1315 N Marengo Avenue, Pasadena, CA 91103 (MLS # AR24246708)

Save to Favorites
Print
Share
PRICE $1,550,000 dsIDX morgage calculator
BEDS n/a
BATHS 0
HOME SIZE 3,608 sqft
LOT SIZE 8,412 sqft

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.

DAYS ON MARKET 15 LAST UPDATED 12/11/2024
YEAR BUILT 1892 COMMUNITY Pasadena (NW)
GARAGE SPACES 5.0 COUNTY Los Angeles
STATUS Active PROPERTY TYPE(S) Residential Income


ADDITIONAL DETAILS
AIR Wall/Window Unit(s)
AIR CONDITIONING Yes
APPLIANCES Gas Range, Range Hood, Refrigerator
AREA Pasadena (NW)
GARAGE Assigned, Garage, Paved, Yes
HEAT Wall Furnace
HOA DUES 0
LOT 8412 sq ft
LOT DESCRIPTION Lawn, Level, Near Public Transit, Rectangular Lot, Street Level
PARKING Assigned,Garage,Paved
POOL DESCRIPTION None
SEWER Public Sewer
STORIES 2
STYLE Colonial
UTILITIES Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected, Electric: Standard
VIEW DESCRIPTION None
WATER Public
ZONING PSR1
MORTGAGE CALCULATOR
   

TOTAL MONTHLY PAYMENT

0
P
I
*Estimate only

SATELLITE VIEW



 
CONTACT US ABOUT 1315 N MARENGO AVENUE
 / 
We respect your online privacy and will never spam you. By submitting this form with your telephone number you are consenting for Anastasia Stamatii to contact you even if your name is on a Federal or State "Do not call List".

Listed with Growth Investment Group Pasade

Based on information from CRMLS as of 12/24/24 6:18 AM PST. The information being provided by CRMLS is for the visitor's personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

Any property information referenced on this website comes from the Internet Data Exchange (IDX) program of CRISNet MLS and/or CRMLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

This IDX solution is (c) Diverse Solutions 2024.