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200 S Madison Ave 16 Unit Apartment Building $4,480,000 ($280,000/Unit) 4.62% Cap Rate Pasadena, CA 91101
Investment Highlights
- Premier Madison Heights Location
- Soft-Story Seismic Retrofit Completed
- Professionally Landscaped Grounds and Fifteen On-Site Parking Spaces
- Copper Plumbing Throughout, Newer Roofs and Dual-Pane Windows
- Attractive 12.75 Current GRM with Rental Upside Potential
- Minutes to South Lake Avenue, Erewhon, Pasadena Playhouse & Old Town Pasadena
Executive Summary
Realty Investment Advisors is pleased to present 200 South Madison Avenue, a rare opportunity to acquire a pride-of-ownership 16-unit multifamily asset in the highly coveted Madison Heights neighborhood of Pasadena. The property combines an irreplaceable location, strong in-place cash flow, and meaningful rental upside, making it an exceptional long-term investment opportunity.
The property consists of sixteen well-designed units, including one two-bedroom/one-bathroom unit, eight one-bedroom/one-bathroom units, and seven studio units, providing a diverse unit mix that appeals to a broad tenant base. Current ownership has completed numerous capital improvements, including the mandatory soft-story seismic retrofit, copper plumbing upgrades, newer roofing, fresh exterior paint, and interior unit renovations. The property is separately metered for gas and electricity and offers fifteen on-site parking spaces.
Situated on a prominent 12,774-square-foot corner lot, 200 South Madison Avenue enjoys one of the most desirable residential locations in Pasadena. Residents benefit from immediate access to South Lake Avenue's premier dining and shopping destinations, Erewhon Market, the Pasadena Playhouse District, and Old Town Pasadena. The property's tree-lined setting, walkable neighborhood amenities, and proximity to major employment centers continue to drive strong tenant demand.
Additional amenities include professionally landscaped grounds and a well-maintained on-site laundry facility, providing residents with added convenience while generating supplemental income for ownership.
Currently operating at approximately a 12.75 GRM, the property offers investors the opportunity to capture significant future rent growth through the repositioning of below-market leases while benefiting from Pasadena's historically strong rental market fundamentals. Opportunities to acquire quality assets on Madison Avenue are exceedingly rare, particularly in a neighborhood where properties are often held for generations.
200 South Madison Avenue represents a unique opportunity to acquire a turnkey multifamily investment in one of Southern California's most prestigious and supply-constrained submarkets.
PLEASE DO NOT DISTURB TENANTS. DRIVE-BY ONLY.
The property consists of sixteen well-designed units, including one two-bedroom/one-bathroom unit, eight one-bedroom/one-bathroom units, and seven studio units, providing a diverse unit mix that appeals to a broad tenant base. Current ownership has completed numerous capital improvements, including the mandatory soft-story seismic retrofit, copper plumbing upgrades, newer roofing, fresh exterior paint, and interior unit renovations. The property is separately metered for gas and electricity and offers fifteen on-site parking spaces.
Situated on a prominent 12,774-square-foot corner lot, 200 South Madison Avenue enjoys one of the most desirable residential locations in Pasadena. Residents benefit from immediate access to South Lake Avenue's premier dining and shopping destinations, Erewhon Market, the Pasadena Playhouse District, and Old Town Pasadena. The property's tree-lined setting, walkable neighborhood amenities, and proximity to major employment centers continue to drive strong tenant demand.
Additional amenities include professionally landscaped grounds and a well-maintained on-site laundry facility, providing residents with added convenience while generating supplemental income for ownership.
Currently operating at approximately a 12.75 GRM, the property offers investors the opportunity to capture significant future rent growth through the repositioning of below-market leases while benefiting from Pasadena's historically strong rental market fundamentals. Opportunities to acquire quality assets on Madison Avenue are exceedingly rare, particularly in a neighborhood where properties are often held for generations.
200 South Madison Avenue represents a unique opportunity to acquire a turnkey multifamily investment in one of Southern California's most prestigious and supply-constrained submarkets.
PLEASE DO NOT DISTURB TENANTS. DRIVE-BY ONLY.
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$351,283
|
$21.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,538
|
$0.64
|
| Effective Gross Income |
$340,745
|
$20.84
|
| Taxes |
$53,760
|
$3.29
|
| Operating Expenses |
$80,171
|
$4.90
|
| Total Expenses |
$133,931
|
$8.19
|
| Net Operating Income |
$206,814
|
$12.65
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $351,283 |
| Annual Per SF | $21.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $10,538 |
| Annual Per SF | $0.64 |
| Effective Gross Income | |
|---|---|
| Annual | $340,745 |
| Annual Per SF | $20.84 |
| Taxes | |
|---|---|
| Annual | $53,760 |
| Annual Per SF | $3.29 |
| Operating Expenses | |
|---|---|
| Annual | $80,171 |
| Annual Per SF | $4.90 |
| Total Expenses | |
|---|---|
| Annual | $133,931 |
| Annual Per SF | $8.19 |
| Net Operating Income | |
|---|---|
| Annual | $206,814 |
| Annual Per SF | $12.65 |
Property Facts
| Price | $4,480,000 | Apartment Style | Low-Rise |
| Price Per Unit | $280,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 4.62% | Building Size | 11,212 SF |
| Gross Rent Multiplier | 12.75 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1954 |
| Property Subtype | Apartment | Parking Ratio | 1.34/1,000 SF |
| Zoning | R3, Pasadena - Multiple Dwelling | ||
| Price | $4,480,000 |
| Price Per Unit | $280,000 |
| Sale Type | Investment |
| Cap Rate | 4.62% |
| Gross Rent Multiplier | 12.75 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 11,212 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1954 |
| Parking Ratio | 1.34/1,000 SF |
| Zoning | R3, Pasadena - Multiple Dwelling |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $2,486 | 850 - 950 |
| 1+1 | 8 | $1,806 | 650 - 700 |
| Studios | 7 | $1,697 | 500 - 650 |
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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 | 5734-015-024 | Total Assessment | $2,030,095 (2025) |
| Land Assessment | $552,800 (2025) | Annual Taxes | $53,760 ($4.79/SF) |
| Improvements Assessment | $1,477,295 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
5734-015-024
Land Assessment
$552,800 (2025)
Improvements Assessment
$1,477,295 (2025)
Total Assessment
$2,030,095 (2025)
Annual Taxes
$53,760 ($4.79/SF)
Tax Year
2026
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