PROPERTY SUMMARY

PROPERTY DESCRIPTION

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Bridge Investment Group is pleased to present an opportunity to purchase a 7-unit, bungalow-style apartment complex in a prime Pasadena location. 642 S. Marengo is situated within a short distance to numerous shopping, dining, and entertainment amenities along retail laden Old Pasadena.

Dubbed “Cottage Court”, the subject property was added to the National Register of Historic Places on July 11, 1983. Built in 1923, it consists of seven 2-bed/1-bath detached bungalow apartments surrounding a narrow courtyard. The apartment homes were designed in the Colonial Revival Style featuring gable roofs with wide eaves and recessed porches with sup-porting columns. There are a total 15 parking spaces: 5 carports, 9 open spaces, and 1 handicap space.

SUMMARY

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Price: 

Price/Unit:

Price/SF

Current GRM

Market GRM

Current Cap Rate

Market Cap Rate

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Units

Year Built

Building SF

Lot SF

APN

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$3,200,000

$457,143

$692.64

15.41

14.04

4.21%

4.78%

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7

1923

4,620

18,886

5720-027-021