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2649 Marengo St

Los Angeles, CA 90033
  • $6,395,000
  • STATUS: Active
  • ON SITE: 13 Days
  • MLS #: 21-105793
UPDATED: 61 min ago
$6,395,000
  • 52
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 29,096
    SQFT
  • $220
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1989
County:

School Ratings & Info

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 the Combined LA/Westside Multiple Listing Service as of 2021-12-01T16:42:55.003. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.deserthouseseekers.com/homes/123352137
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2649 Marengo St Los Angeles, CA 90033

  • Price: $6,395,000
  • Status: Active
  • On Site: 13 Days
  • Updated: 61 min ago
  • MLS #: 21-105793
52
Beds
0
Baths
0
½ Baths
N/A
Acres
29,096
SQFT
$220
$/SQFT
1989
Built
Neighborhood:
Boyle Heights
County:
Los Angeles
Area:
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

Lot Size Area 29798 Other Structures Other Parking Garage Covered Parking Total Parking 46

Interior Features

Baths Total 32.00 Cooling Other Equipment Other Heating Other

Property Features

Gross Income 285192 Gross Operating Income 290496 Like Units1 6 Like Units2 10 Like Units3 6 Like Units4 2 Net Operating Income 80895.00 Number Of Buildings 3 Number Of Units 24 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 201046 Type Of Units Residential Year Built Source Estimated Zoning Lard1.5

Listing provided courtesy of Roderick 'Rick' Raymundo DRE#01357019 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-12-01T16:42:55.003. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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Zwemmer Realty Group | Keller Williams Realty
75486 Augusta Drive
Indian Wells CA, 92210