INVESTMENT HIGHLIGHTS
- VERY ATTRACTIVE Value-add with ±6.77% CAP Rate and ±7.95% Proforma CAP RATE offering a whopping over 9% Cash-on-cash return (Buyer to verify)
- One of the HIGHEST CAP Rate offering in Pasadena
- Easy to rent apartment investment in a high demand for rental area.
- Good location minutes away from Old Town Pasadena and Rose Bowl area
- Excellent CASH Flow and/or Cash-on-Cash return with real estate advantage (appreciation, rent increase, and tax depreciation)
- Good demographics area with ±102,038 AHH Income within a-mile radius
- Excellent access to 210, 134, and 110 freeways; superb access to downtown Los Angeles via FWY 110
PROPERTY HIGHLIGHTS
- Colonial revival architectural style with charming characters; Most units have high ceilings
- Recently updated building with many recent CAPEX
- Easy to manage and maintain property with excellent curb appeal and large lot; Smart building with lighting and sprinkler watering controlled via smartphone
- Building is secured via camera monitoring system
- High existing gross income and net income, providing one of the best cash-flow deals in Pasadena.
- Front facing units are large and bright with spacious living room and many windows
- Four (4) units have been upgraded with modern upgrades: new kitchen, new bathroom, new flooring, LED lighting, etc.
- Clear ADUs Upside with 5 garage parking, individually metered for electricity and gas.
- Recent CAPEX is completed with many amenities: new exterior paint, several units upgraded, security cameras, LED lighting, etc.
EXECUTIVE SUMMARY
Growth Investment Group California, the exclusive listing agents, are proud to offer 1315 N Marengo Ave, Pasadena. This 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 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.
LOCATION AMENITIES AND ACCESS
The property is located on Marengo Ave, crossing Washington Blvd. It is surrounded by many SFR and situated on a quiet and mature tree-lined residential street. 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.