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 zoned CD-RM-48.Ideally located just north of E. Del Mar Blvd. and east of S. Arroyo Parkway, 275 S. Marengo Avenue is at the heart of the Civic Center district. The property is one block south of the Pasadena Convention Center and Civic Auditorium, and just minutes from The Paseo a vibrant, open-air shopping destination featuring a central promenade, national retailers, restaurants, a concert venue, and a movie theater. Also nearby are the California Institute of Technology and Huntington Hospital, both within one mile, as well as the neighboring districts of Old Town Pasadena, the Playhouse District, and HeArt.Tenants benefit from exceptional regional connectivity with on-ramps to the 134, 210, and 110 freeways all within a five-minute drive offering convenient access to Los Angeles, the San Fernando Valley, and the San Gabriel Valley.