1385 N Marengo Avenue, Pasadena, California 91103, Pasadena, 91103 - bed, bath

1385 N Marengo Avenue, Pasadena, California 91103 home-pic-0
ACTIVE$2,750,000
1385 N Marengo Avenue, Pasadena, California 91103
0Bed
0Bath
4,937Sqft
13,020Lot

Price Vs. Estimate

The estimated value ($2,746,571.255) is $3,428.745 (0%) lower than the list price ($2,750,000). This property may be overpriced.

Key pros and cons

Top Pros:
Development Potential: The property is zoned RM-32 and sits on a substantial 13,020 sqft lot, allowing for significant future development up to 10 units, presenting a strong long-term investment opportunity.
Top Cons:
Property Age & Potential Infrastructure Concerns: Built in 1980, the underlying structures are over 40 years old, which may lead to unforeseen maintenance or upgrade requirements for major systems despite recent cosmetic renovations.

Compared to the nearby listings

Price:$2.75M vs avg $1.38M (+$1,367,500)73%
Size:4,937 sqft vs avg 1,902 sqft95%
Price/sqft:$557 vs avg $9428%

More Insights

Built in 1980 (45 years old).
Condition: Despite being built in 1980, the property has undergone a comprehensive and recent renovation, as explicitly stated in the description ('fully upgraded multi-family property') and visually confirmed by the images. All units feature modern kitchens with sleek blue islands, stone countertops, matching backsplashes, and stainless steel appliances. Bathrooms are updated with new white shower and floor tiles, contemporary vanities, and modern fixtures. Newer LVP flooring and recessed lighting are consistent throughout the living areas and bedrooms. The exterior also appears well-maintained with modern AC units and updated landscaping. The overall condition reflects a property where all components are new or virtually new, meeting current quality standards with no visible deferred maintenance, aligning perfectly with the 'Excellent' criteria for an extensively renovated property within the last 5 years.
Year Built
1980
Close
-
List price
$2.75M
Original List price
$2.45M
Price/Sqft
$557
HOA
-
Days on market
-
Sold On
-
MLS number
CV25197857
Home ConditionExcellent
Features
Patio
View-

About this home

**RARE MULTI-FAMILY PROPERTY FOR SALE- ZONED RM-32 & IS SITUATED ON A LOT SIZE OF 13,020 SQFT ALLOWING FOR FUTURE DEVELOPMENT UP TO 10 UNIT***Attention investors and retirees! Don’t miss this rare opportunity to own a fully upgraded multi-family property in the heart of coveted Pasadena! This investment opportunity currently includes TWO SFR'S & 2 APARTMENTS ALL WITH THEIR WITH OWN PARKING! It’s ideally located near iconic landmarks like the Rose Bowl, Descanso Gardens, Arroyo Canyon trails, and Kidspace Children’s Museum. Upscale shopping, fine dining, and vibrant nightlife on Colorado Blvd are just 1.5 miles away too! The front building houses two spacious 1,036 sq ft apartments. Each features a modern kitchen with a sleek blue island, stone countertops, matching backsplash, and stainless steel appliances. The bathrooms have new white shower and floor tiles, updated vanities, and contemporary fixtures. The Newer flooring and fixtures add to the timeless aesthetics. Unit comes with designated parking spaces. This property also includes two standalone homes behind the apartment structures-A RARE FIND! The middle unit is an SFR, at 1,216 sq ft, offers three bedrooms, one full bathroom, and a private two-car garage. The rear unit (SFR), spanning 1,649 sq ft, includes four bedrooms, two bathrooms, and another private two-car garage. This is the largest and most private unit, boasting an upgraded kitchen and bathrooms showcasing modern tiles, new vanities, and updated fixtures. You’ll love the beautifully designed yard, enclosed with durable vinyl fencing… perfect for kids, pets, or family gatherings. Buyers will appreciate the poured concrete throughout the common areas and additional parking spaces, along with energy-efficient upgrades to ensure low utility costs. Live in any of the units and rent out the rest! Fully rented generates high annual income after reasonable expenses. This is a once-in-a-lifetime investment in a prime location. Don’t blink or you’ll miss it!

Condition Rating
Excellent

Despite being built in 1980, the property has undergone a comprehensive and recent renovation, as explicitly stated in the description ('fully upgraded multi-family property') and visually confirmed by the images. All units feature modern kitchens with sleek blue islands, stone countertops, matching backsplashes, and stainless steel appliances. Bathrooms are updated with new white shower and floor tiles, contemporary vanities, and modern fixtures. Newer LVP flooring and recessed lighting are consistent throughout the living areas and bedrooms. The exterior also appears well-maintained with modern AC units and updated landscaping. The overall condition reflects a property where all components are new or virtually new, meeting current quality standards with no visible deferred maintenance, aligning perfectly with the 'Excellent' criteria for an extensively renovated property within the last 5 years.
Pros & Cons

Pros

Development Potential: The property is zoned RM-32 and sits on a substantial 13,020 sqft lot, allowing for significant future development up to 10 units, presenting a strong long-term investment opportunity.
Income-Generating Multi-Family: Comprising two SFRs and two apartments, the property offers diverse rental income streams and the flexibility for an owner to occupy one unit while generating revenue from the others.
Prime Pasadena Location: Strategically located near iconic landmarks like the Rose Bowl, Descanso Gardens, and vibrant Colorado Blvd, enhancing its appeal to tenants and contributing to strong property value.
Extensive Unit Upgrades: All units have been fully upgraded with modern kitchens (sleek islands, stone countertops, stainless steel appliances) and updated bathrooms, reducing immediate renovation needs for a new owner.
Ample Parking & Common Areas: Each unit includes designated parking, with additional spaces and poured concrete common areas, providing convenience and functionality for residents and visitors.

Cons

Property Age & Potential Infrastructure Concerns: Built in 1980, the underlying structures are over 40 years old, which may lead to unforeseen maintenance or upgrade requirements for major systems despite recent cosmetic renovations.
Intensive Management Required: Operating a multi-family property with four distinct units demands significant time, effort, and experience in tenant management, maintenance coordination, and property oversight.
Recent Price Increase: The listing price recently increased from $2.45M to $2.75M, which could indicate an aggressive pricing strategy or a re-evaluation that might narrow the pool of potential buyers.

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