INVESTMENT HIGHLIGHTS
- Class A Location in Madison Heights area, south of Colorado Blvd and right off California Blvd
- Extremely rare VALUE-ADD deal with 28% Vacancy in a Class A Location
- Over 5% CAP Rate in a CLASS A Location (Proforma w/ market rate for the vacancy)!
- First Time for Sale since 1993
- True value-add apartment building several blocks from Old Town Pasadena and Lake Ave Retail area.
- Excellent demographics with ±$137,801 average household income in a one-mile radius
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Large Lot size ±11,411 SF (RM-32 zoned)
- Prime location in Madison Heights area – crossing California Blvd and few blocks south of Old Town Pasadena
- Efficient unit mix of mostly 1 bedroom
- Two buildings, a fourplex and a triplex
- Two out of seven units are vacant (28% vacancy) and will be delivered vacant.
- Shared laundry room, individually metered for electricity and gas
EXECUTIVE SUMMARY
Growth Investment Group California, as the exclusive listing agents, are proud to offer 442-454 S Madison Ave, a Madison Heights area multifamily investment opportunity. It is a 7-unit garden style apartment located in one many would consider the best area of the highly desirable City of Pasadena, CA. With 28% VACANCY and over 5% CAP Rate (vacant units marked to market), this offering provides an extremely rare opportunity for investors to acquire a true value add building in a Class A Location. This is the first time this property has been offered for sale by itself since 1993 (±31years!). This 28% Vacancy provides new owners with IMMENSE CONTROL of the property operations, rehab program, and rental rates without having to deal with costly & time-consuming tenant relocation, and thus initially bypassing the Pasadena Rent Control on the 28% of the units. This is the first time this property has been offered for sale since 1993.
The property consists of 2 buildings, a fourplex which was built in 1925, and a triplex in the back which may have newer year built. It offers a ±3,833 SF building size and is situated on a large ±11,411 SF lot size – it has medium density zoning of RM-32. It has a good curb appeal with lush landscaping in the front. It offers an efficient unit mix with six (6) x 1bedroom+1bathroom, and 1 x Studio units. Two of the 1bedroom units are vacant, non-upgraded, and will be delivered as-is ready to be upgraded by new owner. Each unit is individually metered for electricity and gas, and the property has a shared laundry room (seller’s own machines). Parking is provided by 3 car garages, 2 carport spaces, and 2 open spaces.
LOCATION AMENITIES AND ACCESS
The property is located south of Del Mar Blvd and north of California Blvd. Just several blocks south of Old Town Pasadena, a few blocks west of Lake Ave Retail area, and in the Madison Heights area, this location offers tenants superb amenities and myriad of shopping in Pasadena. It is within minutes from Rose Bowl area, The Paseo on Colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in Pasadena. It has an excellent demographics of $140,786 average household income within a 2-mile radius. The property has superb access to FWY 210 and FWY 134 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway. It is minutes away from FWY 110 that connects to Downtown Los Angeles.