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953 S Marengo Ave, Pasadena, CA 91106
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953 S Marengo Ave Pasadena, CA 91106

$2,000,000 Sold Price as of 08/09/2024
  • 6 Beds
  • 5 Baths
  • 3,722 Sq.Ft.
Sold
$2,000,000 Sold Price as of 08/09/2024 Refinance Your Mortgage
Map preview of 953 S Marengo Ave, Pasadena, CA 91106

Property Overview: 953 S Marengo Ave Pasadena, CA has 6 bedrooms, 5 bathrooms, 3,722 living square feet and 11,887 square feet lot size. Call an Ardent Real Estate Group agent with any questions you may have.

Agent Remarks: 5% CURRENT CAP RATE AND SIGNIFICANT CAPITAL IMPROVEMENTS INCLUDING UPDATED ELECTRICAL, NEW DRAIN LINES, COPPER PLUMBING, FRESHLY PAINTED BUILDINGS WITH NEW ROOFS, AND BEAUTIFUL LANDSCAPING, LOCATED IN THE MOST DESIRABLE AREA OF PASADENA! | Built in 1946 on a large 11,887 square foot lot, 953-961 S Marengo Ave is a five-unit multifamily property, comprised of three buildings, with a total building size of 3,722 square feet. The well-maintained property is separately metered for gas and electric and offers both garage and uncovered parking. An existing pad, ideal for an ADU unit (buyer to independently confirm), separates the two front buildings from the rear structure. The property offers an ideal unit mix of a freestanding two-bedroom/one-and-one-half-bathroom front house and four one-bedroom/one-bathroom units. Units are serviced by individual water heaters, and offer central air & heat, a gas stove, a refrigerator, ceiling fans, generous storage areas, and in-unit laundry wash & dryer hookups. Select units have been renovated and offer refinished oak hardwood flooring, recessed lighting, new window coverings, and updated kitchen and bathrooms. Situated in the most desirable section of Pasadena, 953-961 S Marengo Ave is minutes from Huntington Memorial Hospital, Old Town Pasadena, The Paseo, Shops on Lake Avenue, California Institute of Technology, Art Center College of Design, Pasadena City College, Jet Propulsion Laboratory, Rose Bowl, and Huntington Botanical Gardens. Approximately 7 and 11 miles to Glendale and Burbank, respectively, 953-961 S Marengo Ave is a short commute to the nucleus of the entertainment industry, including DreamWorks Animation, The Walt Disney Studios, Warner Brother's Studios, and Universal Studios. Furthermore, with convenient access to the 110, 134, and 210 Freeways, the property offers a central location to the Greater Los Angeles region is only nine miles from DTLA. While the current ownership has diligently maintained the property and has been conscientious to maintain fair rents, current rents are approximately 14% below market, presenting a new owner with both stability and the opportunity to increase rents to market upon vacancy. The property is subject to recent Pasadena Rent Control restrictions, but rollbacks are not required (buyer to independently confirm). Given the property's healthy real estate fundamentals, which includes its outstanding Pasadena location, desirable unit mix, and turnkey building condition, 953-961 S Marengo Ave is a solid investment for an investor seeking growth and a hedge against inflation.

Listed by Priscilla Nee | BRE #01435254 | CB Richard Ellis, Inc.
Last checked: 5 minutes ago | Last updated: August 12th, 2024 | Source CRMLS | DOM: 21

Home details

Lot Sq. Ft
11,887
HOA Dues
$0/mo
Year built
1946
Garage
6 Car
Property Type:
Multi Family
Status
Sold
MLS#
24415559
City
Pasadena
County
Los Angeles
Time on Site
65 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 5
  • Total # of Buildings: 3
Unit Breakdown 1
  • # of Units: 4
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,288
  • Total Rent: $9,150
  • Pro Forma/Market Rent: $10,400
Unit Breakdown 2
  • # of Units: 1
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $3,038
  • Total Rent: $3,038
  • Pro Forma/Market Rent: $3,500
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5%
  • Gross Rent Multiplier: 13.85
  • Gross Scheduled Income: --
  • Net Operating Income: $101,245
  • Gross Operating Income: $141,868
Annual Expense Breakdown
  • Total Operating Expense: --
  • New Taxes: $23,766
  • Trash: $1,800
  • Gardener: $1,800
  • Insurance: $5,583
  • Maintenance: $3,250
  • Water/Sewer: $2,400
  • Other Expenses: $1,125

Property Details for 953 S Marengo Ave

Interior Features
Cooling Information
  • Has Cooling
  • Central Air
Heating Information
  • Has Heating
  • Central
Laundry Information
  • Has Laundry
  • Stackable
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Carpet, Tile
Kitchen Information
  • Has Appliances
  • Refrigerator, Range
Interior Features
  • Levels: Multi/Split
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Garage Spaces: 6
  • # of Parking Spaces: 7
  • Has Parking
  • Parking Features: Garage - Single Door, Uncovered
Lot Information
  • Lot Size Source: Assessor
Property Information
  • Total # of Units: 5
  • Parcel Number: 5720017007
  • Year Built Source: Assessor
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Located immediately west of Arroyo Parkway, between California Boulevard and Glenarm Street
View more facts & features

