215 S Madison · Pasadena, CA 91101

$11,500,000

42 bd · 42.0 ba · 34,815 sqft · MultiFamily public records · 13 Days on market

Built 1972 0.44 ac lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Appreciation +5.5/10.0
• Schools +4.6/10.0
• 1% rule +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 34 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

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), al

Key facts

• Remodeled elevator
• New roof
• 0.44 acre lot

Tags

• PRIVATE BALCONIES OR PATIOS
• SEMI SUBTERRANEAN PARKING
• ROOFTOP RECREATION AREA
• NEW ROOF
• ALL NEW COPPER PLUMBING
• REMODELED ELEVATOR

Property features AI

Finance

• Financial info: Total building area: 34,815; Total # of units: 34; Gross scheduled income: $964,753; Gross income: $935,811; Net operating income: $644,220; Operating expenses: $291,591; Unit-level example rents: 1-bed actual $2,221; 2-bed actual $2,730; select 2-bed unit actual $3,295
• HOA & community: Subject to rent control

Exterior

• Parking: 25 uncovered spaces; 25 carport spaces; 50 total parking spaces
• Utilities: Public sewer; District/public water; 1 separate water meter; 1 separate gas meter; 34 separate electric meters
• Home design: Community apartment (attached property); 3 stories; Irregular lot shape
• Construction: One building
• Exterior features: No pool; Sidewalks in the community

Interior

• Bedrooms: 1-bedroom units (27 units); 2-bedroom units (6 units); 2-bedroom unit with 2 baths + 1 half-bath (1 unit)
• Bathrooms: 1-bath units; 2-bath units; Units with full and half-bath configurations
• Interior features: Entry on level 1; Has laundry area
• Laundry & utility: Shared laundry area

What this means for you Summary

Snapshot

• This is a 17×1bd/1.0ba + 17×2bd/2.0ba units multifamily listed at $11.50M.

Deal economics

• At list price, monthly cash flow is $14k ($170k/yr) — positive. Per door: $417/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $10.52M (8.5% below list).
• Recommended offer: $10.52M (8.5% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 1.5% in Pasadena — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#181 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools D+, health & safety D+, crime F.
• Pasadena Unified (urban): math 42% / reading 60% proficiency, ranked #123 of 517 in CA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 82 active listings in the ZIP; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $105,173/mo this rent would consume 1437% of the median local household income ($88k/yr) (locally 2327% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $205k of equity ($80k loan paydown + $125k appreciation (1.1% local appreciation)).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.1% appreciation + 0.0% rent growth), your $3.22M cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$739k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $10,517,300 (8.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.28%
• DSCR: 1.23
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.09% appreciation · 0.02% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.27×
• Total profit: $856,518
• Equity at exit: $3,979,749

10-year hold

• IRR: 7.9%
• Equity multiple: 1.91×
• Total profit: $2,925,570
• Equity at exit: $5,330,611

Cash invested: $3,220,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91101

• Home prices YoY: 0.3%
• Rents YoY: 0.0%
• Active inventory: 82
• Price-to-rent: 322.0×

Monthly cashflow live

• Estimated rent: $105,173 high
• Mortgage (P&I): −$60,307
• Tax from tax record: −$3,826 /mo · $45,911/yr
• Insurance: −$4,792
• HOA: −$0
• Vacancy / Maint / Mgmt: −$22,086
• Net cashflow: $14,162

Break-even live

Break-even rent $87,247

Max offer price $11,500,000

Occupancy floor 82%

34-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 17× units	1	1	$50,592
▸ 17× units	2	2	$54,587
Total (34 units)			$105,173

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,875,000
• Closing costs: $345,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $11,500,000 Active 13 DOM
2. 2026-06-17
   days on market $11,500,000 Active 12 DOM
3. 2026-06-16
   days on market $11,500,000 Active 11 DOM
4. 2026-06-15
   days on market $11,500,000 Active 10 DOM
5. 2026-06-13
   days on market $11,500,000 Active 8 DOM
6. 2026-06-13
   days on market $11,500,000 Active 7 DOM
7. 2026-06-09
   days on market $11,500,000 Active 4 DOM
8. 2026-06-08
   days on market $11,500,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $11,500,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $45,911 · $3,826/mo
• Projected year-2 tax: $87,400 · $7,283/mo
• Expected delta: +$41,489/yr (+$3,457/mo · 90.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,262,076
• − Mortgage interest: −$644,179
• − Property taxes: −$45,911
• − Insurance: −$57,500
• − Repairs & maintenance: −$100,966
• − Management: −$100,966
• − Depreciation: −$334,545
• Taxable loss: −$21,991
• Est. tax savings @ 24.0%: +$5,278
• After-tax cash flow: $175,220/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Pasadena Unified
• NCES district ID: 0629940
• Math proficiency: 42% ▲ 7.00%
• Reading proficiency: 60% ▲ 15.00%
• Median HH income: $73,762
• Composite: 45.82/100
• National rank: #2557
• State rank: #123 of 517 in CA

Livability — Pasadena

• Score: 72/100
• State rank: #181
• US rank: #5981

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing C+ Health & safety D+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pasadena, CA
• County: Los Angeles County · 9,444,647 people
• City population: 151,001
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 21,165
• Household income: $87,813
• Rent vs Own: 84.8% rent · 15.2% own
• Severe rent burden: 2327.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 38% Hispanic / Latino 27% Asian 22% Two or more races 14% Black 7%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Slovak 1%
• Foreign-born: 30% · Canada, China, South Korea
• Languages at home: 61% English-only · Spanish 19% Chinese 7% Other Indo-European 4%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.09%
• Current HPI: 376.3436
• Rent YoY: ▬ 0.02%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+523818.0% since first listed

8 events — show timeline

• 2026-06-05 Listed $11,500,000 CRMLS
• 2024-11-04 Rental Removed $2,850 RENTALBEAST
• 2024-10-18 Listed for Rent $2,850 RENTALBEAST
• 2024-09-14 Rental Removed $2,195 RENTALBEAST
• 2024-09-12 Rental Removed $2,195 RENTALBEAST
• 2024-09-07 Listed for Rent $2,195 RENTALBEAST
• 2024-09-05 Listed for Rent $2,195 RENTALBEAST
• 2022-05-30 Price Changed $2,195 RENT.

Property tax history

+2.0%/yr

Latest (2025): $45,911 · +5.1% YoY. Source: county tax records.