$1,550,000
- Beds
- Unknown
- sq ft
- Unknown
1315 N Marengo Ave, Pasadena, CA 91103
1315 N Marengo Ave
Pasadena, CA 91103
- 163 days on market
- Price drop $80,000↓
This offering provides a whopping over 9% cash on cash return, ±6.77% CAP Rate and ±7.95% 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 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.
Details
Property type
Apartment
Property condition
Updated/Remodeled
Lot size
8,412 sq ft
Price per sq ft
Unknown
Year built
1892
HOA
No
Price History
11/06/2024
CRMLS #AR24121172
Listed
$1,550,000
10/25/2024
CRMLS #AR24121172
Pending
$1,550,000
09/26/2024
CRMLS #AR24121172
Listed
$1,550,000
Schools & Community
Neighborhood:
North Central
Elementary school:
Unknown
Middle school:
Unknown
High school:
Unknown
Community features: Park
Community features:
Park
Status: Active
Tomo last checked: 11/22/2024 at 4:20 PM
Listing updated: 11/05/2024 at 4:25 PM
Listed by: Han Chen, Growth Investment Group Pasade Phone #: (626) 594-4900
MLS: CRMLS #AR24121172
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