Beautifully Maintained 9-units Value-add Mid-Century-Modern apartment several blocks north of Old Town Pasadena. Excellent Unit Mix, Large 12,685 SF Lot, can do ±9 ADUs, Excellent going-in CAP Rate with High Proforma CAP Rate, Many CapEX recently completed!
INVESTMENT HIGHLIGHTS
- Prime value-add near Old Town Pasadena and Rose Bowl
- SUPERB demographics with ±$111,562 average household income within a 1-mile radius
- Quiet residential neighborhood with many high-priced bungalow houses
- In-place 5.70% CAP Rate with 7.78% Proforma CAP Rate, Cash Flow with 40%-45% Down Payment
- Walk Score 78, Bike Score 91
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Very well-maintained community with excellent curb appeal and many recent capital improvements
- Excellent mix unit with All 3bedroom and 2bedroom units
- Excellent location in a mature and quiet residential area, surrounded by single family houses and smaller 2-4 units residential properties
- Large building on a large lot (avg unit size ±802SF)
- All ground floor units have large private patio area
- 9 carport parking without any living space above; no soft story retrofit is required
- Possibility to add 9 ADUs (buyer to verify!)
- Recently repainted exterior, 3 units have been updated, resurfaced driveway
- Separately metered for electricity and gas, shared laundry room
EXECUTIVE SUMMARY
Growth Investment Group California is proud to offer 570 N Madison Ave, a very well-maintained 9-unit value-add apartment in the City of Pasadena. Situated only several blocks north of Old Town Pasadena, 2 blocks west of Los Robles Ave, and just within walking distance of many dining, shopping, and other attractions in Pasadena. It is situated on a quiet residential street surrounded by high-priced bungalows/single family houses. The investment offers a high 5.7% CAP Rate making this a very attractive investment on day 1.
The property is a garden style walk-up 2 story apartment with excellent curb appeal. It has undergone various capital improvements which includes new exterior paints, new reasphalt driveway, and others. It offers superb unit mix with two (2) x 3bed+1bath and seven (7) x 2bed+1bath units, making it an easy unit mix to rent out. The property was built in 1963, has a total of ±7,222 SF building size and is situated on a large ±12,685 SF lot. Based on the building size, each unit averages about 802SF/unit (buyer to verify). Each unit is unique with distinct Mid-Century-Modern architectural layout with open floor settings, floor to ceiling windows, and many more attractive design features.
All the ground floor units have private patio (buyer to verify). Approximately 3 units have been updated with luxury wood flooring, updated kitchen (quartz countertops, new kitchen cabinet), and updated bathroom complete with tiled bathroom wall and glass shower door. There is a large and spacious common area deck above the middle carport for tenants common area. Recent study shows that a sophisticated buyer may be able to add NINE (9) ADUs in the back area (buyer to verify!).
Parking is provided via 9 carports (3 on the side and 6 in the back). There is no living space above carports which means the property does not need any soft story retrofit. Each unit is separately metered for electricity and gas. The property has a shared laundry room.
LOCATION AMENITIES AND ACCESS
The property is in the highly desirable area of Pasadena just several blocks north of Old Town Pasadena. It is situated on a quiet tree-lined street and within minutes from the Gold Line and numerous additional shopping and dining options on Colorado Boulevard and Lake Avenue. Near Pasadena’s historic City Hall, it sits just minutes from the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region. Historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center, Pacific Asia Museum, the historic Tournament of Roses house, and the Norton Simon Museum are minutes away. The property has superb access to FWY 110 and FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.