917-933 N Marengo Ave
Multifamily | 2.65% CAP | 6 Units
Marketing description
Kidder Mathews is pleased to exclusively present 917-933 N Marengo Ave, a rare 6-unit value-add multifamily offering located in the highly sought-after Pasadena submarket.
Offered for the first time in over 23 years, the property presents investors with a unique opportunity to acquire a long-term ownership asset in one of Pasadena's most stable and desirable rental markets.
Built in 1947, the property consists of a quadruplex and duplex totaling approximately 3,834 rentable square feet on a large 15,124 square foot PSR1-zoned lot. The unit mix includes four (4) one-bedroom/one-bath units and two (2) two-bedroom/one-bath units. Each unit features in-unit laundry and wall-unit air conditioning. The property also offers driveway access and six (6) garage parking spaces, providing valuable on-site parking in a market where parking is highly desirable.
917-933 N Marengo Ave represents an ideal value-add investment opportunity with meaningful upside potential. Current rents are below market, allowing a new investor the opportunity to eventually renovate units, improve operations, and increase rental income as units turn. Additionally, the property's large lot may provide potential for future ADU development, creating an opportunity to further enhance income and long-term value. Buyer to independently verify ADU feasibility and development potential.
The property is ideally positioned in one of Pasadena's most established residential neighborhoods, just east of the 210 Freeway and north of Mountain Avenue. Residents benefit from convenient access to Old Pasadena, Downtown Pasadena, the Rose Bowl, Pasadena City College, Caltech, major employment centers, and the area's premier shopping, dining, and entertainment amenities. With strong tenant demand, limited multifamily inventory, and long-term appreciation fundamentals, 917-933 N Marengo Ave offers investors a rare opportunity to acquire a value-add multifamily asset in a premier Pasadena location.
Investment highlights
- Rare Pasadena Value-Add Offering - First time on the market in over 23 years, providing investors with a rare opportunity to acquire a long-term ownership asset in the highly sought-after Pasadena submarket.
- Prime Location Near Old Pasadena & Downtown Pasadena - Ideally located near Old Pasadena, Downtown Pasadena, the Rose Bowl, Pasadena City College, Caltech, and Pasadena's premier retail, dining, and entertainment destinations.
- Significant Rental Upside - Current rents are below market, creating the opportunity to renovate units over time and capture higher market rents as units turn.
- Large 15,124 SF Lot with ADU Potential - Oversized lot provides long-term flexibility and potential future ADU upside, allowing an investor to potentially increase income and overall value. Buyer to independently verify ADU feasibility.
- Desirable Low-Density Layout - Property consists of a quadruplex and duplex, offering a more residential feel compared to larger apartment buildings.
- Well-Balanced Unit Mix - Unit mix includes four (4) one-bedroom/one-bath units and two (2) two-bedroom/one-bath units, appealing to a broad tenant base.
- In-Unit Laundry & Wall-Unit A/C - Each unit features in-unit laundry and wall-unit air conditioning, providing tenants with highly desirable in-unit amenities.
- Six Garage Parking Spaces - The property offers driveway access and six (6) garage parking spaces, a valuable tenant amenity in a parking-constrained Pasadena rental market.
- Excellent Regional Connectivity - Located just east of the 210 Freeway, providing convenient access to surrounding San Gabriel Valley communities and the Greater Los Angeles area.
- Strong Long-Term Appreciation Fundamentals - Pasadena benefits from high barriers to entry, limited multifamily supply, strong renter demand, and proximity to major education, employment, and lifestyle drivers.
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