I don't think he is, he is of an age with Hashirama Senju, as seen from when they were children together, and his slightly younger brother was the master of Hiruzen Sarutobi, who was only 69 when he died.
The age gap between master and student varies, with Kakashi less than twenty years older than Naruto and Jiraiya more than thirty years older than Naruto, but even if Tobirama was forty years older than Hiruzen, that only puts him at 109, and seeing as they were both kids at the same time, Hashirama can't be more than 115 or so, and Madara at most maybe 118.
Looking at it another way, Hashiraama's granddaughter Tsunade is 55 after the timeskip, and on average grandparents tend to be between fifty and seventy years older than their grandchildren, making it unlikely for Hashirama to be older than 124, but possible.
It's also important to note that after entrusting Obito to resurrect him, Madara did pass away, I'm not sure for how long, but most likely at the minimum for a year or two.
I would guess that Madara was born about 100 to 110 years ago, and spent one to ten of those years dead, making him susceptible to the Death Note.