Property Detail

Description

Prime 6-Unit Multifamily in Pasadena's Coveted Madison Heights Walk Score 86, Steps from ArtCenter College of Design campus, Huntington Hospital, Whole Foods, Old Pasadena, and Metro Gold Line. 5% CAP Rate in an A-Class Location Fantastic Demographics, Nearby many new Townhomes/Condominiums, 4 car garage prime for 2 ADUs, Many CAPEX Completed. 902 S Marengo Ave, a rare 6-unit multifamily gem in Pasadena's elite Madison Heights neighborhood. This property represents a rare "Value-Add" play in a Class-A location, offering a high 5% CAP rate with significant potential for further appreciation through ADU development and long-term improvements. This garden-style asset sits in an A-location, steps from ArtCenter College of Design, Whole Foods, Shake Shack, and a short walk to Old Pasadena's vibrant scene, the Pasadena Playhouse, and Metro Gold Line. With a Walk Score of 86, Fantastic Demographics of $163k in a-mile radius, and proven appeal to high-caliber tenants (including international ArtCenter students and Caltech professionals), it delivers effortless leasing and superior retention most units rent to young pros seeking walkable luxury. Built in 1928 (fourplex) and 1956 (duplex) per online permits from citys website, the 3,192 SF property on a 7,749 SF lot boasts timeless charm: high ceilings, abundant windows, original hardwoods in the front building, plus modern touches like mini-split HVAC, upgraded electrical, and recent exterior paint. Unit mix includes 4 x 1BD/1BA and 2 x large studios. Two units fully renovated with in-unit laundry; others feature targeted upgrade