Multi-Tenant Office Building
28-44 N Marengo Ave & 230-238 E Union St Pasadena, CA 91101
For Sale
Contact for pricing
Pending
Four-building office portfolio in Pasadena totaling 18,894 square feet.
Property Size18,894 SF
Lot Size0.33 Acres
Days on Market132
Property Features for 28-44 N Marengo Ave & 230-238 E Union St
General Information
Standard status
Pending
Size
18,894 SF
Lot size
0.33 Acres
Property subtype
Office
Listing Agency:
NAI Capital - Pasadena
(405) 340-4224
Listed By:
Guillermo Olaiz · License #CA Broker # 01778986
Source:
Crexi
Added: Mar 18
Changed: Jul 6
Last Checked: Jul 25 at 1:52PM
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 For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $634.8k | $33.60 |
| − Vacancy | −$95.2k | −$5.04 |
| EGI | $539.6k | $28.56 |
| − OpEx | −$134.9k | −$7.14 |
| NOI | $404.7k | $21.42 |
18,894 SF · lease $33.60/SF/yr · vacancy 15.00% · expense 25.00%
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
Location Intelligence
Current Use
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.
