1315 N Marengo Avenue,
Home For Sale
This offering provides a whopping 5.75% CAP Rate and 7.61% Proforma CAP Rate (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 a 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 (for Pasadena rent control area) of two (2) x 2bed+1bath, and Four (4) x Studio units. Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. Most of the units are very charming with high ceilings. The remaining non-upgraded 2 units provide 20% rental upside, which upon turnover will take the current CAP Rate to a whopping 7.61% proforma CAP Rate (buyer to verify). There is a garage space that is being rented out for an additional income. 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 Wa
Property Details
Additional Information
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- County:
- Los Angeles
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- Zip:
- 91103
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- MLS® #:
- AR24121172
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- Bedrooms:
- 2
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- Lot Size:
- 0.19
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- Neighborhood:
- PASADENA (91103)
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Listing information last updated on August 3rd, 2024 at 6:02pm PDT.