Property Details
About this Property
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 space
MLS Listing Information
MLS #
CRAR24121172
MLS Source
California Regional MLS
Days on Site
158
Interior Features
Appliances
Garbage Disposal, Hood Over Range, Oven Range - Gas
Laundry
Community Facility
Cooling
Window/Wall Unit
Heating
Wall Furnace
Exterior Features
Roof
Shingle
Style
Colonial
Parking, School, and Other Information
Garage/Parking
Assigned Spaces, Detached, Garage: 5 Car(s)
HOA Fee
$0
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 6 | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
1315 N Marengo Ave is a Residential Income in Pasadena, CA 91103. This – square foot property sits on a – Sq Ft Lot and features – bedrooms & – full bathrooms. It is currently priced at $1,550,000 and was built in 1892. This address can also be written as 1315 N Marengo Ave, Pasadena, CA 91103.
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This listing information is up-to-date as of November 06, 2024. For the most current information, please contact Han Chen
