892 S Marengo, Pasadena, California 91106, Pasadena, 91106 - 0 bed, 0 bath
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Pasadena, California 91106
This Multi-Unit Development Asset is listed at $1,998,000, representing a stable entry point at its $1,936,961 Fair Market Value. While the current triplex has a Condition Rating of 5, the property offers significant upside due to its RM-32 Zoning on a 12,342 sq. ft. lot. Situated in the prestigious Madison Heights neighborhood within the Pasadena Unified School District, the site allows for a potential 9-unit project with Mountain Views. Market trends in this area show strong demand for high-density residential growth. This asset is an ideal acquisition for Developers or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 892 S Marengo Subject | $1,998,000* List Price | 0 | 0 | 2,556 | $758 | - |
A 761 Los Robles Sold | $2,100,000 | 4 | 3 | 2,442 | $860 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1906, this property shows clear signs of aging infrastructure and deferred maintenance, including heavily cracked concrete driveways and weathered exterior siding. The listing's primary focus on the RM-32 zoning and the potential to develop 9 units, combined with the total absence of interior photos, strongly suggests that the current structures are in poor condition and require substantial rehabilitation or are being positioned as a redevelopment opportunity.
Zoned RM-32 on an expansive 12,342 sq. ft. lot, this property offers a rare opportunity to potentially develop up to 9 units in a high-density residential zone.
Situated in one of Pasadena’s most prestigious and sought-after neighborhoods, the property ensures strong long-term appreciation and high demand from future tenants or buyers.
The property features three existing tenant-occupied units, providing immediate rental income to offset carrying costs while navigating the entitlement or permitting process.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2556, other record living area = 2462.
With the original structure dating back to 1906, the property likely requires substantial maintenance or modernization of major systems if not immediately redeveloped.
The presence of existing tenants in all three units may complicate development timelines and require compliance with local relocation ordinances and lease buyout negotiations.
Situated in the highly desirable Madison Heights neighborhood of Pasadena, this unique multi-unit property offers exceptional investment potential. Set on a spacious 12,342 sq. ft. lot and zoned RM-32, the property presents a rare opportunity for future development. According to the City of Pasadena (buyer to verify), the lot size may allow for the construction of approximately 9 units. The property currently features three separate tenant-occupied units: 894 S. Marengo: 3 bedrooms, 2 bathrooms (front house) 892 S. Marengo: 2 bedrooms, 1 bathroom 896 S. Marengo: 2 bedrooms, 1 bathroom Additional amenities include three single-car garages on site. Whether you’re looking to expand your investment portfolio, generate immediate rental income, or explore development possibilities, this property offers versatility and long-term upside in one of Pasadena’s most sought-after locations.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 2.0 | 50% |
| Baths | 0.0 | 1.0 | 50% |
| Square foot | 2,556 | 2,499 | 50% |
| Lot Size | 12,335 | 8,965 | 83% |
| Price | $2.00M | $1.90M | 50% |
| Price per sq ft | $782 | $674 | 50% |
| Built year | 1906 | 1923 | 17% |
| HOA | $0 | $0 | 50% |
| Days on market | 27 | 176 | 17% |
Mar 26, 2026
$1,998,000
Initial Listing