1385, 1387, 1389 N. Marengo Ave. Pasadena, CA 91103 Marketing Package
1385, 1387, 1389 N. Marengo Ave.Pasadena, CA 91103Marketing Package
Presented By:
Presented By:
Kenny StevensPrincipalDRE: [email protected] Huntington Library
San Gabriel Mountains
Colorado St. Bridge
Tree-Lined StreetsOld-Town Pasadena
Rose Bowl
1385, 1387, 1389Marengo Ave.
Neighborhood Overview
City DescriptionNearby DevelopmentsLocal Hotspots
Property Description
Comparables
Sales ComparablesRental Comparables
Financials
Set-UpsRent Roll
We sweatthe details,
so you don’thave to.
NeighborhoodOverview
Introducing:
The Crown of the ValleyPasadena, CALocated at the foot of the picturesque San Gabriel Mountains, Pasadena is a charming
With a nationally recognized quality of life, Pasadena ranks amongst the Top 100 Liveable
Cities in America and Top 25 Most Walkable Cities in California. Pasadena is connected
access to additional LA hotspots such as Santa Monica, the South Bay and Hollywood.
Home to the world-famous Rose Bowl and Tournament of Roses Parade, Pasadena holds
onto its small-town feel while attracting a growing number of modern boutiques and
foodie destinations. The main artery, Colorado Boulevard, has seen a cultural renaissance
over the past decade to feature name brand shopping destinations and critically
reviewed restaurants. Despite its modern transformation to a culinary and shopping
friendly environment.
Pasadena is comprised of families holding high-income positions in numerous industries,
who seek comfort in a close-knit community who are still attracted to the modern
amenities of a large city.
NearbyDevelopmentsTheo ApartmentsUnveiled by KTGY Architecture + Planning, a new
residential complex will feature 105 residential units and
an underground parking garage accomodating 154
vehicles. Expected to open in August 2019.
The HudsonA collection of three to five-story buildings will be home
to 91 studio, one and two-bedroom apartments above
ground-floor retail space. Units will feature high ceilings,
stainless steel appliances and balconies.
MW LoftsDesigned by Tyler Gonzalez Architects, this proposed
plan will be home to a six-story edifice that is comprised
of 115 residential units and 14,000 sq. ft. of retail space.
25 W. Walnut StreetLooking to expand the footprint of Old Town Pasadena,
this project seeks to add 201 apartments (30 units of
commercial space.
THEO Apartments
MW Lofts 25 W. Walnut St.
The Hudson
1346 N. Laurel
1
2
3
4
289 N. El Molino Avenue
Address
711 E. Walnut Street
25 W. Walnut Street
678 E. Walnut Street
Theo Apartments
Name
MW Lofts
25 W. Walnut
The Hudson
105 residential units and underground parking for 154 vehicles
115 residential units and 14,000 sq. ft. of retail space
91 units (studios, one and two-bedroom units) and ground-floor retail
Notes
Nearby Developments MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.
1385 Marengo Ave.
1
2
3 4
5
1
2 3 4
Local Hotspots
THEO Apartments
MW Lofts 25 W. Walnut St.
The Hudson
Huntington GardensA collections-based reasearch and educationalinstitution which features one of the world’s greatestindependent research library, an expansive artcollection and picturesque botanical gardens.
Eaton Canyon FallsA beloved Southern California trail in the San GabrielMountains that is approximately 3.5 miles long and leads to an spectacular active waterfall.
UnionFounded by Top Chef contestant Bruce Kalman, thisnationally recognized gastropub serves Italian-influenced farm-to-table cuisine in a casual setting.
Magnolia HouseLocated near The Shops on Lake, Magnolia Houseserves a wide-ranging menu of small plates andartisinal cocktails in a chic & charming craftsman home.
Copa VidaA bright and modern co¥ee shop serving award-winning co¥ee, tea and pastries in Old Town Pasadena.
The Shops on LakeFeaturing a large variety of luxury retail stores,specialty shops, and casual dining options, The Shopson Lake create a gorgeous ambiance for local residentsand visitors.
