Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    902 S Marengo Ave Pasadena, CA 91106

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,200,000

    Six-unit multifamily property in Pasadena's Madison Heights neighborhood.

    Lot size:
    7,749.00 Acres

    Property Features for 902 S Marengo Ave

    General Information

    Standard status
    Active
    Zoning
    RM-32
    Lot size
    7,749.00 Acres

    Building Details

    Year built
    1956

    We can help!

    Listing Contact
    Handoko Chen
    Handoko Chen
    Source: Crexi

    Listing Agency: Growth Investment Group Listing Agent: Handoko Chen

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Pasadena Multifamily Investment Opportunity

    Located in Pasadena's Madison Heights neighborhood, this six-unit multifamily property offers a blend of classic charm and modern upgrades. The property, situated on a 7,749 square foot lot, consists of a fourplex built in 1928 and a duplex built in 1956, totaling 3,192 square feet. The unit mix includes four one-bedroom, one-bathroom units and two large studios. Some units have been fully renovated with in-unit laundry, while others feature targeted upgrades and share seller-owned machines. The front building, featuring colonial architecture, comprises four units with high ceilings, original hardwood floors, and mini-split HVAC systems. The back building contains two one-bedroom units, one of which has a large private backyard and the other a large private deck. The property is overparked with four garages and two carports. Utilities are individually metered. The location provides convenient access to ArtCenter College of Design, Huntington Hospital, Whole Foods, and Old Pasadena. The property is near the 110 Freeway, offering easy access to Downtown LA, as well as the 210 and 134 freeways for access to Burbank and Glendale.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Los Angeles
    State
    California
    Longitude
    -118.1457529
    Latitude
    34.1613448

    Nearby Similar for Sale

    • New
      $1,998,000
      2,556 SF

      Pasadena Triplex with Development Potential

      Multi-unit property in Madison Heights with development possibilities.
      892 S Marengo Ave, Pasadena, CA 91106
      View Details
    • $85,000
      1,000 SF

      Pasadena Restaurant Business Opportunity

      Well-known family restaurant for sale in Pasadena, California.
      1251 N Lake Ave, Pasadena, CA 91104
      View Details
    • $3,800,000
      4,480 SF

      Pasadena Freestanding Office Building

      Turn-key, high-image creative space in Pasadena, California.
      60 W Bellevue Dr, Pasadena, CA 91105
      View Details
    • $15,800,000
      23,722 SF

      Pasadena Hotel on Rose Parade Route

      Hotel with prime location, strong occupancy, and value-add potential.
      2156 E Colorado Blvd, Pasadena, CA 91107
      View Details
    • $1,549,888
      2,057 SF

      Updated Duplex in Prime Pasadena

      Detached duplex on large lot, ideal for income or living.
      261 N Oak Ave, Pasadena, CA 91107
      View Details
    • $160,000

      Established Pet Grooming Business

      Turnkey pet grooming business opportunity in Pasadena, CA.
      2006 E Foothill Blvd, Pasadena, CA 91107
      View Details
    • $965,000
      1,210 SF

      Vacant Pasadena Duplex Opportunity

      Vacant duplex in Pasadena near Colorado Blvd and Huntington Library.
      175 Madre St, Pasadena, CA 91107
      View Details
    • $1,350,000
      2,222 SF

      Pasadena Duplex: Income Opportunity

      Well-maintained duplex in Pasadena with immediate rental income.
      79 N Berkeley Ave, Pasadena, CA 91107
      View Details
    • $2,990,000
      15,894.00 Acres

      Pasadena Multifamily Investment Opportunity

      Six-unit income property with development potential near Pasadena City College.
      92 N Allen Ave, Pasadena, CA 91106
      View Details
    • $1,600,000
      3,700 SF

      Pasadena Investment Opportunity: Four Units

      Four-unit property in Pasadena, fully occupied, near Old Town.
      541 N Summit Ave, Pasadena, CA 91103
      View Details
    • $700,000
      1,283 SF

      Pasadena Duplex: Investment Opportunity

      Corner-lot duplex near Rose Bowl. Ideal for investors or owner-users.
      474 N Euclid Ave, Pasadena, CA 91101
      View Details
    • $5,995,000
      7,774 SF

      Historic Pasadena Office Building

      Two-story office building in Pasadena's Playhouse Historic District.
      489 East Colorado Blvd, Pasadena, CA 91101
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six-unit multifamily property in Pasadena's Madison Heights neighborhood.
    Where is this apartment building located?
    The property is located at 902 S Marengo Ave Pasadena, CA.
    What is the asking price?
    The asking price for this property is $2,200,000.
    What are key features of this property?
    This property features: - Prime A-Class Location in Pasadena's Madison Heights: Walkable to ArtCenter, Huntington Hospital, Whole Foods, and Old Pasadena (Walk Score 86).; - High 5% CAP Rate: Immediate cash flow with potential for appreciation.; - ADU Potential: 4-car garage prime for conversion to Additional Dwelling Units.
    (626) 224-2495
    Request Owner's contact information
    902 S Marengo Ave Pasadena, CA 91106
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    902 S Marengo Ave
    Pasadena, CA 91106
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    902 S Marengo Ave Pasadena, CA 91106
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Handoko Chen
    Handoko Chen
    Real Estate License ID: 01749321
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!