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Madison Luxury Apartments 215 S Madison Ave 34 Unit Apartment Building $15,988,105 CAD ($470,238 CAD/Unit) 5.60% Cap Rate Pasadena, CA 91101
Investment Highlights
- Trophy Asset in a Premier Pasadena Location Near Playhouse Village, Madison Heights, Old Pasadena, and The Shops on Lake Avenue
- Excellent Unit Mix Consisting of Large 1-Bedroom 1-Bath & 2-Bedroom 2-Bath Units
- New Roof (2020), Copper Re-Pipe (2018), All Balconies and Decks Have Been Reinforced
- Meticulously Maintained and Professionally Managed Throughout Ownership
- 5.6% Cap on Current, 7.4% With Market Rents
Executive Summary
Madison Luxury Apartments presents a rare opportunity to acquire a meticulously maintained 34-unit apartment community in the heart of Pasadena, ideally positioned between the highly desirable Madison Heights and Playhouse Village neighborhoods. Offered for sale for the first time since its original construction, this trophy asset features an attractive mix of spacious one-bedroom/one-bathroom and two-bedroom/two-bathroom residences with private balconies or patios, semi-subterranean parking, and a rooftop recreation area showcasing panoramic views of Old Pasadena and the San Gabriel Mountains.
The property has benefited from significant capital improvements, including a new roof (2020), all-new copper plumbing (2018), a complete low-voltage electrical rewire, remodeled elevator, security camera system, and the installation of 17 electric vehicle charging stations. Residents also enjoy access to a shared laundry facility and a location that offers an exceptional blend of convenience, lifestyle, and connectivity.
Situated just minutes from Old Pasadena and the Shops on Lake Avenue, Madison Apartments places residents within walking distance of some of Pasadena’s premier dining, shopping, entertainment, and cultural destinations. The surrounding neighborhood is characterized by tree-lined streets, historic architecture, top-rated schools, nearby parks, and convenient access to major employment centers and public transportation, supporting strong demand from a diverse and stable tenant base.
From an investment perspective, Madison Luxury Apartments offers both immediate income and long-term upside. The property currently generates strong in-place cash flow at a 5.6% cap rate, 7.4% with market rents, representing approximately 25% upside in rental income. Combining a premier Pasadena location, extensive recent upgrades, proven tenant appeal, and meaningful potential, the property represents an exceptional multifamily investment opportunity in one of Southern California’s most sought-after rental markets.
The property has benefited from significant capital improvements, including a new roof (2020), all-new copper plumbing (2018), a complete low-voltage electrical rewire, remodeled elevator, security camera system, and the installation of 17 electric vehicle charging stations. Residents also enjoy access to a shared laundry facility and a location that offers an exceptional blend of convenience, lifestyle, and connectivity.
Situated just minutes from Old Pasadena and the Shops on Lake Avenue, Madison Apartments places residents within walking distance of some of Pasadena’s premier dining, shopping, entertainment, and cultural destinations. The surrounding neighborhood is characterized by tree-lined streets, historic architecture, top-rated schools, nearby parks, and convenient access to major employment centers and public transportation, supporting strong demand from a diverse and stable tenant base.
From an investment perspective, Madison Luxury Apartments offers both immediate income and long-term upside. The property currently generates strong in-place cash flow at a 5.6% cap rate, 7.4% with market rents, representing approximately 25% upside in rental income. Combining a premier Pasadena location, extensive recent upgrades, proven tenant appeal, and meaningful potential, the property represents an exceptional multifamily investment opportunity in one of Southern California’s most sought-after rental markets.
Property Facts
| Price | $15,988,105 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $470,238 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.44 AC |
| Cap Rate | 5.60% | Building Size | 34,815 SF |
| Gross Rent Multiplier | 11.92 | No. Stories | 3 |
| No. Units | 34 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.44/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | PSR4 - Multiple Family Residential | ||
| Price | $15,988,105 CAD |
| Price Per Unit | $470,238 CAD |
| Sale Type | Investment |
| Cap Rate | 5.60% |
| Gross Rent Multiplier | 11.92 |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.44 AC |
| Building Size | 34,815 SF |
| No. Stories | 3 |
| Year Built | 1972 |
| Parking Ratio | 1.44/1,000 SF |
| Zoning | PSR4 - Multiple Family Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 27 | $3,088 CAD | 800 |
| 2+2 | 7 | $4,188 CAD | 1,250 - 1,350 |
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Very walkable
80/100
Very drivable
80/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5734-010-001 | Improvements Assessment | $3,161,200 CAD |
| Land Assessment | $1,476,250 CAD | Total Assessment | $4,637,450 CAD |
Property Taxes
Parcel Number
5734-010-001
Land Assessment
$1,476,250 CAD
Improvements Assessment
$3,161,200 CAD
Total Assessment
$4,637,450 CAD
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Madison Luxury Apartments | 215 S Madison Ave
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