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About the Listing 31317 - AR45550
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 city’s 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 upgrades and share seller-owned machines. Overparked with 4 garages (ADU-ready), 2 carports, and open spaces; individually metered utilities streamline ops. The front building has a colonial architecture charm and consists of 4 units (2 x 1bed+1bath and 2 x Studio units). All 4 units have high ceiling, original hardwood floor, plenty of windows, mini-split HVAC, ceiling fans, tiled kitchen and bathroom. 1 unit has been fully upgraded with modern upgrades like newer flooring, new bathroom, new kitchen, and in-unit laundry. The back building was built in 1956 and consists of 2 x 1bed units. The bottom unit has been fully upgraded with new flooring, new kitchen, and in-unit laundry. It has large private backyard. The upstairs unit has a large private deck.
Listing Highlights
Status
Active
Days on Site
33
Property Type
Multi-Family
MLS ®
AR26043987
Year Built
1956
Total Square Footage
3,192
Lot/Acreage
0.18
County
Los Angeles
Area
647 - Pasadena (SW)
Interior Details
- Bedrooms: 1
- Bathrooms: 2 Full
- Appliances: Freezer, Disposal, Gas Oven, Gas Range, Refrigerator, Water Heater, Dryer, Washer
- Air Cond: Wall/Window Unit(s)
- Heating: Wall Furnace
- Fireplaces:
- Floor: Vinyl,Wood
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other: Ceiling Fan(s),Partially Furnished,Quartz Counters,Recessed Lighting,Storage,Unfurnished
- Water: Public
Exterior Details
- Lot Description: Lawn,Landscaped,Near Park,Near Public Transit,Rectangular Lot,Sprinklers Timer,Street Level,Value In Land,No Land Lease
- Garage Capacity: 4 car
- Parking Spaces: 8
- Roof: Shingle
- Others: Updated/Remodeled,2+ Total Units
- Sewer: Public Sewer
- Parking Features: Attached Carport,Assigned,Carport,Garage,Private,Uncovered
Financial Details
- Tax Amount: $28,294
- Taxes w/Assessments: N/A
- Tax/Property ID: 5720022006
- Tax Year: N/A
Payment Calculator
Monthly Payment
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Questions About..
902 S Marengo Ave Pasadena, CA 91106
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