Address: |
view address Pasadena, CA 91103 Map Location |
Features: | Multi-level |
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Square Feet: | 3,608 sq.ft. | Lot Size: | 8412.0 |
Year Built: | 1892 | Styles: | Colonial |
Views: | None | Property Type: | Apartment |
County: | Los Angeles | List Date: | 2024-06-12 |
Listing Number: | AR24121172 | Listed By: | Growth Investment Group Pasade |
Virtual Tour: | Click Here | Days on market: | 12 |
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. 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.
Appliances: | Range Hood, Gas Range, Refrigerator, Disposal |
Fireplace features: | None | Flooring: | Vinyl, Wood |
Laundry Features: | Common Area | Laundry: | Yes |
Cooling features: | Wall/Window Unit(s) | Heating features: | Wall Furnace |
Heating: | Yes |
Lot features: | Landscaped | Roof: | Asbestos Shingle |
Style: | Colonial |
Pool Features: | None | Spa Features: | None |
Spa: | Yes |
Parking features: | Detached Carport, Assigned | Garage spaces: | 5 |
Community Features: | Park |
Views: | None |
Sewer: | Public Sewer |
Special Listing Conditions: | Standard |
Year Built: | 1892 | Levels: | Two |
Stories: | 2 |
Lot Dimensions: | 8412.0 |
Property Condition: | Updated/Remodeled |
Building Area total: | 3608.0 |
Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.
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Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.
|
Community information and market data Powered by Onboard Informatics. Copyright ©2024 Onboard Informatics. Information is deemed reliable but not guaranteed.
This information is provided for general informational purposes only and should not be relied on in making any home-buying decisions. School information does not guarantee enrollment. Contact a local real estate professional or the school district(s) for current information on schools. This information is not intended for use in determining a person’s eligibility to attend a school or to use or benefit from other city, town or local services.