953 S Marengo Ave, Pasadena, CA 91106

Property Description

5% CURRENT CAP RATE AND SIGNIFICANT CAPITAL IMPROVEMENTS INCLUDING UPDATED ELECTRICAL, NEW DRAIN LINES, COPPER PLUMBING, FRESHLY PAINTED BUILDINGS WITH NEW ROOFS, AND BEAUTIFUL LANDSCAPING, LOCATED IN THE MOST DESIRABLE AREA OF PASADENA! | Built in 1946 on a large 11,887 square foot lot, 953-961 S Marengo Ave is a five-unit multifamily property, comprised of three buildings, with a total building size of 3,722 square feet. The well-maintained property is separately metered for gas and electric and offers both garage and uncovered parking. An existing pad, ideal for an ADU unit (buyer to independently confirm), separates the two front buildings from the rear structure. The property offers an ideal unit mix of a freestanding two-bedroom/one-and-one-half-bathroom front house and four one-bedroom/one-bathroom units. Units are serviced by individual water heaters, and offer central air & heat, a gas stove, a refrigerator, ceiling fans, generous storage areas, and in-unit laundry wash & dryer hookups. Select units have been renovated and offer refinished oak hardwood flooring, recessed lighting, new window coverings, and updated kitchen and bathrooms. Situated in the most desirable section of Pasadena, 953-961 S Marengo Ave is minutes from Huntington Memorial Hospital, Old Town Pasadena, The Paseo, Shops on Lake Avenue, California Institute of Technology, Art Center College of Design, Pasadena City College, Jet Propulsion Laboratory, Rose Bowl, and Huntington Botanical Gardens. Approximately 7 and 11 miles to Glendale and Burbank, respectively, 953-961 S Marengo Ave is a short commute to the nucleus of the entertainment industry, including DreamWorks Animation, The Walt Disney Studios, Warner Brother's Studios, and Universal Studios. Furthermore, with convenient access to the 110, 134, and 210 Freeways, the property offers a central location to the Greater Los Angeles region is only nine miles from DTLA. While the current ownership has diligently maintained the property and has been conscientious to maintain fair rents, current rents are approximately 14% below market, presenting a new owner with both stability and the opportunity to increase rents to market upon vacancy. The property is subject to recent Pasadena Rent Control restrictions, but rollbacks are not required (buyer to independently confirm). Given the property's healthy real estate fundamentals, which includes its outstanding Pasadena location, desirable unit mix, and turnkey building condition, 953-961 S Marengo Ave is a solid investment for an investor seeking growth and a hedge against inflation.