1385, 1387, 1389 N. Marengo Ave.Pasadena, CA 91103Marketing Package

Presented By:

Presented By:

Kenny StevensPrincipalDRE: 01090251Kenny@KennyStevensTeam.Com Huntington Library

San Gabriel Mountains

Colorado St. Bridge

Tree-Lined StreetsOld-Town Pasadena

Rose Bowl

1385, 1387, 1389Marengo Ave.

Neighborhood Overview

City DescriptionNearby DevelopmentsLocal Hotspots

Property Description

Comparables

Sales ComparablesRental Comparables

Financials

Set-UpsRent Roll

We sweatthe details,

so you don’thave to.

NeighborhoodOverview

Introducing:

The Crown of the ValleyPasadena, CALocated at the foot of the picturesque San Gabriel Mountains, Pasadena is a charming

With a nationally recognized quality of life, Pasadena ranks amongst the Top 100 Liveable

Cities in America and Top 25 Most Walkable Cities in California. Pasadena is connected

access to additional LA hotspots such as Santa Monica, the South Bay and Hollywood.

Home to the world-famous Rose Bowl and Tournament of Roses Parade, Pasadena holds

onto its small-town feel while attracting a growing number of modern boutiques and

foodie destinations. The main artery, Colorado Boulevard, has seen a cultural renaissance

over the past decade to feature name brand shopping destinations and critically

reviewed restaurants. Despite its modern transformation to a culinary and shopping

friendly environment.

Pasadena is comprised of families holding high-income positions in numerous industries,

who seek comfort in a close-knit community who are still attracted to the modern

amenities of a large city.

NearbyDevelopmentsTheo ApartmentsUnveiled by KTGY Architecture + Planning, a new

residential complex will feature 105 residential units and

an underground parking garage accomodating 154

vehicles. Expected to open in August 2019.

The HudsonA collection of three to five-story buildings will be home

to 91 studio, one and two-bedroom apartments above

ground-floor retail space. Units will feature high ceilings,

stainless steel appliances and balconies.

MW LoftsDesigned by Tyler Gonzalez Architects, this proposed

plan will be home to a six-story edifice that is comprised

of 115 residential units and 14,000 sq. ft. of retail space.

25 W. Walnut StreetLooking to expand the footprint of Old Town Pasadena,

this project seeks to add 201 apartments (30 units of

commercial space.

THEO Apartments

MW Lofts 25 W. Walnut St.

The Hudson

1346 N. Laurel

1

2

3

4

289 N. El Molino Avenue

Address

711 E. Walnut Street

25 W. Walnut Street

678 E. Walnut Street

Theo Apartments

Name

MW Lofts

25 W. Walnut

The Hudson

105 residential units and underground parking for 154 vehicles

115 residential units and 14,000 sq. ft. of retail space

91 units (studios, one and two-bedroom units) and ground-floor retail

Notes

Nearby Developments MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.

1385 Marengo Ave.

1

2

3 4

5

1

2 3 4

Local Hotspots

THEO Apartments

MW Lofts 25 W. Walnut St.

The Hudson

Huntington GardensA collections-based reasearch and educationalinstitution which features one of the world’s greatestindependent research library, an expansive artcollection and picturesque botanical gardens.

Eaton Canyon FallsA beloved Southern California trail in the San GabrielMountains that is approximately 3.5 miles long and leads to an spectacular active waterfall.

UnionFounded by Top Chef contestant Bruce Kalman, thisnationally recognized gastropub serves Italian-influenced farm-to-table cuisine in a casual setting.

Magnolia HouseLocated near The Shops on Lake, Magnolia Houseserves a wide-ranging menu of small plates andartisinal cocktails in a chic & charming craftsman home.

Copa VidaA bright and modern co¥ee shop serving award-winning co¥ee, tea and pastries in Old Town Pasadena.

The Shops on LakeFeaturing a large variety of luxury retail stores,specialty shops, and casual dining options, The Shopson Lake create a gorgeous ambiance for local residentsand visitors.

