Sold

23135 Madison Street

Torrance CA, 90505

$11,088,867


$363.52 per sqft

Sold

30,504 sqft

Condo

Built in 1969

Listed by Nancy Bush with Lyon Stahl Investment Real Estate, Inc. 310-425-9838

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.

SB23168308

MLS ID

September 7, 2023

Listed

March 23, 2024

Updated

Map

23135 Madison Street
Torrance CA, 90505

Interior Features

Total Stories

2


Interior Features

Balcony, Ceiling Fan(s), Granite Counters, Quartz Counters, Unfurnished


Appliances

Dishwasher, Electric Range, Disposal, Vented Exhaust Fan, Water Heater


Laundry Description

Common Area


Floor Description

Carpet, Laminate, Tile


Fireplace

Yes


Fireplace Description

None


Cooling

No


Heating

Yes


Heating Description

Electric, Wall Furnace

Exterior/Building Features

Lot Size

0.74 Acres


Exterior Features

Lighting, Rain Gutters


Lot Features

Gentle Sloping, Sprinkler System


Architectual Style

Traditional


Roof

Flat


Sewer

Public Sewer

Other Property Details

Area Name

129 - South Torrance


Days on Market

51


Garage

Yes


Garage Spaces

58


Parking

Assigned, Controlled Entrance, Concrete, Covered, Underground


Parking Total

58


View

No


View Description

None


County

Los Angeles


Water Source

Public


Pool

No


Pool Features

Community, Filtered, In Ground


Zoning

TORR-MH


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

12/16/2023

Price Change

$11,088,867

-8%

12/16/2023

Sold

$11,088,867

11/16/2023

Pending

10/30/2023

Under Contract

10/18/2023

Price Change

$12,000,000

-6%

Listing Contact: 310-425-9838 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/23/2024. 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, the 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. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/23/2024 at 1:29 AM UTC

 

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