NOT LISTED FOR SALE

642 S Marengo Ave Pasadena, CA 91106

Madison Heights Neighborhood

Estimated Value: $4,534,953

2 Beds
1 Bath
4,620 Sq Ft
$982/Sq Ft Est. Value

Last Sold March 01, 2017

Last sale price $3,100,000 $671 Per Sq Ft

Est. 46% increase in value since last sale

Current estimated payment $27,151/month

18 Days on Market

About This Home

As of March 2017

Bridge Investment Group is pleased to present an opportunity to purchase a 7-unit, bungalow-style apartment complex in a prime Pasadena location. 642 S. Marengo is situated in the Madison Heights are of Pasadena, just one block from the Filmore Station Metro Gold Line, and just three blocks from Old Pasadena.

Dubbed “Cottage Court”, the subject property was added to the National Register of Historic Places on July 11, 1983. Built in 1923, it consists of seven 2-bed/1-bath detached bungalow apartments surrounding a narrow courtyard. The apartment homes were designed in the Colonial Revival Style featuring gable roofs with wide eaves and recessed porches with supporting columns. There are a total 15 parking spaces: 5 carports, 9 open spaces, and 1 handicap space.

Last Agent to Sell the Property

Kevin Lutz

Keller Williams Realty/Pasadena License #00925595 Listed on: 01/09/2017

Keller Williams Realty/Pasadena

Last Buyer's Agent

Juliet Yang

KINGSTON REALTY License #01107369

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1923

Lot Details

  • 0.43 Acre Lot
  • No Common Walls
  • Density is up to 1 Unit/Acre

Home Design

  • 4,620 Sq Ft Home

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 1 Bathroom

Parking

  • 9 Open Parking Spaces
  • 14 Parking Spaces
  • 5 Carport Spaces

Listing and Financial Details

  • Tax Lot 021
  • Tax Tract Number 27
  • Assessor Parcel Number 5720027021

Community Details

Overview

  • 7 Buildings
  • 7 Units

Building Details

  • 8 Separate Electric Meters
  • 8 Separate Gas Meters
  • 8 Separate Water Meters
  • Gardener Expense $1,800
  • Insurance Expense $2,667
  • Maintenance Expense $16,608
  • Other Expense $7,485
  • Trash Expense $2,100
  • New Taxes Expense $35,965
  • Operating Expense $66,625
  • Gross Income $201,372
  • Net Operating Income $134,747

Property Details

Home Type

Multi-Family

Year Built

Built in 1923

Lot Details

0

Listing Details

  • CapRate: 4.21
  • Property Attached: No
  • Zoning: PSC*
  • Property Type: Residential Income
  • Gardener Expense: 1800.00
  • Parcel Number: 5720027021
  • Year Built: 1923
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Common Walls: No Common Walls
  • Price Per Square Foot: 671.00

Exterior Features

  • Pool Private: No

Garage/Parking

  • Carport Spaces: 5.00
  • Total Parking Spaces: 14.00
  • Uncovered Spaces: 9.00

Utilities

  • Sewer: Other
  • Trash Expense: 2100.00
  • Water Source: Other

Condo/Co-op/Association

  • Community Features: Curbs

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: 0-1 Unit/Acre
  • Lot Size Sq Ft: 18887.00

Multi Family

  • Gross Income: 201372.00
  • Gross Multiplier: 15.41
  • Gross Scheduled Income: 207600.00
  • Insurance Expense: 2667.00
  • Maintenance Expense: 16608.00
  • Maintenance Percent: 8.00
  • Net Operating Income: 134747.00
  • Number Of Separate Electric Meters: 8
  • Number Of Separate Gas Meters: 8
  • Number Of Separate Water Meters: 8
  • Number Of Units Total: 7
  • Operating Expense: 66625.00
  • Other Expense: 7485.00
  • Rent Control: No
  • Total Expenses: 66625.00
  • Vacancy Allowance Rate: 3.00

Tax Info

  • New Taxes Expense: 35965.00
  • Tax Census Tract: 4640.00
  • Tax Lot: 021
  • Tax Tract Number: 027

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Sep 19, 2019
Sold by
Hui Koon Y
Bought by
Marengo Cottage Llc
Current Estimated Value
$4,534,953

Purchase Details

Listed on
Jan 9, 2017
Closed on
Mar 10, 2017
Sold by
Hui Koon Y
Bought by
Marengo Cottage Llc
Seller's Agent
Kevin Lutz
Keller Williams Realty/Pasadena
Buyer's Agent
Juliet Yang
KINGSTON REALTY
List Price
$3,200,000
Sold Price
$3,100,000
Premium/Discount to List
-$100,000
-3.12%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
4.40%

Purchase Details

Listed on
Jan 9, 2017
Closed on
Jan 31, 2017
Sold by
Marengo Trio Llc
Bought by
Hui Koon Y and Luong Linda
Seller's Agent
Kevin Lutz
Keller Williams Realty/Pasadena
Buyer's Agent
Juliet Yang
KINGSTON REALTY
List Price
$3,200,000
Sold Price
$3,100,000
Premium/Discount to List
-$100,000
-3.12%

Purchase Details

Closed on
Sep 21, 2015
Sold by
Jewish Family Service Of Los Angeles
Bought by
Marengo Trio Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,550,000
Interest Rate
3.73%
Mortgage Type
Credit Line Revolving

Purchase Details

Closed on
Jun 29, 2012
Sold by
Jewish Family Service Of Los Angeles
Bought by
Jewish Family Service Of Los Angeles
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Marengo Cottage Llc -- None Available
Hui Koon Y -- None Available
Hui Koon Y -- None Available
Marengo Cottage Llc -- None Available
Hui Koon Y $3,100,000 North American Title
Marengo Trio Llc $4,250,000 Chicago Title
Jewish Family Service Of Los Angeles -- None Available
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Marengo Trio Llc $2,550,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/01/2017 03/01/17 Sold $3,100,000 -3.1% $671 / Sq Ft
01/27/2017 01/27/17 Pending -- -- --
01/09/2017 01/09/17 For Sale $3,200,000 -- $693 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $40,687 $3,597,810 $2,518,469 $1,079,341
2024 $40,687 $3,527,266 $2,469,088 $1,058,178
2023 $40,342 $3,458,105 $2,420,675 $1,037,430
2022 $38,941 $3,390,300 $2,373,211 $1,017,089
2021 $37,237 $3,323,825 $2,326,678 $997,147
2020 $35,742 $3,289,744 $2,302,821 $986,923
2019 $35,842 $3,225,240 $2,257,668 $967,572
2018 $36,411 $3,162,000 $2,213,400 $948,600
2016 $20,330 $1,700,000 $1,190,000 $510,000
2015 $1,285 $1,305,853 $913,564 $392,289
2014 $1,298 $1,280,274 $895,669 $384,605
Source: Public Records

Agents Affiliated with this Home

  • Kevin Lutz

    Seller's Agent in 2017

    Kevin Lutz

    Keller Williams Realty/Pasadena

    (626) 429-0685

    2 in this area

    19 Total Sales

    Kevin Lutz
    Section Image

  • J

    Buyer's Agent in 2017

    Juliet Yang

    KINGSTON REALTY

    Section Image
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Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: WS17005267

California Regional Multiple Listing Service (CRMLS)

APN: 5720-027-021

California Los Angeles County Pasadena 91106 Madison Heights

642 S Marengo Ave, Pasadena, CA

Not Listed for Sale

MultiFamily

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