1315 N Marengo Avenue

Pasadena, CA 91103

  • 0 Bed(s)
  • 0 Bath(s)
  • 3,608 Sqft
  • 8412
    Sqft(Lot)
$1,550,000

Description

This 6-unit value-add apartment offering provides a whopping ±6.77% cap rate and ±7.95% proforma cap rate translates to over 9% cash-on-cash return (buyer to verify), which is currently one of the highest cap rate for apartments in pasadena submarket.



the property is a two-story apartment with charming colonial revival architecture. it was built in 1892; it has a large building size of ±3,608 sf and is situated on a ±8,410 sf lot. it offers a desirable unit mix of two (2) x 2bed+1bath, and four (4) x studio units. five (5) units have been upgraded with brand new flooring throughout, led lighting, updated bathroom, 4 units have brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, and much more. most of the units are very charming, 2 units have high ceilings.



the remaining non-upgraded 1 unit provide ±15% rental upside, which upon turnover will take the current cap rate to a whopping ±7.95% proforma cap rate (buyer to verify). there is a garage space that is being rented out for an additional income. one of the unit is vacant and can be delivered vacant.



the property is a “smart building” with lighting and sprinkler watering controlled via smartphone, and it is secured via a security camera monitoring system. the property has new exterior paint and new common area paint as well. it has a total of 7 parking spaces at the back (5 garages + 2 open space). no parking soft story is required. new owners can take advantage of the garage by renting it out or even converting it into adu. the property has a common laundry area – the seller owns the machines. each unit is separately metered for electricity and gas.



the property is located on marengo ave, crossing washington blvd. it is located several minutes east of 210 fwy and minutes away from old town pasadena. it is within minutes from rose bowl area, the paseo on colorado, museums, theaters, entertainments, groceries, cafes, shops, and other fantastic amenities in pasadena. it has a good demographic of $102,038 average household income within a 1-mile radius. the property has superb access to fwy 210 and fwy 134 and offers an easy commute to additional employment centers of downtown los angeles and adjacent cities of burbank and glendale via 134 freeway. it is minutes away from fwy 110 that connects to downtown los angeles.

  • Property Type

    Residential Income

  • County

    Los Angeles

  • Style

    Colonial

  • AD ID

    47986720

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Property Details

  • Water/Sewer

    • Water Source : Public
    • Sewer : Public Sewer

    Interior Features

    • Property Appliances: Gas Range,Refrigerator,Range Hood
    • Fireplace: None
    • Flooring: Carpet,Laminate,Vinyl

    Cooling Features

    • Wall/Window Unit(s)
    • Air Conditioning

    Heating Source

    • Wall Furnace
    • Has Heating

    Fireplace

    • Fireplace Features: None
    • Has Fireplace: 0

  • Building Information

    • Year Built: 1892
    • Building Area Total: 3,608

    Pool Features

    • None

    Laundry Features

    • Common Area

  • Lot Details

    • Lot Dimensions Source: Vendor Enhanced
    • Lot Size Acres: 0.1931
    • Lot Size Source: Assessor
    • Lot Size Square Feet: 8412

  • Listing Price Information

    • Original List Price: 1,550,000
    • Listing Contract Date: 2024-12-09

    Lease Information

    • Listing Agreement: Exclusive Right To Sell

  • Tax Information

    • Parcel Number: 5729013019

  • Garage and Parking

    • Garage Description: Assigned,Garage,Paved

    Homeowners Association

    Rental Info

    • Lease Term: Negotiable
    • Tenant Pays: Electricity,Gas

  • Other Property Info

    • Source Listing Status: Active
    • Source Neighborhood: 645 - Pasadena (NW)
    • Postal Code Plus 4: 2222
    • Directions: south west side of Marengo Ave and Washington Blvd
    • Zoning: PSR1
    • Source Property Type: Residential Income
    • Area: 645 - Pasadena (NW)
    • Property SubType: Apartment

    Building and Construction

    • Property Age: 132
    • Common Walls: 2+ Common Walls
    • Property Condition: Updated/Remodeled
    • Structure Type: Apartment
    • Year Built Source: Assessor
    • Entry Level: 1
    • Entry Location: 1
    • Property Attached: Yes
    • Levels or Stories: Two
    • Building Total Stories: 2
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BuyOwner last updated this listing 12/18/2024 @ 04:55

  • MLS: AR24246708
  • LISTING PROVIDED COURTESY OF: ,
  • SOURCE: CRMLS

is a Home, with 0 bedrooms which is for sale, it has 3,608 sqft, 8,412 sized lot, and 5 parking. A comparable Home, has bedrooms and baths, it was built in and is located at and for sale by its owner at . This home is located in the city of Pasadena , in zip code 91103, this Los Angeles County Home are nearby neighborhoods.