1315 North Marengo Avenue

Pasadena, CA 91103

$1,550,000
Price
2
Beds
6
Baths
3,608 Sq. Ft.
$430 / Sq. Ft.
3,608
Sq. Ft.
$430
per Sq. Ft.

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)...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 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.
  1. Listed by Han Chen • DRE #01749321 • Brokerage DRE #02201380 • Growth Investment Group Pasade • 626-224-2495

Property Details for 1315 North Marengo Avenue

Architectural Style
Colonial
View
None
Parking Spaces Total
8
Private Pool
No
Cooling Type
Wall/Window
Total Units
6.0
Building Type
Attached
Lot Size Source
Assessor
LISTING UPDATED: 12/09/2024 08:22 AM

Property Details for 1315 North Marengo Avenue

StatusActive
MLS #AR24246708
Days on Market9
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built1892
CountyLos Angeles County

Building Information for 1315 North Marengo Avenue

Building/Complex1315 N Marengo AveFloor-Stories2Residences-Pet Policy-Year Built1892Building Size-

Property Information for 1315 North Marengo Avenue

Rental Info
Rental Info
  • Tenant Pays: Electricity, Gas
Income / Expense / Tax Details
Income Details
  • Gross Income: $141,983
  • Gross Scheduled Income: $141,983
  • Vacancy Allowance Rate: 3
  • Gross Operating Income: $137,723
  • Net Operating Income: $104,921
  • Garage Income: $2,400
  • Laundry Income: $2,400
  • Gross Multiplier: 10.92
  • Cap Rate: 6.77
  • Current Financing: None
Expense Details
  • Operating Expense: $32,803
  • New Taxes Expense: $17,170
  • Gardener Expense: $1,429
  • Fuel Expense: $0
  • Insurance Expense: $2,200
  • Maintenance Expense: $4,301
  • Professional Management Expense: $0
  • Trash Expense: $3,000
  • Water Sewer Expense: $2,142
  • Total Expenses: $32,803
Tax / Assessment Info
  • Tax Block: C
  • Tax Tract Number: 0
  • Tax Census Tract: 4620.02
  • CFD/Mello-Roos Fee: $1,146
  • Tax Lot: 15
Community / Development
Community / Development
  • Assessments YN: No
  • Assessments: None
  • Community Features: Valley
Property / Structure Info
Interior Features
  • Appliances: Gas Range, Range Hood, Refrigerator
  • Equipment: Community, Laundry Area, Refrigerator
  • Laundry: Yes
  • Laundry Features: Common Area, Community
  • Laundry Equipment Own Lease: Own
  • Fireplace Features: None
  • Fireplace Rooms: None
  • Cooling: Wall/Window Unit(s)
  • Heating Type: Wall
  • Heating: Wall Furnace
  • Flooring: Carpet, Laminate, Vinyl
Exterior Features
  • Entry Location: 1
  • Property Condition: Updated/Remodeled
  • View Description: None
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Spa Features: None
Land/Lot Info
  • Lot Features: Lawn, Level with Street, Lot 6500-9999, Rectangular Lot, Level, Near Public Transit
  • Number Of Units: 6
  • Land Lease: No
  • Land Lease Type: Fee
  • Topography: Level
  • Levels: Two
  • Water: Public
  • Sewer: Public Sewer
  • Utilities: Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected
  • Electric: Standard
  • Water Source: Public
Parking Info
  • Garage Spaces: 5
  • Parking: Yes
  • Parking Garage: Assigned, Garage
  • Uncovered Spaces: 3
  • Open Other Spaces Total: 3
  • Parking Garage Spaces: 5
  • Carport Spaces: 0
  • Parking Features: Assigned, Paved, Garage
Unit Information
Unit 1
  • Unit Type Units Total: 2
  • Unit Type Beds Total: 2
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 2
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $2,600
  • Unit Type Total Rent: $5,200
  • Unit Type Pro Forma: 5700
  • Unit Type Type: 1
Unit 2
  • Unit Type Units Total: 4
  • Unit Type Beds Total: 0
  • Unit Type Baths Total: 1
  • Unit Type Furnished: Unfurnished
  • Unit Type Garage Spaces: 4
  • Unit Type Garage Attached: No
  • Unit Type Actual Rent: $1,558
  • Unit Type Total Rent: $6,232
  • Unit Type Pro Forma: 7400
  • Unit Type Type: 2
Unit Information
  • Number Of Units Leased: 6
  • Rent Controlled: Yes
  • Number Of Buildings: 1
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1
  • Number With Dishwasher: 0
  • Number With Range: 6
  • Number With Refrigerator: 6
  • Number With Disposal: 6
  • Number Wall AC: 6

Property History for 1315 North Marengo Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1315 North Marengo Avenue

Taxable ValueLand$804,150Additions$268,048Total$1,072,198
Tax Record2024$12,900 ($1,075 / month)
Home Facts
Total Finished SqFt3,608 SqFtAbove Grade Finished SqFt3,608 SqFtLot Size8,410 SqFtStyleQuadraplexYear Built1892ZoningPSR1CountyLOS ANGELESAPN5729-013-019

Schools near 1315 North Marengo Avenue

This home is within Pasadena Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - K to 8
Rating
School
Distance
Washington Accelerated Elementary School
PublicK to 5

Octavia E. Butler Magnet School
Public6 to 8

John Muir High School
Public9 to 12

Odyssey Charter School - South
CharterK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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1315 North Marengo Avenue is a multi-family home for sale in Pasadena, CA 91103. This property was listed for sale on December 9, 2024 by Growth Investment Group Pasade, it's currently listed at $1,550,000. It has been on the market for a total of 9 days and was last sold on February 21, 2020. This listing's school district is Pasadena Unified School District. Nearby schools include Washington Accelerated Elementary School, Octavia E. Butler Magnet School and John Muir High School. 1315 North Marengo Avenue is a 2-bed, 6-bath, 3,608 sqft multi-family home built in 1892.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Growth Investment Group Pasade, Han Chen, DRE #01749321

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.