Huntington Gardens

Magnolia House Eaton Canyon Falls

Copa VidaThe Shops on LakeUnion

1346 N. Laurel

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2

3

4

6) Hatchel Hall

3

9048 Krueger St.

1

5 6

2

3

4

3

4

5

6 1

2

1385 N. Marengo Ave.

Beloved 3.5 hiking trail located in the San Gabriel Mountains

Modern and chic lounge serving small plates and artisinal cocktails

Notes

Large outdoor promenade featuring luxury retail stores, specialty shops and casual dining options

Nationally-recognized gastropub serving farm-to-table Italian-influenced cuisine

Collections-based research and educational institution

Bright and lively co¥ee shop specializing in award-winning co¥ee and tea

3) Eaton Canyon Falls

Address

1) The Shops on Lake

5) Magnolia House

4) Union

6) Copa Vida

2) Huntington Gardens

Nearby Hotspots MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.

PropertyOverview

Property Description

Units: 3

Intersection:E. WashingtonBlvd. & LosRobles Ave.

Market:Pasadena

APN: 5729-008-014

Zoning: PSR3

Bldg Sq Ft: 4,337 SF

Lot Size Sq Ft:13,015 SF

With an attractive unit mix, this promising asset is comprised of (1) 4 bedroom

& 2 bath residence, (1) 3 bedroom & 2 bath residence and (1) 3 bedroom & 2

bath townhouse. Each spacious home features amenities that include

individual laundry hook-up, two-car garage and fenced private yard. The

middle and rear homes are upgraded with new flooring, with refreshed

linoleum in the kitchen and carpet in the living space. Despite sharing a lot,

the property provides enough space and privacy where each home feels like

its own private oasis.

An investment in 1385-1389 Marengo Avenue provides an investor the

opportunity to own three homes in Pasadena at a very attractive price,

with the potential for 30% upside in rents.

The Kenny Stevens Team is pleased to present 1385, 1387 and 1389 Marengo

Avenue. This unique value-add opportunity is comprised of three separate

single-family residences on a 13,000 square foot lot. The asset is located east

of Los Robles Avenue and north of E. Washington Blvd. in Pasadena on a

quiet residential block. Alongside several family-friendly parks and a top-

performing school, the neighborhood is ideal for families who enjoy the

tranquility of the suburbs with proximity to DTLA and a short drive to various

Los Angeles hotspots.

Front House

Back House Shared Driveway

Middle House

Front & Middle House

Front Yard of Back House Seperate Meters

Back Yard of Front House

1385 N. Marengo

1385 N. Marengo

1385 N. Marengo

210 Freeway

Old Town Pasadena

Comparables

Address

COE

Sales

Price

Units

Price/

Unit

Bldg.

Sq. Ft.

Price

Per Foot

Year

Built

Unit

Mix

Sales Comparables

1385 N. Marengo Ave.

Subject Property

$1,300,000

3 Units

$410,000

4,337 SF

$284

1980

(1) 4+2, (1) 3+2,(1) 3+2 TH

1098 N.Los Robles Ave.

06/25/2019

$1,200,000

4 Units

$300,000

2,949 SF

$407

1938

(1) 2+1, (3) 1+1

05/02/2019

$1,650,000

4 Units

$412,500

5,400 SF

$306

1931

(4) 2+1

2047 N.Raymond Ave.

1761N. Fair Oaks Ave.

On Market

$897,500

2 Units

$448,750

2,327 SF

$386

1912

(1) 4+2, (1) 2+2

1144 N.Sierra Bonita Ave.

07/16/2019

$899,000

2 Units

$449,500

1,631 SF

$551

1914

(1) 3+1, (1) 1+1

$1,500,000

1388 E. OrangeGrove Blvd.

07/31/2018

4 Units

$375,000

2,287 SF

$656

1948

(1) 2+1, (3) 1+1

1346 N. Laurel

1

2

3

4

07/31/2018

COE

Subject Property

05/02/2019

On Market

06/07/2019

06/25/2019

2) 1388 E. Orange Grove Blvd.

Address

1385 Marengo Ave.

4) 1761 N. Fair Oaks Ave.

5) 1144 N. Sierra Bonita Ave.

3) 2047 N. Raymond Ave.

1) 1098 N. Los Robles Ave.

$1,500,000

$1,230,000

$897,500

$899,000

$1,650,000

$1,200,000

SalesPrice

4 Units

3 Units

2 Units

2 Units

4 Units

4 Units

Units

$375,000

$410,000

$448,750

$449,500

$412,500

$300,000

Price/Unit

2,287 SF

4,337 SF

2,327 SF

1,631 SF

5,400 SF

2,949 SF

Bldg.Sq. Ft.

