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$9,488 Closing Credit¹
#25486551, Vanessa McCaffrey, Listing Office: eXp Realty of California Inc
$10,000
closing credit¹
1315 N Marengo Ave Pasadena, CA 91103
$1,550,000 List price
$10,000
Closing credit¹
0.2 acres
Condo
Property details
About 1315 N Marengo Ave
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.
Highlights
Home typeCondominium
HeatingWall Furnace
StatusAccepting Backup Offers
(Active Under Contract)
(Active Under Contract)
CoolingWall/Window Unit(s)
Lot size0.1931 Acres
Year built1892
ParkingAssigned, Garage, Paved
MLS #AR24246708
Garage5 spaces
Summary
- MLS Number: AR24246708
- MLS Name: CRMLS
- Office Name: Growth Investment Group Pasade
- Office Email: han.chen@growthinvestmentgroup.com
- Listing Agent: Han Chen
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/2/2025, 4:20:51 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$1,550,000
1315 N Marengo Ave
$10,000
closing credit¹
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Price information
Property sales
| Date | Event | Price |
|---|---|---|
| Feb 21, 2020 | Home Sold | $1,000,000 |
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $1,072,198 | $12,899 |
| 2023 | $1,051,176 | $12,790 |
| 2022 | $1,030,566 | $12,356 |
| 2021 | $1,010,360 | $11,796 |
| 2020 | $784,760 | $9,136 |
| 2019 | $769,374 | $1,327 |
| 2018 | $39,591 | $1,296 |
| 2017 | $38,815 | $1,296 |
History based on county public records data.
Nearby schools
3
Washington Elementary School
Public District PK-5
0.2 mi
•1520 N Raymond Ave
4
Madison Elementary School
Public District PK-5
0.7 mi
•515 E Ashtabula St
6
Longfellow Elementary School
Public District PK-5
1.0 mi
•1065 E Washington Blvd
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $35,338. Residents of Pasadena, CA typically earn less than $<35k each year. The majority of families are single, no kids. The most common level of education of people living in this area is high school diploma.
How much money do the neighbors make?
50%
<35k
31%
35k-100k
17%
100k-200k
2%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
Masters Degree
What types of families live nearby?
47%
Single, No Kids
20%
Single, with Kids
12%
Married, No Kids
21%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
16%
<11 yrs old
10%
12-17 yrs old
26%
18-34 yrs old
35%
35-64 yrs old
13%
65+ yrs old
What do the neighbors do for fun?
Pro Boxing
Mexican League Soccer
Major League Soccer (MLS)
Where do the neighbors shop?
H&M
Foot Locker
Ross Dress For Less
Where do the neighbors go to eat?
Boston Market
Little Caesars
Popeyes
What do the neighbors drive?
Honda
Dodge
Nissan
What do the neighbors listen to?
Rhythmic Contemporary Hits
Urban Adult Contemporary
News
All data provided by Home Junction and Claritas
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Frequently asked questions
About 1315 N Marengo Ave
This home is located at 1315 N Marengo Ave in Pasadena, CA and zip code 91103 in the The Verdugos neighborhood. Features: 0 bathroom. It has been listed on Rocket Homes since December 12, 2024 and is currently priced at $1,550,000.
In January 2025, from all listings sold in Pasadena, CA there were more than 22 sold above asking price, over 23 sold below and more than 9 were sold right at the asked price. The number of homes for sale in Pasadena, CA increased by 16.2% between December and January 2025. Listings spent 47 days on the market in January 2025, and had a median list price of $1,218,933 during the same period.
From Rocket Homes Real Estate and based on county public records data.