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For sale
Office buildings
CA
Pasadena
91101
28-44 N Marengo Ave & 230-238 E Union St

Multi-Tenant Office Building Portfolio

28-44 N Marengo Ave & 230-238 E Union St, Pasadena, CA 91101

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For Sale

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Four-building office portfolio in Pasadena totaling 18,894 square feet.

Type:Office

Property size:

18,894 SF

Lot size:

0.33 Acres

Price / SF:

$290/SF

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.
32‑38 N. Marengo Ave. features an ornate Beaux Arts second story with terracotta facade and detailing.
32‑38 N. Marengo Ave. has seven skylights.
28‑30 N. Marengo Ave. retains original pressed metal ceilings and woodwork.

We can help!

Listing Contact

Guillermo Olaiz

For Sale

Contact for pricing

Four-building office portfolio in Pasadena totaling 18,894 square feet.

Type:Office

Property size:

18,894 SF

Lot size:

0.33 Acres

Price / SF:

$290/SF

Added:: Mar 18, 2026
Days on Market:: 87
Last Refresh:: Mar 20 at 12:09 am

Property Features for 28-44 N Marengo Ave & 230-238 E Union St

General Information

Standard status: Active
Size: 18,894 SF
Lot size: 0.33 Acres
Property subtype: Office

We can help!

Listing Contact

Guillermo Olaiz

Listing agent Guillermo Olaiz License #CA Broker # 01778986

Listing office NAI Capital - Pasadena

Listing date Mar 18, 2026

Source Crexi

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

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.
32‑38 N. Marengo Ave. features an ornate Beaux Arts second story with terracotta facade and detailing.
32‑38 N. Marengo Ave. has seven skylights.
28‑30 N. Marengo Ave. retains original pressed metal ceilings and woodwork.

Overview

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.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

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 (±1% cap)

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 (±1% cap)

NOI $29,771,337 @ 7.0% cap · market cap 542.48%

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

Property Profile Location Intelligence

Current Use by Public Records

Office buildings

Suggested Use

Location Insight

Map
Local Demand

City: Pasadena
County: Los Angeles
State: California
Longitude: -118.1498846
Latitude: 34.146485

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For sale
Office buildings
CA
Pasadena
91101
28-44 N Marengo Ave & 230-238 E Union St

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.