Marengo Apartments | 2649 Marengo St
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Marengo Apartments 2649 Marengo St
24 Unit Block of Flats £4,143,073 (£172,628/Unit) 5.38% Net Initial Yield Los Angeles, CA 90033
Investment Highlights
- 1989 Construction, 24-unit apartment complex with with massive upside potential in Los Angeles’ redeveloping Boyle Heights neighborhood
- Priced well-below replacement cost at just $182/SF
- Offered at a 5.38% current cap rate with upside to a market cap well over 12%
- This property is not subject to L.A. city rent control and falls under AB1482
- Potential to develop six ADU's (buyer to verify)
- Desirable mix of 75 percent two-, three- and four-bedroom units
Executive Summary
Marcus & Millichap is pleased to present to market 2649 Marengo Street, a 24-unit apartment property for sale in Los Angeles’ Boyle
Heights neighborhood. The property’s desirable unit mix, spacious floor plans, huge upside and ADU potential, and great location
proximate to Downtown Los Angeles amenities make this an excellent value-add opportunity.
2649 Marengo Street is a three-story, 29,096-square foot 1989 construction with a strong mix of six one-bed/one-bath, 10 two bed/one-bath, six three-bed/two-bath, and two four-bed/two-bath units. The units boast extra large floor plans, making this property an attractive rental option. Each building has its own laundry room, and the property also offers a playground, 29 surface parking spots, and 22 tuck-under parking spots.
Located in Boyle Heights, the property has easy access to Downtown Los Angeles’ entertainment and major employers, such as the
nearby USC Medical Center. Boyle Heights’ proximity to Downtown has also made it a target of redevelopment in recent years, with
nearby developments including new student housing, expansion at the medical center, a new hotel, and more.
Heights neighborhood. The property’s desirable unit mix, spacious floor plans, huge upside and ADU potential, and great location
proximate to Downtown Los Angeles amenities make this an excellent value-add opportunity.
2649 Marengo Street is a three-story, 29,096-square foot 1989 construction with a strong mix of six one-bed/one-bath, 10 two bed/one-bath, six three-bed/two-bath, and two four-bed/two-bath units. The units boast extra large floor plans, making this property an attractive rental option. Each building has its own laundry room, and the property also offers a playground, 29 surface parking spots, and 22 tuck-under parking spots.
Located in Boyle Heights, the property has easy access to Downtown Los Angeles’ entertainment and major employers, such as the
nearby USC Medical Center. Boyle Heights’ proximity to Downtown has also made it a target of redevelopment in recent years, with
nearby developments including new student housing, expansion at the medical center, a new hotel, and more.
Property Facts
| Price | £4,143,073 | Apartment Style | Garden |
| Price Per Unit | £172,628 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.68 AC |
| Net Initial Yield | 5.38% | Building Size | 29,096 SF |
| Gross Rent Multiplier | 12.6 | Number of Floors | 3 |
| No. Units | 24 | Year Built | 1989 |
| Property Type | Residential | Parking Ratio | 1.58/1,000 SF |
| Property Subtype | Apartment |
| Price | £4,143,073 |
| Price Per Unit | £172,628 |
| Sale Type | Investment |
| Net Initial Yield | 5.38% |
| Gross Rent Multiplier | 12.6 |
| No. Units | 24 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.68 AC |
| Building Size | 29,096 SF |
| Number of Floors | 3 |
| Year Built | 1989 |
| Parking Ratio | 1.58/1,000 SF |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Playground
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 900 |
| 2+1 | 1 | - | 1,100 |
| 2+2 | 9 | - | 1,100 |
| 3+1 | 5 | - | 1,400 |
| 3+2 | 1 | - | 1,400 |
| 4+2 | 2 | - | 1,600 |
PROPERTY TAXES
| Parcel Number | 5177-002-054 | Improvements Assessment | £1,228,497 |
| Land Assessment | £578,115 | Total Assessment | £1,806,612 |
PROPERTY TAXES
Parcel Number
5177-002-054
Land Assessment
£578,115
Improvements Assessment
£1,228,497
Total Assessment
£1,806,612
zoning
| Zoning Code | RD1.5, Los Angeles |
| RD1.5, Los Angeles |
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Marengo Apartments | 2649 Marengo St
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