Multi-Tenant Office Building
For Sale
Contact for pricing
Pending
28-44 N Marengo Ave & 230-238 E Union St, Pasadena, CA 91101
Four-building office portfolio in Pasadena totaling 18,894 square feet.
Property Size18,894 SF
Lot Size0.33 Acres
Days on Market159
Property Features for 28-44 N Marengo Ave & 230-238 E Union St
General Information
Standard status
Pending
Size
18,894 SF
Class
C
Lot size
0.33 Acres
Property subtype
Office
Zoning
CD-MU-G - Mixed-Use General
Building Details
Year Built
1910
Listing Agency:
NAI Capital - Pasadena
(405) 340-4224
Listed By:
Guillermo Olaiz · License #CA Broker # 01778986
Source:
Crexi
Added: Mar 18
Changed: Aug 21
Last Checked: Aug 22 at 11:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Capital - Pasadena
Investment Insights
Based on property information with market context.
This offering comprises a multi-tenant office building portfolio consisting of four buildings, totaling approximately 18,894 square feet of Rentable Building Area on roughly 0.33 acres of land. One of the buildings, located at 28-30 N. Marengo Ave., is a two-story office building featuring buff brick in a stretcher bond pattern. The first floor has been altered with wood and stucco, incorporating a square post and recessed entryway. The northern section includes windows of varying pane sizes and a doorway angled to the street, while the southern section features wooden double doors with large, oval, beveled lights leading to the upper story. The second floor retains original pressed metal ceilings and woodwork around the doors and windows, complemented by one skylight. Another building, situated at 32-38 N. Marengo Ave., is a two-story brick structure constructed in 1907 and altered with a terracotta facade in 1928. It showcases an ornate Beaux Arts second story with a symmetrical composition. The wall surface is cream terracotta, featuring rows of four-over-four sash windows separated by ten terracotta paired pilasters between a continuous lintel and sill. The building includes seven skylights and a stairway at the second floor surrounded by columns.
Key Highlights
- Multi‑tenant office building portfolio with four buildings.
- Aggregate +/- 18,894 square feet of Rentable Building Area (RBA).
- Located on approximately 0.33 acres of land.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$404,709
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,094,180
$8.1M
Cap Rate 7%
$5,781,557
$5.8M
Cap Rate 9%
$4,496,767
$4.5M
Market Conditions
NOI Build-Up for 18,894 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$634.8K $33.60/SF
− Vacancy
−$95.2K −$5.04/SF
EGI
$539.6K $28.56/SF
− OpEx
−$134.9K −$7.14/SF
NOI
$404.7K $21.42/SF
Area
Pasadena, CA
Vacancy
15.00%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,094,180
Cap Rate 7%
$5,781,557
Cap Rate 9%
$4,496,767
Alternative Uses
Best Use
Office B
$5.78M
$5.06M – $6.75M
NOI $404,709 @ 7.0% cap · market cap 7.37%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$425.30M
$372.14M – $496.19M
NOI $29,771,337 @ 7.0% cap · market cap 542.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,573
Businesses Nearby
Explore this area
Business Placement
Demographics for 91101, CA
20,583
Population
12,400
Households
1.7
Avg Household Size
38
Median Age
63%
College-Educated
93%
High-School Grad
1.3 sq mi
ZIP Area
15,833
Density / Sq Mi
$94,180
Median Household Income
$62,458
Median Earnings
$2,282
Median Rent
$687,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Four-building office portfolio in Pasadena totaling 18,894 square feet.
Where is this office building located?
The property is located at 28-44 N Marengo Ave & 230-238 E Union St Pasadena, CA.
What is the asking price?
The asking price for this property is $5,488,000.
What are key features of this property?
This property features: Multi‑tenant office building portfolio with four buildings.; Aggregate +/- 18,894 square feet of Rentable Building Area (RBA).; Located on approximately 0.33 acres of land.
