$1,550,000
1315 N Marengo Avenue Pasadena, CA 91103
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$1,550,000
Est. payment /mo
3,608 SqFt
UPDATED:
11/06/2024 02:13 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 3,608 sqft
Price per Sqft $429
MLS Listing ID CRAR24121172
HOA Y/N No
Year Built 1892
Lot Size 8,412 Sqft
Acres 0.19
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
Location
State CA
County Los Angeles
Area Listing
Zoning RM16
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Vinyl, Wood
Fireplace No
Laundry Community Facility, Other
Exterior
View Y/N false
View None
Building
Lot Description Level, Other
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 5729013019
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Listed by Han Chen • Growth Investment Group Pasade
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122