23135 Madison Street #36

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 Pa