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1315 N Marengo Ave

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Address: 1315 N Marengo Ave, Pasadena, CA 91103, USA

California & West + Apartment Buildings

Created date: June 19, 2024

Date last updated: September 19, 2024

-VERY ATTRACTIVE Value-add with ±5.75% CAP Rate and ±7.61% Proforma CAP RATE (Buyer to verify)
-One of the HIGHEST CAP Rate offering in Pasadena
Easy to rent apartment investment in a high demand for rental area.
-Good location minutes away from Old Town Pasadena and Rose Bowl area
-Excellent CASH Flow and/or Cash-on-Cash return with real estate advantage (appreciation, rent increase, and tax depreciation)
-Good demographics area with ±102,038 AHH Income within a-mile radius
-Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110

Property Description

Growth Investment Group California, the exclusive listing agents, are proud to offer 1315 N Marengo Ave, Pasadena. This offering provides a whopping ±5.75% CAP Rate and ±7.61% 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.

Pending Sale

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Key Property Information

Listing Status:	Pending Sale
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$1,550,000
No. of Units:	6
Cap Rate:	5.75%
GRM /GIM:	12.54
Year Built:	1892
Building Size:	3,608 Sq ft
Lot Size:	8,410.00 Sq ft
Opportunity Zone:	No
Price per unit:	$258,333