3 HOUSES ON LARGE LOT, NEAR OLD PASADENA 542 N Madison Ave 3 Unit Apartment Building $1,700,000 ($566,667/Unit) 2.50% Cap Rate Pasadena, CA 91101

3 Houses on a large Lot - several blocks north of Old Town Pasadena, Large ±13k SF Lot, highly desirable layout, Easy to Rent and Manage.
Growth Investment Group California is proud to offer 542 N Madison Ave, a Three House on a lot 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, 536 N Madison, 562 N Madison, and 570 N Madison).
The property is extremely rare with highly desirable layout providing tenants with single family residential feel. The middle house (#542) is the largest one with 2bedroom+2bathroom, the front house (#548) is a 2bedroom+1bathroom, and the back house (#544) is 1bedroom+1bathroom. This offering is perfect for an owner user that can occupy any one of the 3 houses (currently tenant occupied – seller is selling it as-is with tenant in place).
The middle house is charming with original hardwood flooring, smooth ceiling, built-in cabinets, ceiling fans in bedroom and living room. The back house has been updated with modern flooring, new kitchen and stainless steel appliances, and new bathroom.
The property has 13,208 SF lot size providing plenty of open spaces and parking (est. 6 parking spaces or more). Because of this configuration, there is a clear and huge upside for new owners to add 2 or more ADUs (buyer to verify).
Parking is provided via 6 open space spread out on the lot. Each unit has individual water heaters and separately metered for electricity and gas. Each unit has its own laundry hookups.
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.