Huntington Gardens
Magnolia House Eaton Canyon Falls
Copa VidaThe Shops on LakeUnion
1346 N. Laurel
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2
3
4
6) Hatchel Hall
3
9048 Krueger St.
1
5 6
2
3
4
3
4
5
6 1
2
1385 N. Marengo Ave.
Beloved 3.5 hiking trail located in the San Gabriel Mountains
Modern and chic lounge serving small plates and artisinal cocktails
Notes
Large outdoor promenade featuring luxury retail stores, specialty shops and casual dining options
Nationally-recognized gastropub serving farm-to-table Italian-influenced cuisine
Collections-based research and educational institution
Bright and lively co¥ee shop specializing in award-winning co¥ee and tea
3) Eaton Canyon Falls
Address
1) The Shops on Lake
5) Magnolia House
4) Union
6) Copa Vida
2) Huntington Gardens
Nearby Hotspots MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.
PropertyOverview
Property Description
Units: 3
Intersection:E. WashingtonBlvd. & LosRobles Ave.
Market:Pasadena
APN: 5729-008-014
Zoning: PSR3
Bldg Sq Ft: 4,337 SF
Lot Size Sq Ft:13,015 SF
With an attractive unit mix, this promising asset is comprised of (1) 4 bedroom
& 2 bath residence, (1) 3 bedroom & 2 bath residence and (1) 3 bedroom & 2
bath townhouse. Each spacious home features amenities that include
individual laundry hook-up, two-car garage and fenced private yard. The
middle and rear homes are upgraded with new flooring, with refreshed
linoleum in the kitchen and carpet in the living space. Despite sharing a lot,
the property provides enough space and privacy where each home feels like
its own private oasis.
An investment in 1385-1389 Marengo Avenue provides an investor the
opportunity to own three homes in Pasadena at a very attractive price,
with the potential for 30% upside in rents.
The Kenny Stevens Team is pleased to present 1385, 1387 and 1389 Marengo
Avenue. This unique value-add opportunity is comprised of three separate
single-family residences on a 13,000 square foot lot. The asset is located east
of Los Robles Avenue and north of E. Washington Blvd. in Pasadena on a
quiet residential block. Alongside several family-friendly parks and a top-
performing school, the neighborhood is ideal for families who enjoy the
tranquility of the suburbs with proximity to DTLA and a short drive to various
Los Angeles hotspots.
Front House
Back House Shared Driveway
Middle House
Front & Middle House
Front Yard of Back House Seperate Meters
Back Yard of Front House
1385 N. Marengo
1385 N. Marengo
1385 N. Marengo
210 Freeway
Old Town Pasadena
Comparables
Address
COE
Sales
Price
Units
Price/
Unit
Bldg.
Sq. Ft.
Price
Per Foot
Year
Built
Unit
Mix
Sales Comparables
1385 N. Marengo Ave.
Subject Property
$1,300,000
3 Units
$410,000
4,337 SF
$284
1980
(1) 4+2, (1) 3+2,(1) 3+2 TH
1098 N.Los Robles Ave.
06/25/2019
$1,200,000
4 Units
$300,000
2,949 SF
$407
1938
(1) 2+1, (3) 1+1
05/02/2019
$1,650,000
4 Units
$412,500
5,400 SF
$306
1931
(4) 2+1
2047 N.Raymond Ave.
1761N. Fair Oaks Ave.
On Market
$897,500
2 Units
$448,750
2,327 SF
$386
1912
(1) 4+2, (1) 2+2
1144 N.Sierra Bonita Ave.
07/16/2019
$899,000
2 Units
$449,500
1,631 SF
$551
1914
(1) 3+1, (1) 1+1
$1,500,000
1388 E. OrangeGrove Blvd.
07/31/2018
4 Units
$375,000
2,287 SF
$656
1948
(1) 2+1, (3) 1+1
1346 N. Laurel
1
2
3
4
07/31/2018
COE
Subject Property
05/02/2019
On Market
06/07/2019
06/25/2019
2) 1388 E. Orange Grove Blvd.
Address
1385 Marengo Ave.
4) 1761 N. Fair Oaks Ave.
5) 1144 N. Sierra Bonita Ave.
3) 2047 N. Raymond Ave.
1) 1098 N. Los Robles Ave.
