32
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$1,550,000
Est. payment /mo
8,412 Sqft Lot
Pending
1315 N Marengo AVE Pasadena, CA 91103
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UPDATED:
03/04/2025 10:13 PM
Key Details
Property Type Commercial
Listing Status Pending
Purchase Type For Sale
MLS Listing ID CRAR24246708
Style Colonial
Originating Board California Regional MLS
Year Built 1892
Lot Size 8,412 Sqft
Property 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 ne
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Rooms
Kitchen Hood Over Range, Oven Range - Gas, Refrigerator
Interior
Heating Wall Furnace
Cooling Window / Wall Unit
Flooring Laminate
Laundry Laundry Area, Washer/Dryer - Owned, Community Facility
Exterior
Parking Features Assigned Spaces, Garage, Other
Garage Spaces 8.0
Pool 31, None
View None
Building
Lot Description Grade - Level
Water District - Public
Architectural Style Colonial
Others
Tax ID 5729013019
Special Listing Condition Not Applicable
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Listed by Han Chen • Growth Investment Group Pasade