4 months on rocket

1315 N Marengo Ave, Pasadena, CA, 91103

$1,550,000

Home List Price

$10,000*

Closing Credit

0 Baths
Condo

Location

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1315 N Marengo Ave, Pasadena$1,550,000

Buyer Closing Credits

$10,000*

1.25% Loan Amount

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Property Highlights

Home TypeCondominium
ParkingAssigned, Detached Carport
Garage5 spaces
Year Built1892
HeatingWall Furnace
CoolingWall/Window Unit(s)
FireplaceNone
ViewNone
MLS #AR24121172
Lot Size0.19 Acres
StatusActive

About 1315 N Marengo Ave

This offering provides a whopping over 9% cash on cash return, ±6.77% CAP Rate and ±7.95% Proforma CAP Rate (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 a 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 (for Pasadena rent control area) of two (2) x 2bed+1bath, and Four (4) x Studio units. Four units have been upgraded with brand new flooring throughout, LED lighting, brand new kitchen with quartz countertops + new kitchen cabinets + stainless steel appliances, updated bathroom, and much more. Most of the units are very charming with high ceilings. The remaining non-upgraded 2 units provide ±20% rental upside, which upon turnover will take the current CAP Rate to a whopping ±7.61% proforma CAP Rate (buyer to verify). There is a garage space that is being rented out for an additional income. 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.

Property Details

Property Features

Property Information:

  • Architectural Style: Colonial
  • Year Built: 1892
  • Stories: 2

Listing Office:

  • Office Name: Growth Investment Group Pasade
  • Office Phone: (626) 594-4900
  • Listing Agent: Han Chen

Interior Features

Interior Information:

  • Appliances: Disposal, Gas Range, Refrigerator, Range Hood
  • Flooring Type: Vinyl, Wood
  • Fireplace: None

Exterior Features

Exterior Information:

  • Private Pool: No
  • View: None

Parking Information:

  • Garage Space: 5 spaces
  • Parking: Assigned, Detached Carport

Lot Features

Lot Information:

  • Lot: Landscaped
  • Lot Size: 0.19 Acres

Utilities

Utilities Information:

  • Heating: Wall Furnace
  • Cooling: Wall/Window Unit(s)

School Info

Assigned Schools Information:

  • John Muir High School, Public District Grades 9-12
  • Marshall Fundamental, Public District Grades 6-12
  • Washington Middle School, Public District Grades 6-8
  • Washington Accelerated Elementary School, Public District Grades KG-5
  • Norma Coombs Alternative, Public District Grades KG-5
  • Don Benito Fundamental, Public District Grades KG-5

Other

Directions Information:

  • Directions: Los Robles ave, go north, make right on mountain st, left on Marengo Ave

Price Information

Listing Price Info

Price Summary:

  • List Price: $1,550,000

Tax Information:

  • Annual Amount: $11,797
  • Tax Year: 2021
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Housing Market Comparison

See how this home compares to others in Pasadena, CA.

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Pasadena, CA

City

Med. Sold Price

$1.2M

Med. Price/SqFt

$765

Avg. Days On Market

27

# of Sold Homes

86

1315 N Marengo Ave vs Pasadena

126 DAYS ON ROCKET

+99 Days

$1,550,000

+$339.8K More

KEY TAKEAWAY

This property is $339.8K more than the Median Sold Price in Pasadena, CA.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: CRMLS
  • MLS Number: #AR24121172

Listing Office:

  • Office Name: Growth Investment Group Pasade
  • Office Phone: (626) 594-4900
  • Listing Agent: Han Chen

IDX Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 10/18/2024, 4:20:51 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Listing History

Feb 21, 2020Home Sold
$1,000,000

Tax History

YEARPROP. TAXASSESSMENT
2021$11,797$1,010,360
2020$9,136$784,760
2019$1,327$769,374
2018$1,297$39,591
2017$1,297$38,815

History based on county public records data.

Payment Calculator

$7,803

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$4,713

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Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Elementary School

school-card-donut-599669
3
/10

  • Washington Accelerated Elementary School

  • 1520 N Raymond Ave

  • 0.25 miles

  • Public District Grades KG-5

school-card-donut-599670
6
/10

  • Norma Coombs Alternative

  • 2600 Paloma St

  • 2.94 miles

  • Public District Grades KG-5

school-card-donut-599671
6
/10

  • Don Benito Fundamental

  • 3700 Denair St

  • 4.26 miles

  • Public District Grades KG-5

Middle School

school-card-donut-599672
4
/10

  • Washington Middle School

  • 1505 N Marengo Ave

  • 0.19 miles

  • Public District Grades 6-8

High School

school-card-donut-599673
4
/10

  • John Muir High School

  • 1905 Lincoln Ave

  • 1.04 miles

  • Public District Grades 9-12

school-card-donut-599674
6
/10

  • Marshall Fundamental

  • 990 N Allen Ave

  • 1.97 miles

  • Public District Grades 6-12

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $35,338. The majority of Pasadena, CA residents have income less than $35k annually. The most common type of family is single, no kids. Most residents in this area have high school diploma education.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 1315 N Marengo Ave

What is the listing price of this property?

The listing price of 1315 N Marengo Ave property is $1,550,000.

What type of property is this?

The property 1315 N Marengo Ave is a condo located in Pasadena, California, 91103.

Is this property for sale now?

Active Listing: 1315 N Marengo Ave is For Sale (Active/New) which means the seller is accepting offers.

What are the assigned schools for this property?

The assigned schools for 1315 N Marengo Ave are:
Washington Accelerated Elementary School: GreatSchools Rating 3/10
Norma Coombs Alternative: GreatSchools Rating 6/10
Don Benito Fundamental: GreatSchools Rating 6/10
Washington Middle School: GreatSchools Rating 4/10
John Muir High School: GreatSchools Rating 4/10
Marshall Fundamental: GreatSchools Rating 6/10

What is the annual property tax for this property?

According to the records, the last property tax for 2021 is $11,797 (source: MLS/based on county public records data).

When was this property sold last time and for how much?

The last sale was on February 21, 2020 for $1,000,000. (source: MLS/tax record).

Which year was this property built?

The year of construction for 1315 N Marengo Ave is 1892.

Rocket Homes›California›Los Angeles County›Pasadena›91103›1315 N Marengo Ave

This home is located at 1315 N Marengo Ave in Pasadena, CA and zip code 91103 in the The Verdugos neighborhood. This home, which was built in 1892, sits on a 0.19 acre lot. It has been listed on Rocket Homes since June 13, 2024 and is currently priced at $1,550,000.

In September 2024, from all listings sold in Pasadena, CA there were more than 44 sold above asking price, over 26 sold below and more than 16 were sold right at the asked price. The inventory of homes for sale in Pasadena, CA between August 2024 and September 2024 decreased by 4.1%. The median list price of listings available in September 2024 was $1,210,116, while the average time on the real estate market was 27 days.

From Rocket Homes Real Estate and based on county public records data.

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