570 N Madison Pasadena, CA 91101
0.29 Acres Lot
UPDATED:
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR26100175
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 1963
Lot Size 0.291 Acres
Property Sub-Type Apartment
Property Description
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.
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.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Interior
Interior Features Ceiling Fan(s)
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate, Vinyl, Wood
Fireplaces Type None
Fireplace No
Appliance Gas Range, Refrigerator
Laundry Common Area
Exterior
Parking Features Attached Carport, Assigned, Carport, Detached Carport
Carport Spaces 9
Fence Wrought Iron
Pool None
Community Features Suburban, Valley
Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
View Y/N No
View None
Roof Type Asphalt
Accessibility None
Total Parking Spaces 9
Private Pool No
Building
Lot Description Landscaped, Level, Near Public Transit, Rectangular Lot, Street Level
Faces West
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Architectural Style Mid-Century Modern
Level or Stories Two
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 5731006024
Energy Description 451.0
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
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