1315 N Marengo AVE Active Save Request In-Person Tour Request Virtual Tour
Pasadena,CA 91103
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID AR24121172
Construction Status Updated/Remodeled
HOA Y/N No
Year Built 1892
Lot Size 8,411 Sqft
Property Description
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.
Location
State CA
County Los Angeles
Area 645 - Pasadena (Nw)
Zoning RM16
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Vinyl,Wood
Fireplaces Type None
Fireplace No
Appliance Disposal,Gas Range,Refrigerator,Range Hood
Laundry Common Area
Exterior
Garage Assigned,Detached Carport
Garage Spaces 5.0
Garage Description 5.0
Pool None
Community Features Valley,Park
Utilities Available Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected
View Y/N No
View None
Roof Type Asbestos Shingle
Parking Type Assigned,Detached Carport
Total Parking Spaces 7
Private Pool No
Building
Lot Description Landscaped,Near Park,Street Level
Faces East
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 to New Loan,Contract
Listing Terms Cash to New Loan,Contract
Special Listing Condition Standard