- N/A BR
- 0 BA
- N/A SqFt.
- 10,788 Lot
- $3,620,000
- Closed
- 8/30/23
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.
* Combined DOM (CDOM) counts the total days on market for each time a property is listed, and continues counting until the property is Canceled/Expired for 90 days, no matter which agent or broker lists the property. This figure presents a truer picture of time on market because agents sometimes "re-list" a property after it has been on the market a while to try to “refresh” the Days on Market count, or sellers may change agents when a property has failed to sell.
23135 Madison Street, Torrance, (MLS® #SB23168308)
Date | Details | Price | Change |
---|---|---|---|
Closed | $11,088,867 | – | |
Pending | – | – | |
Active Under Contract (from Active) | – | – | |
Price Reduced (from $12,750,000) | $12,000,000 | $750,000 (5.88%) | |
First Day Active | $12,750,000 | – |
Quick Summary of 23135 Madison Street: This home in Torrance is priced at $12,000,000 . The Apartment residence was originally built in 1969 and was listed on September 8th, 2023 at $12,750,000, showing 51 Days on Market currently. Contact Dave Fratello today for more information or to go see 23135 Madison Street.
Based on information from California Regional Multiple Listing Service, Inc. as of April 29th, 2024 at 7:45am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.