Property Details
About this Property
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 ne
MLS Listing Information
MLS #
CRAR24246708
MLS Source
California Regional MLS
Days on Site
13
Interior Features
Appliances
Hood Over Range, Oven Range - Gas
Flooring
Laminate
Laundry
Community Facility
Cooling
Window/Wall Unit
Heating
Wall Furnace
Exterior Features
Style
Colonial
Parking, School, and Other Information
Garage/Parking
Assigned Spaces, Garage, Other, 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 8,412 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 December 19, 2024. For the most current information, please contact Han Chen
