2649 Marengo Street

    Los Angeles (City), CA 90033
    • $6,360,000
    • STATUS: Active
    • ON SITE: 76 days
    • ID#: 19494264
    UPDATED: 35 min ago
    $6,360,000
    • 0
      BEDS
    • 0.68
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 29,096
      SQFT
    • $219
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1988
    County:

    School Ratings & Info

    Description

    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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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-15T22:34:36.36. 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 deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
    www.teamforss.com/homes/97402053

    2649 Marengo Street Los Angeles (City), CA 90033

    • Price: $6,360,000
    • Status: Active
    • Updated: 35 min ago
    • ID#: 19494264
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.68
    Acres
    29,096
    SQFT
    $219
    $/SQFT
    1988
    Built
    Neighborhood:
    BOYH - Boyle Heights
    County:
    Los Angeles
    Area:
    BOYH - Boyle Heights
    Property Description
    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.
    Exterior Features

    Lot Features Sprinklers None Lot Size Source Assessor Lot Size Units Square Feet Parking Features Covered Parking YN Yes

    Interior Features

    Cooling See Remarks Cooling YN Yes Laundry Features See Remarks

    Property Features

    Cap Rate 7.73 Gross Multiplier 9.06 Gross Operating Income 702338.00 Improvements Amount 1379881 Land Value 649355 Laundry YN Yes Net Operating Income 491481.00 Special Listing Conditions Standard Total Expenses 189894.00 Zoning Lard1.5

    Listing provided courtesy of Roderick 'Rick' Raymundo of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-10-15T22:34:36.36. 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 deemed reliable but is not guaranteed accurate by the MLS or Allison James Estates and Homes. Licensed in the State of California, USA.
     
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