1315 N Marengo Avenue Active Save Request In-Person Tour Request Virtual Tour
Pasadena,CA 91103
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 CRAR24246708
HOA Y/N No
Originating Board Datashare California Regional
Year Built 1892
Lot Size 8,412 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
Location
State CA
County Los Angeles
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Flooring Laminate,Vinyl,Carpet
Fireplace No
Laundry Community Facility,Other
Exterior
View None
Building
Lot Description Level,Other
Water Public