2649 Marengo St Los Angeles, CA 90033-2088

Property Details for 2649 Marengo St

Year built

1988

Construction

WOOD

Lot size

0.68 lot acres

Property size

29,096 SF

Zone code

LARD1.5

Property type

Apartment buildings

APN

5177-002-054

APU

5177002054

Description

This 24-unit apartment building, constructed in 1989, presents a compelling value-add opportunity in Los Angeles' Boyle Heights neighborhood. The property encompasses 29,096 square feet across six three-story buildings, situated on a 29,798 square foot lot. The unit mix includes six one-bedroom/one-bathroom, ten two-bedroom/one-bathroom, six three-bedroom/two-bathroom, and two four-bedroom/two-bathroom units, offering spacious floor plans (approximately 940 sq ft for 1-bedrooms, 1179 sq ft for 2-bedrooms, 1390 sq ft for 3-bedrooms, and 1600 sq ft for 4-bedrooms). Amenities include on-site laundry facilities in each building, a playground, 29 surface parking spaces, and 22 tuck-under parking spaces. The property boasts a current NOI of $282,564 and a pro-forma NOI of $565,460, translating to a current cap rate of 5.34% and a pro-forma cap rate of 10.68%. The asking price is $5,295,000, or $181.98 per square foot and $220,625 per unit. Its location offers convenient freeway access to Downtown Los Angeles' amenities and major employers, including the nearby USC Medical Center. The seller may deliver select units vacant, and there's potential for the development of six additional dwelling units (buyer to verify). This property benefits from a desirable unit mix, with 75% of units being two-, three-, or four-bedroom, making it an attractive rental option in a rapidly redeveloping area.