2649 Marengo St Los Angeles, CA 90033

• March, 2024

• Mar 22, 2024

  Date

  Active

  CRMLS: PW24056719

  $6,350,000

  Price

• April, 2022

• Apr 23, 2022

  Date

  Canceled

  CRMLS: 21105793

  $6,395,000

  Price

• Nov 16, 2021

  Date

  Active

  CRMLS: 21105793

  $6,395,000

  Price

• Listing provided courtesy of CRMLS

  Constructed in 1989, the property is not subject to Los Angeles rent control and features an outstanding unit mix, with 75% of the units holding two, three, or four bedrooms. Available for only $219 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents as the majority of units transition to market rates. The sprawling lot features ample parking, with approximately 46 covered and open parking spaces atop the concrete driveway. A large playground and sandbox occupy one corner of the gated complex, while each of the three apartment groupings contains its own on-site laundry room, helping to provide additional cash flow to the owner. Many of the unit interiors have been updated with wood laminate flooring, and select units feature recessed lighting, new kitchen countertops, walk-in closets, and upgraded bathrooms. The property is conveniently located less than a half-mile from the LAC+USC Medical Center and the Keck School of Medicine campus, a major employer for the surrounding area. Upcoming redevelopment projects are slated to expand the medical center, with plans including a new Restorative Care Village, new housing for 272 graduate students, and a new Hyatt Place hotel. Another new 81-unit hotel is nearly complete only a quarter-mile from 2649 Marengo Street, as the neighborhood receives an influx of capital from optimistic investors. Tenants also enjoy convenient access to the 5, 10, 60, 101, and 710 Freeways, which are each within approximately two miles of the property. Downtown Los Angeles, Dodger Stadium, Staples Center, and L.A. Live are all within a 10-minute drive from the building, while tenants can easily travel to the trendy Arts District for its new dining and entertainment options.

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• August, 2021

• Aug 5, 2021

  Date

  Withdrawn

  CRMLS: PW21158096

  $6,100,000

  Price

• Jul 20, 2021

  Date

  Active

  CRMLS: PW21158096

  $6,100,000

  Price

• Listing provided courtesy of CRMLS

  2649 Marengo Street is a 24-unit apartment property for sale in Los Angeles’ Boyle Heights neighborhood. The property’s recent expiration of rent restrictions presents a new investor with the rare opportunity to reposition the property to a market-rate asset and add significant value. 2649 Marengo Street is a three-story, 29,096-square foot 1988 construction with a very desirable mix of six one-bed/one-bath, 10 two-bed/one-bath, six three-bed/two-bath, and two four-bed/two-bath units. Each building has its own laundry room, and the property also offers a playground, 29 surface parking spots, and 22 tuck-under parking spots. Located in Boyle Heights, the property has easy access to Downtown Los Angeles’ entertainment and major employers, such as the nearby USC Medical Center. Massive expansion projects have been underway at the medical campus, including a new “Restorative Care Village”, a new Hyatt Place hotel, and new student housing for 272 graduate students. Boyle Heights’ proximity to Downtown has also made it a target of redevelopment in recent years, and a new 81-room hotel at the corner of Soto and Pomeroy is nearly complete just a quarter-mile from the subject property.

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• April, 2021

• Apr 27, 2021

  Date

  Expired

  CRMLS: 19494264

  $6,360,000

  Price

• Apr 27, 2021

  Date

  Withdrawn

  CRMLS: 19494264

  $6,360,000

  Price

• Dec 24, 2019

  Date

  Active Under Contract

  CRMLS: 19494264

  $6,360,000

  Price

• Jul 30, 2019

  Date

  Active

  CRMLS: 19494264

  $6,360,000

  Price

• Listing provided courtesy of CRMLS

  We are pleased to announce the sale of 2649 Marengo Street, a rare opportunity to purchase a mid-size multifamily property with expiring covenants that had previously been restricting rents. Constructed in 1988, the property is not subject to Los Angeles rent control and features an outstanding unit mix, with 75% of the units holding two, three, or four bedrooms. Available for only $218 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents if the existing rent covenants expire.The sprawling lot features ample parking, with approximately 46 covered and open parking spaces atop the concrete driveway. A large playground and sandbox occupy one corner of the gated complex, while each of the three apartment groupings contains its own on-site laundry room, helping to provide additional cash flow to the owner.

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• August, 2011

• Aug 1, 2011

  Date

  Sold (Public Records)

  Public Records

  $1,875,000

  Price

• May, 2010

• May 14, 2010

  Date

  Sold (Public Records)

  Public Records

  --

  Price

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