Multifamily
2649 Marengo St
2649 Marengo St, Los Angeles, CA 90033
Listing Price: $5,300,000
Investment Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 2649 Marengo Street, a rare mid-size multifamily property with significant rent upside that can be captured more rapidly via the higher annual rent increases allowed by AB 1482. 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 $182 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.
Engineering plans have been drafted 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.
Investment Highlights
- Constructed in 1989 – Not Subject to Los Angeles Rent Control
- Available for Only $182 per Square Foot – Well Below Replacement Value
- Incredibly Spacious Floorplans – 29,096 SF Spread Over 24 Units
- Desirable Unit Mix – 75% of Apartments Feature Two Bedrooms or More
- RTI Plans for Six Potential ADUs Within Covered Parking Area (Buyer to Verify)
- Attractively Priced at Only $220,833 per Unit, or $176,667 per Unit Upon ADU Completion
- Not on LADBS Seismic Retrofit List (Buyer to Verify)
- Additional Income Stream Generated via New RUBS Program
Exclusively Listed By
Listing Price: $5,300,000
Investment Highlights
- Constructed in 1989 – Not Subject to Los Angeles Rent Control
- Available for Only $182 per Square Foot – Well Below Replacement Value
- Incredibly Spacious Floorplans – 29,096 SF Spread Over 24 Units
- Desirable Unit Mix – 75% of Apartments Feature Two Bedrooms or More
- RTI Plans for Six Potential ADUs Within Covered Parking Area (Buyer to Verify)
- Attractively Priced at Only $220,833 per Unit, or $176,667 per Unit Upon ADU Completion
- Not on LADBS Seismic Retrofit List (Buyer to Verify)
- Additional Income Stream Generated via New RUBS Program
Investment Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 2649 Marengo Street, a rare mid-size multifamily property with significant rent upside that can be captured more rapidly via the higher annual rent increases allowed by AB 1482. 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 $182 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. Engineering plans have been drafted 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.
Exclusively Listed By

