Sold

23135 Madison ST

TORRANCE CA, 90505

$11,088,867


$363.52 per sqft

Sold

3 Beds

3 Baths

30,504 sqft

Multi-family

Built in 1969

Madison Park Apartments is a well maintained 36-unit multifamily community located in a highly desirable South Torrance neighborhood. Madison Park Apartments presents an opportunity for an investor or renovator to acquire a value-add multifamily asset situated in a highly coveted location due to its proximity to the coast, diverse employment base, highly rated schools, and amenities accessible within the Southern California area. Recently substantial improvements have been made to the property. The entire exterior was completely prepped and repainted (stucco, trim, doors, railings, gutters, fences, gates), for a total CapEx expenditure of $28,500. Additionally, a new polyurethane waterproofing system was applied to the entire 1st floor courtyard, swimming pool deck, entrance stairs, and patios, for a total CapEx expenditure of $57,300. Madison Park Apartments will appeal to both long-term investors and renovation specialists. The desirable unit mix of (18) ample 1 Bedroom 1 Bath units and (18) spacious 2 Bedroom 2 Bath units, each with their own large patio or balcony, are roomy enough for sharing living space or creating a work from home environment. A rent increase is scheduled for 19 of the 36 units effective 12/1/23, the added income has been noted in the Offering Memorandum. There remains upside in the current rent rates and post-renovated rent rates, depending on the quality of value-add enhancements and renovations brought to the property. Madison Park Apartments is located near the best that the South Bay area has to offer, within walking distance to a variety of Parks, Recreations Centers, Madrona Marsh Nature Preserve and neighborhood schools. Within a short drive, one can reach the Pacific Ocean and Riviera Village, The Del Amo Shopping Center, and Wilson Park, providing Residents with an abundance of recreational, shopping, dining, and entertainment options. Madison Park Apartments is also conveniently located near Hawthorne Boulevard, Pacific Coast Highway and within close access to Interstate 405, 110 and 91, allowing residents to reach employment hubs throughout Los Angeles and Orange County. In summary, Madison Park Apartments offers the opportunity to build lasting value in the ideally located and highly coveted coastal submarket of Los Angeles California.

SB23168308MR

MLS ID

September 7, 2023

Listed

November 22, 2024

Updated

Map

23135 Madison ST
TORRANCE CA, 90505

Interior Features

Total Stories

2


Bedrooms

3


Total Bathrooms

3


Appliances

Community, Dishwasher, Vented Exhaust Fan


Laundry Description

Community


Fireplace

No


Fireplace Description

None


Cooling

No


Heating

Yes


Heating Description

Electric, Wall

Exterior/Building Features

Lot Size

0.74 Acres


Architectual Style

Traditional


Roof

Flat


Sewer

Public Sewer

Other Property Details

Area Name

South Torrance


Days on Market

51


Garage

Yes


Garage Spaces

58


Parking

Assigned, Controlled Entrance, Subterranean


Parking Total

58


View

No


View Description

None


County

Los Angeles


Water Source

Public


Pool

Yes


Pool Features

Filtered, In Ground


Zoning

TORR-MH

Listing History

Date

Event

Price

12/16/2023

Price change

$11,088,867

-8%

12/16/2023

Sold

$11,088,867

11/17/2023

Pending

11/1/2023

Under contract

10/19/2023

Price change

$12,000,000

-6%

Listed by Nancy Bush with Lyon Stahl Investment Real Estate, Inc.
Listing Contact: 310-363-4965 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Elite Representation Real Estate | CA DRE# 01498928 shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 11/22/2024

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