Homes for sale - 2649 MARENGO ST, Los Angeles, CA 90033

$5,145,000

Est. payment - /mo

52 Beds

32 Baths

29,096 SqFt

UPDATED:

Key Details

Sold Price $5,145,000

Property Type Residential Income

Listing Status Sold

Purchase Type For Sale

Square Footage 29,096 sqft

Price per Sqft $176

MLS Listing ID 25487275

Bedrooms 52

Year Built 1989

Lot Size 0.684 Acres

Property Description

Constructed in 1989, 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 $178 per square foot, the property features spacious floorplans that average approximately 1,200 square feet per apartment. The sprawling lot features ample parking, with approximately 46 covered and open parking spaces atop the concrete driveway. Each of the three apartment groupings contains its own on-site laundry room, helping to provide additional cash flow to the owner. Many of the unit interiors have been updated with wood laminate flooring, and select units feature recessed lighting, new kitchen countertops, walk-in closets, and upgraded bathrooms. Shovel-ready plans have been approved and permits have been issued for six potential ADUs, which would be constructed within the existing covered parking areas (Buyer to verify). Implementing this ADU plan could add significant value to the asset, while simultaneously boosting annual income as the new ADUs could potentially generate more than$100,000 in annual revenue for the new investor. The property is conveniently located less than a half-mile from the LAC + USC Medical Center and the Keck School of Medicine campus, a major employer for the surrounding area. Tenants also enjoy convenient access to the 5, 10, 60, 101, and 710 Freeways, which are each within approximately two miles of the property. Downtown Los Angeles, Dodger Stadium, Crypto.com Arena, and L.A. Live are all within a 10-minute drive from the building, while tenants can easily travel to the trendy Arts District for its new dining and entertainment options.

Location

State CA

County Los Angeles

Area Boyh - Boyle Heights

Zoning LARD1.5

Exterior

Parking Features Covered

Building

Story 2

New Construction No

Others

Special Listing Condition Standard

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Listed by Roderick 'Rick' Raymundo Marcus & Millichap
Bought with Roderick 'Rick' Raymundo Marcus & Millichap

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Kelsie Morse

+1(530) 844-3507

Realtor | CA DRE#01985095

Realtor CA DRE#01985095