$1,500,000
$1,230,000
$897,500
$899,000
$1,650,000
$1,200,000
SalesPrice
4 Units
3 Units
2 Units
2 Units
4 Units
4 Units
Units
$375,000
$410,000
$448,750
$449,500
$412,500
$300,000
Price/Unit
2,287 SF
4,337 SF
2,327 SF
1,631 SF
5,400 SF
2,949 SF
Bldg.Sq. Ft.
$656
$284
$386
$551
$306
$407
Price/Foot
1948
1980
1912
1914
1931
1938
Year Built
Sales Comparables MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.
2
3
45
1385 Marengo Ave.
1
2
4
3
5
RentalComparables
1) 1101 N. Summit Ave.Rent: $2,500
Unit Type: 3 Bdrm. + 2 Bath
4) 534 N. Oakland Ave.Rent: $3,400
Unit Type: 3 Bdrm. + 2 Bath
2) 173 Carlton Ave.Rent: $2,700
Unit Type: 3 Bdrm. + 2 Bath
3) 555 E. Elizabeth St.Rent: $2,950
Unit Type: 3 Bdrm. + 2 Bath
1385, 1387, 1389 N.Marengo Avenue Rent: $1,850 - $2,700
per month
Unit Type: (1) 4 + 2(1) 3 + 2(1) 3 + 2 Townhouse
Subject Property
1346 N. Laurel
1
2
3
4
Rental Comparables MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.
3 Bdrm. + 2 Bath1101 N. Summit Avenue
Address Unit Type
$2,500
3 Bdrm. + 2 Bath555 E. Elizabeth Street $2,950
3 Bdrm. + 2 Bath534 N. Oakland Avenue $3,400
3 Bdrm. + 2 Bath173 Carlton Avenue $2,700
Rent
1
2
3
4
1385 Marengo Ave.
Financials
FinancialsApproximate Building Size:
Approximate Age:
Approximate Lot Size:
1980
Zoning:
13,015 Sq. Ft.
4,337 Sq. Ft.
PSR3
Market CAP:
Price Per Sq Ft: $277
Current CAP: 3.84%
5.74%
Investment Summary
Price:
Down Payment: 43% $515,000
Number of Units: 3
Price Per Unit: $400,000
Current GRM: 15.04
Potential GRM: 11.63
Proposed Financing: $685,000
$1,200,000
Annualized Operating Data
Current Rents
Scheduled Gross Income: $79,800 $103,200
Vacancy Allowance: $2,394 3%
Gross Operating Income: $77,406
Less Expenses: $31,278 39%
Net Operating Income: $46,128
Less Loan Payment: -$38,536
Pre-Tax Cash Flow: $7,592 1.47%
Plus Principal Reduction: $12,380
Total Return Before Taxes: $19,972 3.88%
Market Rents
$3,096 3%
$100,104
$31,278 33%
$68,826
$30,290
-$38,536
5.88%
$12,380
$42,670 8.29%
Income
Total Scheduled Rent:
Monthly Scheduled Gross Income
Annual Scheduled Gross Income
1 4 + 2
3 + 21
$2,700 $3,100
Current Rents Potential Rents
Monthly Income
$2,700
$1,850 $1,850 $2,700 $2,700
3 + 2 TH 1 $2,100 $2,100 $2,800 $2,800
$3,100
$6,650
$6,650
$79,800
$8,600
$8,600
$103,200
Monthly Income
Valuation: $1,200,000
As Of 08/09/2019
Expenses*
Taxes (new): 1.25% $15,375
Insurance: $1,735
Utilities: $4,337
Repairs/Maintenance: $5,586
Professional Mgmt: $3,870
Total Expenses: $31,278
Per Sq. Ft: $7.21
P $10,426
EXPENSES ARE ESTIMATED
Misc: $750
Loan Rate: 3.85% fixed for 5 years Loan Duration: 30 years
FinancialsApproximate Building Size:
Approximate Age:
Approximate Lot Size:
1980
Zoning:
13,015 Sq. Ft.
4,337 Sq. Ft.
