NOT LISTED FOR SALE

281 S Madison Ave Pasadena, CA 91101

Playhouse Village Neighborhood
5 Beds
4 Baths
23,768 Sq Ft
0.32 Acres

Last Sold April 17, 2023

Last sale price $7,900,000 $332 Per Sq Ft

84 Days on Market

Highlights

  • Community Pool
  • Foothills
  • Rectangular Lot
  • Laundry Room
  • East Facing Home

About This Home

As of April 2023

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.

Last Agent to Sell the Property

Mauricio Nunez

Deodate Corporation License #01760019 Listed on: 12/12/2022

Last Buyer's Agent

Syed Razvi

RED LETTER REALTY License #01873533

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1962

Lot Details

  • 0.32 Acre Lot
  • No Common Walls
  • East Facing Home
  • Rectangular Lot
  • Density is 21-25 Units/Acre

Parking

  • 25 Car Garage
  • 254 Carport Spaces
  • Parking Available
  • Assigned Parking

Home Design

  • 23,768 Sq Ft Home

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 4 Bathrooms

Additional Features

  • Laundry Room
  • Exterior Lighting
  • Suburban Location

Listing and Financial Details

  • Tax Lot 25
  • Tax Tract Number 7500
  • Assessor Parcel Number 5734010006

Community Details

Overview

  • 21 Units
  • Foothills

Amenities

  • Laundry Facilities

Recreation

  • Community Pool

Building Details

  • Rent Control
  • 2 Separate Electric Meters
  • 25 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $12,312
  • Insurance Expense $10,000
  • Trash Expense $12,312
  • Water Sewer Expense $8,000
  • Operating Expense $57,665
  • Gross Income $516,221
  • Net Operating Income $516,221

Property Details

Home Type

Multi-Family

Year Built

Built in 1962

Lot Details

0

Parking

25

Listing Details

  • Property Attached: No
  • Water Sewer Expenses: 8000.00
  • Zoning: PSR4
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Parcel Number: 5734010006
  • Year Built: 1962
  • Special Features: None

Interior Features

  • Common Walls: No Common Walls
  • Price Per Square Foot: 332.38

Exterior Features

  • Direction Faces: East
  • Pool Features: Community
  • Pool Private: No

Garage/Parking

  • Carport Spaces: 254.00
  • Garage Spaces: 25.00
  • Parking: Yes
  • Parking Features: Assigned
  • Total Parking Spaces: 279.00

Utilities

  • Laundry: Yes
  • Laundry Features: Common Area
  • Sewer: Public Sewer
  • Trash Expense: 12312.00
  • Water Source: Public

Condo/Co-op/Association

  • Amenities: Pool
  • Senior Community: No
  • Community Features: Curbs, Foothills, Sidewalks, Street Lights, Suburban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 21-25 Units/Acre, Lot 10000-19999 Sqft, Rectangular Lot
  • Lot Size Sq Ft: 13988.00
  • Lot Size Acres: 0.3211

Multi Family

  • Average1 Bed Area: 911 Square Feet
  • Average2 Bed Area: 1185 Square Feet
  • Electric Expense: 12312.00
  • Gross Income: 516221.00
  • Gross Operating Income: 573888.00
  • Gross Scheduled Income: 585600.00
  • Insurance Expense: 10000.00
  • Lot Size Area: 13988.0000 Square Feet
  • Net Operating Income: 516221.00
  • Number Of Separate Electric Meters: 2
  • Number Of Separate Gas Meters: 25
  • Number Of Separate Water Meters: 1
  • Number Of Units Total: 21
  • Operating Expense: 57666.00
  • Rent Control: Yes
  • Total Expenses: 57665.00
  • Vacancy Allowance Rate: 2.00

Tax Info

  • Tax Census Tract: 4636.01
  • Tax Lot: 25
  • Tax Tract Number: 7500

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/17/2023 04/17/23 Sold $7,900,000 -8.1% $332 / Sq Ft
02/09/2023 02/09/23 Price Changed $8,599,999 -4.4% $362 / Sq Ft
12/12/2022 12/12/22 Price Changed $9,000,000 -10.0% $379 / Sq Ft
12/12/2022 12/12/22 For Sale $10,000,000 -- $421 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $93,215 $8,219,160 $5,722,200 $2,496,960
2024 $93,215 $8,058,000 $5,610,000 $2,448,000
2023 $14,753 $885,095 $83,864 $801,231
2022 $14,335 $867,741 $82,220 $785,521
2021 $13,711 $850,727 $80,608 $770,119
2019 $13,290 $825,496 $78,218 $747,278
2018 $13,222 $809,311 $76,685 $732,626
2016 $12,487 $777,886 $73,708 $704,178
2015 $12,339 $766,202 $72,601 $693,601
2014 $12,257 $751,194 $71,179 $680,015
Source: Public Records

Agents Affiliated with this Home

  • M

    Seller's Agent in 2023

    Mauricio Nunez

    Deodate Corporation

    Section Image

  • S

    Buyer's Agent in 2023

    Syed Razvi

    RED LETTER REALTY

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: DW22254531

California Regional Multiple Listing Service (CRMLS)
California Los Angeles County Pasadena 91101 Playhouse Village

281 S Madison Ave, Pasadena, CA

Not Listed for Sale

MultiFamily

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California Regional Multiple Listing Service (CRMLS) The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

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