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1315 N Marengo Avenue

Pasadena, CA 91103

– beds
– baths
– sqft
8,412 sqft lot
1892 build
– on site

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.

Listed By CRMLS_CA / Han Chen / Growth Investment Group Pasade

Last checked: Checking… • Last updated Nov 6, 2024 •

MLS# AR24121172 —

The Building

Year Built:

1892
Year Built Source:

Assessor
New Construction:

No
Architectural Style:

Colonial
Roof:

Asbestos Shingle
Entry Level:

1
Common Walls:

2+ Common Walls
Faces:

East
Building Area Total:

3608.00
Building Area Units:

Square Feet
# of Buildings:

1
Total Number Of Units:

6
Stories Total:

2
# of Separate Gas Meters:

6
# of Separate Water Meters:

1
# of Separate Electric Meters:

7

Interior

Levels:

Two
Entry Location:

1
Flooring:

Vinyl, Wood
Number Wall AC:

6
Fireplace:

No
Fireplace:

None
Laundry:

Common Area, Community
Laundry:

1

Financial & Terms

Disclosures:

Principal Is RE Licensed, Rent Control

Location

Directions:

Los Robles ave, go north, make right on mountain st, left on Marengo Ave
Latitude:

34.16851700
Longitude:

-118.14651400

The Property

Property Type:

Residential Income
Subtype:

Apartment
Property Condition:

Updated/Remodeled
Zoning:

RM16
Lot Features:

Landscaped, Level with Street, Lot 6500-9999, Park Nearby
Lot Size Area:

8412.0000
Lot Size Acres:

0.1931
Lot Size SqFt:

8412.00
Lot Size Source:

Assessor
View:

None
Property Attached:

1
Additional Parcels:

No
Land Lease:

No

Listing Agent

Contact info:

Taxes

Tax Block:

C
Tax Census Tract:

4620.02
Tax Lot:

15

The Listing

Virtual Tour
Special Listing Conditions:

Standard
Parcel Number:

5729013019

Heating & Cooling

Heating:

1
Heating:

Wall Furnace
Cooling:

Yes
Cooling:

Wall/Window Unit(s)

Utilities

Utilities:

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

Public Sewer
Electric:

Standard
Water Source:

Public

Appliances

Appliances:

Disposal, Gas Range, Range Hood, Refrigerator
Included:

Yes

The Community

Senior Community:

No
Neighborhood:

Garfield Heights
Features:

Valley
Pool:

None
Private Pool:

No
Spa Features:

None
Association:

No
Assessments:

Yes
Assessments:

Buyer to Verify

Parking

Parking:

Yes
Parking:

Assigned, Detached Carport
Parking Spaces:

7.00
Garage Spaces:

5.00
Uncovered Spaces:

2.00

Extra Units

Number With Disposal:

6
Number With Refrigerator:

6

Explore the Area

My Commute

From

Walk Score®

Provided by WalkScore® Inc.

Bike Score®

Provided by WalkScore® Inc.

Transit Score®

Provided by WalkScore® Inc.

Soundscore™

Provided by HowLoud

Sale history

Date	Event	Source	Price
11/5/24 Nov 5, 2024	Relisted	CRMLS_CA	$1,550,000
10/25/24 Oct 25, 2024	Pending	CRMLS_CA	$1,550,000
9/26/24 Sep 26, 2024	Listed / Active	CRMLS_CA	$1,550,000

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This multifamily located in Northwest Pasadena, Pasadena, CA 91103 is currently for sale for $1,550,000. 1315 N Marengo Avenue is a – square foot multifamily with – beds and – baths that has been on Estately for 157 days. 1315 N Marengo Avenue is in the Northwest Pasadena neighborhood of Pasadena and has a WalkScore® of 58, making it somewhat walkable.

Listing Courtesy of: CRMLS_CA and Growth Investment Group Pasade. Based on information from California Regional Multiple Listing Service, Inc. as of 23:37 on Nov 16.

This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.