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    2649 Marengo St

    Los Angeles, CA 90033
    • $6,360,000
    • STATUS: Active Under Contract
    • ON SITE: 625 days
    • ID#: 19-494264
    Under Contract
    UPDATED: 40 min ago
    $6,360,000
    • 52
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 29,096
      SQFT
    • $219
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1988
    County:

    School Ratings & Info

    Description

    We are pleased to announce the sale of 2649 Marengo Street, a rare opportunity to purchase a mid-size multifamily property with expiring covenants that had previously been restricting rents. Constructed in 1988, the property is not subject to Los Angeles rent control and features an outstanding unit mix, with 75% of the units holding two, three, or four bedrooms. Available for only $218 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents if the existing rent covenants expire.The sprawling lot features ample parking, with approximately 46 covered and open parking spaces atop the concrete driveway. A large playground and sandbox occupy one corner of the gated complex, while each of the three apartment groupings contains its own on-site laundry room, helping to provide additional cash flow to the owner.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-16T11:42:41.397. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.lydiagable.com/homes/97399800
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    2649 Marengo St Los Angeles, CA 90033

    • Price: $6,360,000
    • Status: Active Under Contract
    • Updated: 40 min ago
    • ID#: 19-494264
    52
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    29,096
    SQFT
    $219
    $/SQFT
    1988
    Built
    Neighborhood:
    Boyle Heights
    County:
    Los Angeles
    Area:
    Boyle Heights
    Property Description
    We are pleased to announce the sale of 2649 Marengo Street, a rare opportunity to purchase a mid-size multifamily property with expiring covenants that had previously been restricting rents. Constructed in 1988, the property is not subject to Los Angeles rent control and features an outstanding unit mix, with 75% of the units holding two, three, or four bedrooms. Available for only $218 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents if the existing rent covenants expire.The sprawling lot features ample parking, with approximately 46 covered and open parking spaces atop the concrete driveway. A large playground and sandbox occupy one corner of the gated complex, while each of the three apartment groupings contains its own on-site laundry room, helping to provide additional cash flow to the owner.
    Exterior Features

    Lot Size Area 29798 Other Structures Other Parking Garage Covered Parking Pool YN No Tennis YN No Total Parking 46

    Interior Features

    Baths Total 40.00 Cooling Other Den No Dining Room No Equipment Other Family Room No Heating Other

    Property Features

    Gross Income 681375 Gross Operating Income 702338 Like Units1 6 Like Units2 1 Like Units3 9 Like Units4 6 Like Units5 2 Net Operating Income 491481.00 Number Of Buildings 1 Number Of Units 24 Sale Type Standard Source Living Area Assessor Source Lot Size Area Assessor Total Annual Expense 189894 Type Of Units Residential Zoning Lard1.5

    Listing provided courtesy of Roderick 'Rick' Raymundo DRE#01357019 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-16T11:42:41.397. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Lydia Gable Realty Group | Compass
    2945 Townsgate Road Suite 300
    Westlake Villiage CA, 91377