | Actual Rent | Projected Rent |
|---|---|---|---|---|---|---|---|
| Unit 1 | 2 | 2 | 1 | No | $ 1,587 | $ 3,175 | $ 4,800 |
| Unit 2 | 9 | 1 | 1 | No | $ 1,414 | $ 12,046 | $ 22,950 |
| Unit 3 | 1 | 1 | 1 | No | $ 2,095 | $ 2,095 | $ 2,295 |
| 3 | 12 | 14 | 12 | $ 17,995 | $ 116,859 | $ 218,445 |
| MLS #: | 24-464165 |
| Days On Market: | 8 |
| County: | Los Angeles |
| Property Type: | Residential Income |
| Price per ft2: | $ 511 |
| Price per unit: | $ 304,167 |
| Year Built: | 1955 |
Property Details
Excellent opportunity to acquire a well maintained 12 unit property located walking distance to South Lake and recently opened Erewhon market, Pasadena Playhouse and even Old Town. South Madison Ave is considered one of the most desired streets in all of Pasadena and this property is ONLY $304,000 PER UNIT! Situated on a corner lot approximately 12,755 S.F. in size and boasting a unit mix of two 2 Bed + 1 bath units and 10 1 Bed + 1 bath units, make this a fantastic rental investment. On-site carport parking, separate water heaters, laundry room, separate meters for gas/electricity and a pitched roof are some additional features. NO SOFT-STORY RETROFIT NEEDED! With below market rents, there is excellent rent growth potential for a long-term investor. Property is subject to local Pasadena rent control laws. Don't miss this chance to invest in such a prized location where few properties trade hands. PLEASE DO NOT DISTURB THE TENANTS.Interested in this Listing?
Miami Residence will connect you with an agent in a short time.
Income Details
| Rent Control: | Yes, 100% |
| Gross Operating Income: | $ 204,468 |
| Total Annual Expense: | $ 76,704 |
| Net Operating Income: | $ 127,764 |
| Gross Annual Income: | $ 210,792 |
| Cap Rate: | 3.5% |
| Gross Rent Multiplier: | 17.32 |
Structure
| Type of Units: | Apartments |
| Buildings: | 1 |
| Levels: | Two |
Land & Parking
| Zoning: | PSR4 |
| Parking Garage: | Carport Detached, Carport Attached |
| Covered Parking: | 10 |
| Total Parking: | 10 |
Interior
| AC/Cooling: | Wall Unit(s) |
| Equipment: | Range/Oven |
| Heating: | Wall |
| Laundry: | Community, Room |
| Laundry Equipment: | Lease |
Exterior
Detailed Map
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