$656

$284

$386

$551

$306

$407

Price/Foot

1948

1980

1912

1914

1931

1938

Year Built

Sales Comparables MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.

2

3

45

1385 Marengo Ave.

1

2

4

3

5

RentalComparables

1) 1101 N. Summit Ave.Rent: $2,500

Unit Type: 3 Bdrm. + 2 Bath

4) 534 N. Oakland Ave.Rent: $3,400

Unit Type: 3 Bdrm. + 2 Bath

2) 173 Carlton Ave.Rent: $2,700

Unit Type: 3 Bdrm. + 2 Bath

3) 555 E. Elizabeth St.Rent: $2,950

Unit Type: 3 Bdrm. + 2 Bath

1385, 1387, 1389 N.Marengo Avenue Rent: $1,850 - $2,700

per month

Unit Type: (1) 4 + 2(1) 3 + 2(1) 3 + 2 Townhouse

Subject Property

1346 N. Laurel

1

2

3

4

Rental Comparables MapSubject Property: 1385, 1387, 1389 N. Marengo Ave.

3 Bdrm. + 2 Bath1101 N. Summit Avenue

Address Unit Type

$2,500

3 Bdrm. + 2 Bath555 E. Elizabeth Street $2,950

3 Bdrm. + 2 Bath534 N. Oakland Avenue $3,400

3 Bdrm. + 2 Bath173 Carlton Avenue $2,700

Rent

1

2

3

4

1385 Marengo Ave.

Financials

FinancialsApproximate Building Size:

Approximate Age:

Approximate Lot Size:

1980

Zoning:

13,015 Sq. Ft.

4,337 Sq. Ft.

PSR3

Market CAP:

Price Per Sq Ft: $277

Current CAP: 3.84%

5.74%

Investment Summary

Price:

Down Payment: 43% $515,000

Number of Units: 3

Price Per Unit: $400,000

Current GRM: 15.04

Potential GRM: 11.63

Proposed Financing: $685,000

$1,200,000

Annualized Operating Data

Current Rents

Scheduled Gross Income: $79,800 $103,200

Vacancy Allowance: $2,394 3%

Gross Operating Income: $77,406

Less Expenses: $31,278 39%

Net Operating Income: $46,128

Less Loan Payment: -$38,536

Pre-Tax Cash Flow: $7,592 1.47%

Plus Principal Reduction: $12,380

Total Return Before Taxes: $19,972 3.88%

Market Rents

$3,096 3%

$100,104

$31,278 33%

$68,826

$30,290

-$38,536

5.88%

$12,380

$42,670 8.29%

Income

Total Scheduled Rent:

Monthly Scheduled Gross Income

Annual Scheduled Gross Income

1 4 + 2

3 + 21

$2,700 $3,100

Current Rents Potential Rents

Monthly Income

$2,700

$1,850 $1,850 $2,700 $2,700

3 + 2 TH 1 $2,100 $2,100 $2,800 $2,800

$3,100

$6,650

$6,650

$79,800

$8,600

$8,600

$103,200

Monthly Income

Valuation: $1,200,000

As Of 08/09/2019

Expenses*

Taxes (new): 1.25% $15,375

Insurance: $1,735

Utilities: $4,337

Repairs/Maintenance: $5,586

Professional Mgmt: $3,870

Total Expenses: $31,278

Per Sq. Ft: $7.21

P $10,426

EXPENSES ARE ESTIMATED

Misc: $750

Loan Rate: 3.85% fixed for 5 years Loan Duration: 30 years

FinancialsApproximate Building Size:

Approximate Age:

Approximate Lot Size:

1980

Zoning:

13,015 Sq. Ft.

4,337 Sq. Ft.