Local Pasadena Agent

Sale History for 953 S Marengo Ave

Last sold for $2,000,000 on August 9th, 2024

  • August, 2024

  • Aug 9, 2024

    Date

    Sold

    CRMLS: 24415559

    $2,000,000

    Price

  • Jul 15, 2024

    Date

    Active

    CRMLS: 24415559

    $2,025,000

    Price

  • January, 2024

  • Jan 2, 2024

    Date

    Expired

    CRMLS: 23264407

    $2,375,000

    Price

  • Apr 27, 2023

    Date

    Active

    CRMLS: 23264407

    $2,450,000

    Price

  • Listing provided courtesy of CRMLS

    Built in 1946 on a large 11,887 square foot lot, 953 S Marengo Ave is a five-unit multifamily property, comprised of three buildings, with a total building size of 3,722 square feet. The well-maintained property is separately metered for gas and electric and offers both garage and uncovered parking. The grounds are beautifully landscaped, and the freshly painted buildings have new roofs. An existing pad, ideal for an ADU unit (buyer to independently confirm), separates the two front buildings from the rear structure. The property offers an ideal unit mix of a freestanding two-bedroom/one-bathroom front house and four one-bedroom/one-bathroom units. Units are serviced by individual water heaters, and offer upgraded flooring, a gas stove, a refrigerator, central air & heat, generous storage areas, and the luxury of in-unit laundry. Select units have been renovated. Situated in the most desirable section of Pasadena, 953 S Marengo Ave is minutes from Huntington Memorial Hospital, Old Town Pasadena, The Paseo, Shops on Lake Avenue, California Institute of Technology, Art Center College of Design, Pasadena City College, Jet Propulsion Laboratory, Rose Bowl, and Huntington Botanical Gardens. Approximately 7 and 11 miles to Glendale and Burbank, respectively, 953 S Marengo Ave is a short commute to the nucleus of the entertainment industry, including DreamWorks Animation, The Walt Disney Studios, Warner Brother's Studios, and Universal Studios. Furthermore, with convenient access to the 110, 134, and 210 Freeways, the property offers a central location to the Greater Los Angeles region is only nine miles from DTLA. While the current ownership has diligently maintained the property and has been conscientious to maintain fair rents, current rents are approximately 10% below market, presenting a new owner with both stability and the opportunity to increase rents to market upon vacancy. The property is subject to recent Pasadena Rent Control restrictions, but rollbacks are not required (buyer to independently confirm). Given the property's healthy real estate fundamentals, which includes its outstanding Pasadena location, desirable unit mix, and turnkey building condition, 953 S Marengo Ave is a solid investment for an investor seeking growth and a hedge against inflation.

  • July, 2017

  • Jul 11, 2017

    Date

    Sold (Public Records)

    Public Records

    $1,700,000

    Price

  • February, 2008

  • Feb 29, 2008

    Date

    Sold (Public Records)

    Public Records

    $1,095,000

    Price

Show More

Tax History for 953 S Marengo Ave

Assessed Value (2020): $1,768,680
Year Land Value Improved Value Assessed Value
2020 $1,238,076 $530,604 $1,768,680

Home Value Compared to the Market

This property vs the competition

953 S Marengo Ave sold on August 9, 2024 for 68.75% higher than the current median sold price for the city of Pasadena which is $1,200,000. The median sold price per/sqft for Pasadena is $781 and this home is sold at $544.06 per/sqft which puts the price per square foot 30.34% lower than the current median sale per square foot for the city of Pasadena.

About 953 S Marengo Ave

Detailed summary of property

953 S Marengo Ave is a multi family that recently sold in Pasadena, CA 91106. This multi family property offered 6 bedrooms, 5 bathrooms, roughly 3,722 living square feet, and sits on an approximately 11,887 square foot lot. 953 S Marengo Ave was first listed on ArdentRealEstateGroup.com on July 16, 2024. The homeowner sold the property for $2,000,000. Home in Pasadena are selling for a median price of $1,200,000 and a median price per square foot of $781. Based on Ardent Real Estate Group's Pasadena Market Data, this home is sold 68.75% higher than the current median priced home. Local homes that are currently for sale include 5150 Ithaca Ave, 2472 N Eastern Ave and 4311 Eagle Rock Blvd. While the average home in Pasadena, CA is selling in 56 days, 953 S Marengo Ave has a days on market of 21 days. There are currently 335 homes for sale in the Pasadena real estate market and 179 of them are single family homes while 119 of them are condos and 37 are townhomes. For more information on this home for sale at 953 S Marengo Ave Pasadena, CA 91106 contact Ardent Real Estate Group and we will put you in touch with one of our Pasadena agents.

Public Facts for 953 S Marengo Ave

Public county record property details
Beds
7
Baths
5
Year built
1946
Sq. Ft.
3,722
Lot Size
11,887
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
7,8
APN
5720-017-007

The source for these homes facts are from public records.

91106 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,080,000
Median List Price/Sq.Ft.
$719
Median Sold Price
$850,000
Median Sold Price/Sq.Ft.
$753
Total Inventory
59
Median Sale to List Price %
100%
Avg Days on Market
29
Loan Type
Conventional (27.27%), FHA (0%), VA (0%), Cash (50%), Other (18.18%)

Thinking of Selling?

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(714) 706-1823

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Recently Sold Homes Near 953 S Marengo Ave

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731 S Marengo Ave, Pasadena, CA 91106
$2,157,000 Last Sold Price
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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information 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. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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