Description

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.