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    2115 N Marengo Avenue Altadena, CA 91001

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    Claim this Listing
    For Sale
    $1,300,000

    Residential Income, Craftsman - Altadena, CA

    Property size:
    2,253 SF
    Lot size:
    9,904.00 Acres
    Price / SF:
    $577/SF
    Added:
    Feb 25, 2026
    Days on Market:
    66
    Last Refresh:
    May 2 at 5:06 pm

    Property Features for 2115 N Marengo Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Rooms
    Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen, Living Room
    Parking
    4
    Parking features
    Driveway
    Interior features
    Built-in Features, Ceiling Fan(s), Storage
    Exterior features
    Fence, Community Features Included: Street Lights, Sidewalks
    Fencing
    Fenced
    Fireplace
    1
    Appliances
    Cooktop, Cooktop - Gas, Range, Range - Gas
    Standard status
    Active
    APN
    5837014001
    Size
    2,253 SF
    Lot size
    9,904.00 Acres

    Utilities

    Heating system
    Fireplace(s), Forced Air
    Cooling system
    Multi Units, Wall/Window Unit(s), Window Unit(s)

    Building Details

    Year built
    1954
    Number of units
    3
    Architectural style
    Craftsman

    We can help!

    Listing Contact
    Evangelyn Lin

    Listing agent Evangelyn Lin License #01817694

    Listing office eXp Realty of California, Inc. 2603 Camino Ramon Ste #200, Burbank, CA

    Listing date Feb 25, 2026

    MLS# P1-26025 Listing URL

    Copyright © 2026 California Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Altadena Multi-Unit Income Property

    Located in Southwest Altadena, this multi-unit property presents a cash-flow opportunity. Situated on a 9,900 square foot lot, the property at 2115 N Marengo Avenue features mountain views. The front house is a Craftsman-style residence with three bedrooms and two bathrooms. It includes updated windows, copper plumbing, a forced air furnace, and a bolted foundation. The rear bedroom has a separate entry and dedicated bathroom. At the back of the lot, set back from the main house, is a side-by-side duplex. Each of the two units contains one bedroom, one bathroom, laundry connections, and off-street parking. These units feature newer windows, roof, and copper plumbing. The bright units have an open concept living space with hardwood floors. The property is located in a vibrant area with access to Fair Oaks Ave, the 134 and 210 freeways, and the shopping and dining destinations of N Lake Ave. The property size is 2,253 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Altadena
    County
    Los Angeles
    State
    California
    Longitude
    -118.1464368
    Latitude
    34.1821173

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    FAQs

    What type of property is this?
    Multifamily property - Turnkey multi-unit property in Altadena with mountain views.
    Where is this multifamily property located?
    The property is located at 2115 N Marengo Avenue Altadena, CA.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Prime multi‑unit property with a Craftsman house and a duplex, offering immediate cash‑flow potential.; The front Craftsman house features **3 bedrooms and 2 bathrooms** with updated windows, copper plumbing, forced air furnace, and bolted foundation.; The duplex consists of two 1‑bedroom, 1‑bathroom units, each with laundry connections and off‑street parking.
    (626) 807-6581
    We can help!
    Listing Contact
    Evangelyn Lin
    Real Estate License ID: 01817694
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2115 N Marengo Avenue, Altadena, CA 91001

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