PSR3

Market CAP:

Price Per Sq Ft: $288

Current CAP: 3.64%

5.46%

Investment Summary

Price:

Down Payment: 46% $575,000

Number of Units: 3

Price Per Unit: $416,667

Current GRM: 15.66

Potential GRM: 12.11

Proposed Financing: $675,000

$1,250,000

Annualized Operating Data

Current Rents

Scheduled Gross Income: $79,800 $103,200

Vacancy Allowance: $2,394 3%

Gross Operating Income: $77,406

Less Expenses: $31,903 40%

Net Operating Income: $45,503

Less Loan Payment: -$37,973

Pre-Tax Cash Flow: $7,529 1.31%

Plus Principal Reduction: $12,200

Total Return Before Taxes: $19,729 3.43%

Market Rents

$3,096 3%

$100,104

$31,903 31%

$68,201

$30,227

-$37,973

5.26%

$12,200

$42,427 7.38%

Income

Total Scheduled Rent:

Monthly Scheduled Gross Income

Annual Scheduled Gross Income

1 4 + 2

3 + 21

$2,700 $3,100

Current Rents Potential Rents

Monthly Income

$2,700

$1,850 $1,850 $2,700 $2,700

3 + 2 TH 1 $2,100 $2,100 $2,800 $2,800

$3,100

$6,650

$6,650

$79,800

$8,600

$8,600

$103,200

Monthly Income

Expenses*

Taxes (new): 1.25% $15,625

Insurance: $1,735

Utilities: $4,337

Repairs/Maintenance: $5,586

Professional Mgmt: $3,870

Total Expenses: $31,930

Per Sq. Ft: $7.36

P $10,634

EXPENSES ARE ESTIMATED

Misc: $750

Valuation: $1,250,000

As Of 08/09/2019

Loan Rate: 3.85% fixed for 5 years Loan Duration: 30 years

Financials

Approximate Building Size:

Approximate Age:

Approximate Lot Size:

1980

Zoning:

13,015 Sq. Ft.

4,337 Sq. Ft.

PSR3

Market CAP:

Price Per Sq Ft: $300

Current CAP: 3.45%

5.20%

Investment Summary

Price:

Down Payment: 49% $635,000

Number of Units: 3

Price Per Unit: $433,333

Current GRM: 16.29

Potential GRM: 12.60

Proposed Financing:

Loan Rate: 3.85% fixed for 5 years Loan Duration: 30 years

$665,000

$1,300,000

Annualized Operating Data

Current Rents

Scheduled Gross Income: $79,800 $103,200

Vacancy Allowance: $2,394 3%

Gross Operating Income: $77,406

Less Expenses: $35,528 41%

Net Operating Income: $44,878

Less Loan Payment: -$37,411

Pre-Tax Cash Flow: $7,467 1.18%

Plus Principal Reduction: $12,019

Total Return Before Taxes: $19,486 3.07%

Market Rents

$3,096 3%

$100,104

$31,278 33%

$67,576

$30,165

-$37,411

4.75%

$12,019

$42,184 6.64%

Income

Total Scheduled Rent:

Monthly Scheduled Gross Income

Annual Scheduled Gross Income

1 4 + 2

3 + 21

$2,700 $3,100

Current Rents Potential Rents

Monthly Income

$2,700

$1,850 $1,850 $2,700 $2,700

3 + 2 TH 1 $2,100 $2,100 $2,800 $2,800

$3,100

$6,650

$6,650

$79,800

$8,600

$8,600

$103,200

Monthly Income

Expenses*

Taxes (new): 1.25% $16,250

Insurance: $1,735

Utilities: $4,337

Repairs/Maintenance: $5,586

Professional Mgmt: $3,870

Total Expenses: $32,528

Per Sq. Ft: $7.50

P $10,843

EXPENSES ARE ESTIMATED

Misc: $750

Valuation: $1,300,000

As Of 08/09/2019

1387

Section 8

1389

3 + 2

4 + 2

$1,850

$2,700

$2,700

$3,100

3 + 2 Townhouse $2,100 $2,8001385

Monthly Total:

Annual Total:

$6,650

$79,800

$8,600

$103,200

Unit # NotesUnit Type Current Rent Market Rent

12 month - June ‘19

12 Month - July ‘19

Renew May ‘19

Move-in Date

1535 sq. ft.

1571 sq. ft.

1214 sq. ft.

Square Footage

FinancialsRent Roll As Of 08/09/2019

Rent Roll

We sweat the details,

so you don’t have to.

DRE # 0190251

Kenny Stevens

(310) 963-7851

Kenny@KennyStevensTeam.com

Thank you for the opportunity, welook forward to representing you on this listing.

If you have additional questions, please contact: