1315 Marengo Ave Pasadena, CA 91103

This Pasadena apartment building presents a compelling value-add investment opportunity. The property, located at 1315 N Marengo Ave, features six units (two 2-bedroom/1-bathroom and four studios) totaling 3,608 square feet on an 8,410 square foot lot. Built in 1892 and renovated in 2024, the two-story building boasts a current 6.77% cap rate and a pro-forma cap rate of 7.95%, projecting a significant cash-on-cash return. The current Net Operating Income (NOI) is $104,921, with a pro-forma NOI of $123,237. Five of the six units have recently undergone upgrades, including new flooring, LED lighting, updated kitchens with quartz countertops and stainless steel appliances, and renovated bathrooms. The property includes seven parking spaces (five garages and two open spaces), individually metered utilities (electricity and gas), and a common laundry area with owner-owned machines. Situated in a desirable Pasadena location, minutes from Old Town Pasadena and the Rose Bowl, the property benefits from excellent freeway access (210, 134, and 110 freeways) and a strong demographic profile with an average household income exceeding $102,038 within a one-mile radius. Recent capital expenditures include exterior painting and security camera installation. The property is zoned RM16 and is offered fee simple. The asking price is $1,550,000, representing a price per unit of $258,333.33 and a price per square foot of $429.60. This property offers a rare combination of strong current performance and significant upside potential.