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2649 Marengo Street

Los Angeles (City), CA 90033
  • $6,395,000
  • STATUS: Active
  • ON SITE: 8 Days
  • ID#: 21105793
UPDATED: 63 min ago
$6,395,000
  • 0
    BEDS
  • 0.68
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1989
County:

School Ratings & Info

Listing provided courtesy of Roderick 'Rick' Raymundo of Marcus & Millichap and Oscar Diaz of Marcus & Millichap

Description

Constructed in 1989, 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 $219 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents as the majority of units transition to market rates. 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. Many of the unit interiors have been updated with wood laminate flooring, and select units feature recessed lighting, new kitchen countertops, walk-in closets, and upgraded bathrooms. The property is conveniently located less than a half-mile from the LAC+USC Medical Center and the Keck School of Medicine campus, a major employer for the surrounding area. Upcoming redevelopment projects are slated to expand the medical center, with plans including a new Restorative Care Village, new housing for 272 graduate students, and a new Hyatt Place hotel. Another new 81-unit hotel is nearly complete only a quarter-mile from 2649 Marengo Street, as the neighborhood receives an influx of capital from optimistic investors. Tenants also enjoy convenient access to the 5, 10, 60, 101, and 710 Freeways, which are each within approximately two miles of the property. Downtown Los Angeles, Dodger Stadium, Staples Center, and L.A. Live are all within a 10-minute drive from the building, while tenants can easily travel to the trendy Arts District for its new dining and entertainment options.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-11-26T17:26:27.237. 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 The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
www.themarellygroup.com/homes/123351566
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2649 Marengo Street Los Angeles (City), CA 90033

  • Price: $6,395,000
  • Status: Active
  • On Site: 8 Days
  • Updated: 63 min ago
  • ID#: 21105793
0
Beds
0
Baths
0
½ Baths
0.68
Acres
1989
Built
Neighborhood:
BOYH - Boyle Heights
County:
Los Angeles
Area:
BOYH - Boyle Heights
Property Description
Constructed in 1989, 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 $219 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents as the majority of units transition to market rates. 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. Many of the unit interiors have been updated with wood laminate flooring, and select units feature recessed lighting, new kitchen countertops, walk-in closets, and upgraded bathrooms. The property is conveniently located less than a half-mile from the LAC+USC Medical Center and the Keck School of Medicine campus, a major employer for the surrounding area. Upcoming redevelopment projects are slated to expand the medical center, with plans including a new Restorative Care Village, new housing for 272 graduate students, and a new Hyatt Place hotel. Another new 81-unit hotel is nearly complete only a quarter-mile from 2649 Marengo Street, as the neighborhood receives an influx of capital from optimistic investors. Tenants also enjoy convenient access to the 5, 10, 60, 101, and 710 Freeways, which are each within approximately two miles of the property. Downtown Los Angeles, Dodger Stadium, Staples Center, and L.A. Live are all within a 10-minute drive from the building, while tenants can easily travel to the trendy Arts District for its new dining and entertainment options.
Exterior Features

Parking Features Covered Parking Total 46

Property Features

Association Fee 0 Gross Income 285192 Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 80895 New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning Lard1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-11-26T17:26:27.237. 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 The Marelly Group | Sentry Residential. Licensed in the State of California, USA.
 
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The Marelly Group | Sentry Residential
5256 South Mission Rd, Suite 1006
Bonsall CA, 92003
Listing provided courtesy of Roderick 'Rick' Raymundo of Marcus & Millichap and Oscar Diaz of Marcus & Millichap