2649 MARENGO ST

LOS ANGELES, CA, 90033

$6,395,000

$219 per ft²
$6,395,000
$219 per ft²
Active
Active
 - For Sale
beds
52 Beds
baths
32 Baths
carpenters-square
29,096 ft²
property_type
Multi-family
calendar
Built 1989
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 $219 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents as the majority of units transition to market rates. 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. 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. 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. Upcoming redevelopment projects are slated to expand the medical center, with plans including a new Restorative Care Village, new housing for 272 graduate students, and a new Hyatt Place hotel. Another new 81-unit hotel is nearly complete only a quarter-mile from 2649 Marengo Street, as the neighborhood receives an influx of capital from optimistic investors. 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, Staples Center, 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.
MLS® ID:
21-105793
Updated:
8/10/22

Interior Features

Total Bedrooms
52
Total Bathrooms
32
Cooling
Other
Heating
Other

Exterior/Building Features

Lot Size
0.68 acres lot

Other Property Details

Garage
No
Parking
Covered Parking
Parking Total
46.0
View
N
County
Los Angeles
Pool
No
Total Stories
3
Zoning
LARD1.5
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