3-u Upgraded near Old Pasadena, Large Lot 536 N Madison Ave 5 Unit Apartment Building $1,330,000 ($266,000/Unit) 4.11% Cap Rate Pasadena, CA 91101

3 upgraded units – Two-story Bungalow several blocks north of Old Town Pasadena, Large ±13k SF Lot, Prime Upside for ADUs, Easy to Rent and Manage.
Growth Investment Group California is proud to offer 536 N Madison Ave, a two-story bungalow triplex 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 single family houses. This property is being sold together with 5 adjacent buildings to its north and south that are own by same seller – can be purchased together or individually (514 N Madison, 526 N Madison, 542 N Madison, 562 N Madison, and 570 N Madison).
The property is a large two-story bungalow style apartment that houses 3 separate units. It has excellent curb appeal with large front yard and expansive backyard which provides plenty of parking, and common area for the tenants. The unit mix is one (1) x 2bedroom+1bathroom, one (1) 1bedroom+1bathroom, and one (1) Studio unit, which makes it very easy to rent and manage. The property was built in 1923, has a total of ±2,448 SF building size (Average unit size is 816SF/unit) and is situated on a large ±13,203 SF lot (RM-16 zone). Each unit has been upgraded with luxury wood floor, updated kitchen and bathroom (Buyer to verify).
Due to its expansive lot, the property has huge backyard with 9+ parking spaces. This spacious extra land provides prime opportunity to add ADUs (buyer to verify). Each unit is separately metered for electricity and gas.
LOCATION AMENITIES AND ACCESS
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. Near Pasadena’s historic City Hall, it sits just minutes from the California Institute of Technology, Pasadena Community College, and the 210 and 110 Freeways, offering ease of access to neighboring cities and entertainment destinations in the region. Historic Old Pasadena’s charming storefronts house 200 shops plus a wide array of restaurants and night spots. The Pasadena Convention Center, Pacific Asia Museum, the historic Tournament of Roses house, and the Norton Simon Museum are minutes away. The property has superb access to FWY 110 and FWY 210 and offers an easy commute to additional employment centers of downtown Los Angeles and adjacent cities of Burbank and Glendale via 134 Freeway.