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281 S Madison Ave Pasadena, CA 91101

$7,900,000 Sold Price as of 04/17/2023

32 Beds
29 Baths
23,768 Sq.Ft.

Sold

$7,900,000 Sold Price as of 04/17/2023 Refinance Your Mortgage

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Map preview of 281 S Madison Ave, Pasadena, CA 91101

Property Overview: 281 S Madison Ave Pasadena, CA has 32 bedrooms, 29 bathrooms, 23,768 living square feet and 13,988 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: Originally built by the current ownership group, 281 S Madison resides near one of the highest disposable income zip codes in the country. Walking distance to the Cal Tech, PCC, Lake Ave, and Colorado Blvd districts, this multifamily investment opportunity boasts 21 large one and two-bedroom units with amenities like underground parking and a pool. Tremendous upside, with rents far below market averages across the board. Potential to be a crown (core) component of any portfolio.

Listed by Mauricio Nunez | BRE #01760019 | Deodate Corporation

Last checked: 15 minutes ago | Last updated: June 5th, 2023 | Source CRMLS | DOM: 84

Home details

Lot Sq. Ft: 13,988
HOA Dues: $0/mo
Year built: 1962
Garage: 25 Car
Property Type:: Mixed Use

Status: Sold
MLS#: DW22254531
City: Pasadena
County: Los Angeles
Time on Site: 509 days

Multi-Family Unit Breakdown

Unit Mix Summary

Total # of Units: 21
Total # of Buildings: 1
# of Electric Meters: 2
# of Gas Meters: 25
# of Water Meters: 1

Unit Breakdown 1

# of Units: 10
# of Beds: 1
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Total Rent: $0
Pro Forma/Market Rent: $2,000

Unit Breakdown 2

# of Units: 3
# of Beds: 2
# of Baths: 1
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Total Rent: $0
Pro Forma/Market Rent: $2,400

Unit Breakdown 3

# of Units: 8
# of Beds: 2
# of Baths: 2
Garage Spaces: 1
Garaged Attached? No
Furnishing: Unfurnished
Total Rent: $0
Pro Forma/Market Rent: $2,750

Multi-Family Income/Expense Information

Property Income and Analysis

Gross Rent Multiplier: --
Gross Scheduled Income: $585,600
Net Operating Income: $516,221
Gross Operating Income: $573,888

Annual Expense Breakdown

Total Operating Expense: $57,666
Electric: $12,312
Gas/Fuel: $0
Trash: $12,312
Insurance: $10,000
Professional Management: $0
Water/Sewer: $8,000

Property Details for 281 S Madison Ave

Interior Features

Laundry Information

Has Laundry
Common Area

Exterior Features

No Pool
Pool Features: Community

Lot Details / Garage and Parking

Parking/Garage Information

# of Garage Spaces: 25
# of Parking Spaces: 279
Has Parking
Parking Features: Assigned

Lot Information

Lot Features: 21-25 Units/Acre, Lot 10000-19999 Sqft, Rectangular Lot
Lot Size Source: Assessor
Common Interest: None

Property Information

Common Walls: No Common Walls
Total # of Units: 21
Parcel Number: 5734010006
Year Built Source: Public Records
Property is not Attached

Homeowners Association, Utilities, Taxes / Assessments

Homeowners Association

Association Amenities: Pool

Utilities Information

Sewer: Public Sewer
Water Source: Public

Location / Neighborhood

Location Information

Directions: South of E Colorado Blvd>North of E Del Mar Blvd>West Side of Madison Ave

Neighborhood Information

Community Features: Curbs, Foothills, Sidewalks, Street Lights, Suburban

View more facts & features

Local Pasadena Agent

Sale History for 281 S Madison Ave

Last sold for $7,900,000 on April 17th, 2023

April, 2023
Apr 17, 2023

Date

Sold

CRMLS: DW22254531

$7,900,000

Price
Dec 12, 2022

Date

Active

CRMLS: DW22254531

$10,000,000

Price
July, 2005
Jul 27, 2005

Date

Sold (Public Records)

Public Records

--

Price

Tax History for 281 S Madison Ave

Assessed Value (2020): $842,005

Year	Land Value	Improved Value	Assessed Value
2020	$79,782	$762,223	$842,005

Home Value Compared to the Market

This property vs the competition

281 S Madison Ave sold on April 17, 2023 for 588% higher than the current median sold price for the city of Pasadena which is $1,250,000. The median sold price per/sqft for Pasadena is $763 and this home is sold at $361.83 per/sqft which puts the price per square foot 52.58% lower than the current median sale per square foot for the city of Pasadena.

About 281 S Madison Ave

Detailed summary of property

281 S Madison Ave is a mixed use that recently sold in Pasadena, CA 91101. This mixed use property offered 32 bedrooms, 29 bathrooms, roughly 23,768 living square feet, and sits on an approximately 13,988 square foot lot. 281 S Madison Ave was first listed on ArdentRealEstateGroup.com on December 12, 2022. The homeowner sold the property for $7,900,000. Home in Pasadena are selling for a median price of $1,250,000 and a median price per square foot of $763. Based on Ardent Real Estate Group's Pasadena Market Data, this home is sold 588% higher than the current median priced home. While the average home in Pasadena, CA is selling in 57 days, 281 S Madison Ave has a days on market of 84 days. There are currently 261 homes for sale in the Pasadena real estate market and 154 of them are single family homes while 82 of them are condos and 25 are townhomes. For more information on this home for sale at 281 S Madison Ave Pasadena, CA 91101 contact Ardent Real Estate Group and we will put you in touch with one of our Pasadena agents.

Public Facts for 281 S Madison Ave

Public county record property details

Beds: --
Baths: --
Year built: 1962
Sq. Ft.: 23,768
Lot Size: 13,987
Stories: --

Type: Apartment House (5+ Units)
Pool: Yes
Spa: No
County: Los Angeles
Lot#: 25
APN: 5734-010-006

The source for these homes facts are from public records.

91101 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends

Median List Price

$719,000

Median List Price/Sq.Ft.

$704

Median Sold Price

$846,000

Median Sold Price/Sq.Ft.

$725

Total Inventory

Median Sale to List Price %

110.59%

Avg Days on Market

Loan Type

Conventional (42.86%), FHA (0%), VA (0%), Cash (21.43%), Other (28.57%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.