Details
Ally Commercial Real Estate is excited to present an exceptional investment opportunity to acquire a legacy property in a premier Pasadena location. Located at 514-570 N Madison, this offering includes six contiguous parcels totaling 77,460 square feet of land. Currently, the property features 25 existing units, primarily bungalows, across a combined building footprint of 19,506 square feet.
The low building-to-land ratio creates a significant opportunity for a visionary investor or developer to unlock the full potential of the site through extensive ADU development. According to the provided land use study, there is potential to add 25 new ADUs across the property. This would bring the total units to 50, with a price of $340,749 per unit and a 7.65% CAP RATE — a significant value for a prime Pasadena location with half of the units being of brand new construction. This development could nearly triple gross income, offering multiple exit strategies or establishing a valuable legacy asset for long-term investment. Can be sold together or separate.
Reach out to request the ADU feasibility study!
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$11,999,999
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19,506 Sq/ft
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Lot 1.77 Acres
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Built in 1963
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Feel free to contact us for more details!
Eric Mandell
Ally Commercial Real Estate