PSR3
Market CAP:
Price Per Sq Ft: $288
Current CAP: 3.64%
5.46%
Investment Summary
Price:
Down Payment: 46% $575,000
Number of Units: 3
Price Per Unit: $416,667
Current GRM: 15.66
Potential GRM: 12.11
Proposed Financing: $675,000
$1,250,000
Annualized Operating Data
Current Rents
Scheduled Gross Income: $79,800 $103,200
Vacancy Allowance: $2,394 3%
Gross Operating Income: $77,406
Less Expenses: $31,903 40%
Net Operating Income: $45,503
Less Loan Payment: -$37,973
Pre-Tax Cash Flow: $7,529 1.31%
Plus Principal Reduction: $12,200
Total Return Before Taxes: $19,729 3.43%
Market Rents
$3,096 3%
$100,104
$31,903 31%
$68,201
$30,227
-$37,973
5.26%
$12,200
$42,427 7.38%
Income
Total Scheduled Rent:
Monthly Scheduled Gross Income
Annual Scheduled Gross Income
1 4 + 2
3 + 21
$2,700 $3,100
Current Rents Potential Rents
Monthly Income
$2,700
$1,850 $1,850 $2,700 $2,700
3 + 2 TH 1 $2,100 $2,100 $2,800 $2,800
$3,100
$6,650
$6,650
$79,800
$8,600
$8,600
$103,200
Monthly Income
Expenses*
Taxes (new): 1.25% $15,625
Insurance: $1,735
Utilities: $4,337
Repairs/Maintenance: $5,586
Professional Mgmt: $3,870
Total Expenses: $31,930
Per Sq. Ft: $7.36
P $10,634
EXPENSES ARE ESTIMATED
Misc: $750
Valuation: $1,250,000
As Of 08/09/2019
Loan Rate: 3.85% fixed for 5 years Loan Duration: 30 years
Financials
Approximate Building Size:
Approximate Age:
Approximate Lot Size:
1980
Zoning:
13,015 Sq. Ft.
4,337 Sq. Ft.
PSR3
Market CAP:
Price Per Sq Ft: $300
Current CAP: 3.45%
5.20%
Investment Summary
Price:
Down Payment: 49% $635,000
Number of Units: 3
Price Per Unit: $433,333
Current GRM: 16.29
Potential GRM: 12.60
Proposed Financing:
Loan Rate: 3.85% fixed for 5 years Loan Duration: 30 years
$665,000
$1,300,000
Annualized Operating Data
Current Rents
Scheduled Gross Income: $79,800 $103,200
Vacancy Allowance: $2,394 3%
Gross Operating Income: $77,406
Less Expenses: $35,528 41%
Net Operating Income: $44,878
Less Loan Payment: -$37,411
Pre-Tax Cash Flow: $7,467 1.18%
Plus Principal Reduction: $12,019
Total Return Before Taxes: $19,486 3.07%
Market Rents
$3,096 3%
$100,104
$31,278 33%
$67,576
$30,165
-$37,411
4.75%
$12,019
$42,184 6.64%
Income
Total Scheduled Rent:
Monthly Scheduled Gross Income
Annual Scheduled Gross Income
1 4 + 2
3 + 21
$2,700 $3,100
Current Rents Potential Rents
Monthly Income
$2,700
$1,850 $1,850 $2,700 $2,700
3 + 2 TH 1 $2,100 $2,100 $2,800 $2,800
$3,100
$6,650
$6,650
$79,800
$8,600
$8,600
$103,200
Monthly Income
Expenses*
Taxes (new): 1.25% $16,250
Insurance: $1,735
Utilities: $4,337
Repairs/Maintenance: $5,586
Professional Mgmt: $3,870
Total Expenses: $32,528
Per Sq. Ft: $7.50
P $10,843
EXPENSES ARE ESTIMATED
Misc: $750
Valuation: $1,300,000
As Of 08/09/2019
1387
Section 8
1389
3 + 2
4 + 2
$1,850
$2,700
$2,700
$3,100
3 + 2 Townhouse $2,100 $2,8001385
Monthly Total:
Annual Total:
$6,650
$79,800
$8,600
$103,200
Unit # NotesUnit Type Current Rent Market Rent
12 month - June ‘19
12 Month - July ‘19
Renew May ‘19
Move-in Date
1535 sq. ft.
1571 sq. ft.
1214 sq. ft.
Square Footage
FinancialsRent Roll As Of 08/09/2019
Rent Roll
We sweat the details,
so you don’t have to.
DRE # 0190251
Kenny Stevens
(310) 963-7851
Thank you for the opportunity, welook forward to representing you on this listing.
If you have additional questions, please contact: