275 S Marengo Avenue Active Save Request In-Person Tour Request Virtual Tour
Pasadena,CA 91101
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 29,930 sqft
Price per Sqft $334
MLS Listing ID CL25542435
HOA Y/N No
Year Built 1957
Lot Size 0.900 Acres
Acres 0.9
Property Sub-Type Other
Property Description
We are pleased to present 275 S. Marengo Avenue a rare opportunity to acquire a 35-unit multifamily property located in Pasadena's historic Civic Center neighborhood.Offered for the first time in over 50 years, this well-maintained, value-add asset provides investors with the chance to capture more than 45% rental upside and own a truly generational property in one of Southern California's most desirable and developed submarkets.Built in 1957, the 29,930-square-foot courtyard-style building consists of 3 studio units, 16 one-bedroom/one-bathroom units, 13 two-bedroom/one-bathroom units, and 3 two-bedroom/two-bathroom units. 34 of the 35 units are currently occupied, with 1 one-bedroom unit used as an on-site management office.Property amenities include controlled and gated access, a swimming pool, an on-site laundry room equipped with 3 washers and 3 dryers, 42 tenant parking spaces, 2 visitor parking spaces, and private storage cabinets for every unit. Major capital improvements have been completed: the building was re-piped with copper and ABS, the sewer line was repaired in 2015, a 50-year certified roof was installed in 2017, seismic retrofitting was completed in 2021, and the hot water storage tanks were recently replaced. The property is situated on a 39,183-square-foot lot
Location
State CA
County Los Angeles
Zoning PSR4
Interior
Heating Wall Furnace
Fireplace No
Laundry Laundry Room
Building
New Construction No
Others
Tax ID 5722013014