Pasadena, CA 91103,1315 N Marengo AVE
Pasadena, CA 91103,1315 N Marengo AVE
Pasadena, CA 91103,1315 N Marengo AVE
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1st Class Real Estate Mavericks

1st Class Real Estate Mavericks

+1(760) 203-3373
$1,550,000
Est. payment /mo
8,411 Sqft Lot

UPDATED:

12/10/2024 05:27 PM

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR24246708

Construction Status Updated/Remodeled

HOA Y/N No

Year Built 1892

Lot Size 8,411 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 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.

Location

State CA

County Los Angeles

Area 645 - Pasadena (Nw)

Zoning PSR1

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Carpet, Laminate, Vinyl

Fireplaces Type None

Fireplace No

Appliance Gas Range, Refrigerator, Range Hood

Laundry Common Area

Exterior

Parking Features Assigned, Garage, Paved

Garage Spaces 5.0

Garage Description 5.0

Pool None

Community Features Valley

Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

View Y/N No

View None

Total Parking Spaces 8

Private Pool No

Building

Lot Description Lawn, Level, Near Public Transit, Rectangular Lot, Street Level

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Colonial

Level or Stories Two

New Construction No

Construction Status Updated/Remodeled

Others

Senior Community No

Tax ID 5729013019

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard


Read Less Info
California Regional MLS (CRMLS)
Listed by Han Chen • Growth Investment Group Pasade • 626-224-2495
1st Class Real Estate Mavericks

Brokerage | License ID: 02245942

+1(760) 203-3373 | 1stclassmavericks@gmail.com

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