Skip to main content

Multifamily

2649 Marengo St

2649 Marengo St, Los Angeles, CA 90033

Listing Price: $6,100,000

Cap Rate
1.17%
Number of Units
24
Price/Unit
$254,167
Price/Gross SF
$209.65
Gross SF
29,096

Investment Overview

Marcus & Millichap is pleased to present to market 2649 Marengo Street, a 24-unit apartment property for sale in Los Angeles’ Boyle Heights neighborhood. The property’s recent expiration of rent restrictions presents a new investor with the rare opportunity to reposition the property to a market-rate asset and add significant value. 2649 Marengo Street is a three-story, 29,096-square foot 1988 construction with a very desirable mix of six one-bed/one-bath, 10 two-bed/one-bath, six three-bed/two-bath, and two four-bed/two-bath units. Each building has its own laundry room, and the property also offers a playground, 29 surface parking spots, and 22 tuck-under parking spots. Located in Boyle Heights, the property has easy access to Downtown Los Angeles’ entertainment and major employers, such as the nearby USC Medical Center. Massive expansion projects have been underway at the medical campus, including a new “Restorative Care Village”, a new Hyatt Place hotel, and new student housing for 272 graduate students. Boyle Heights’ proximity to Downtown has also made it a target of redevelopment in recent years, and a new 81-room hotel at the corner of Soto and Pomeroy is nearly complete just a quarter-mile from the subject property.

Investment Highlights

  • 1988 Construction Asset With 24 Units on a 0.68-Acre Lot
  • Recently Expired Rent Restrictions Offer the Chance to Reposition the Property to a Market-Rate Asset and Add Significant Value
  • Sought-After Mix of One, Two, Three and Four-Bedroom Units
  • Amenities Include a Playground, a Laundry Room for Each Building, Tuck-Under and Surface Parking, and More
  • Located in Boyle Heights Proximate to Downtown LA

Exclusively Listed By

Listing Price: $6,100,000

Cap Rate
1.17%
Number of Units
24
Price/Unit
$254,167
Price/Gross SF
$209.65
Gross SF
29,096

Investment Highlights

  • 1988 Construction Asset With 24 Units on a 0.68-Acre Lot
  • Recently Expired Rent Restrictions Offer the Chance to Reposition the Property to a Market-Rate Asset and Add Significant Value
  • Sought-After Mix of One, Two, Three and Four-Bedroom Units
  • Amenities Include a Playground, a Laundry Room for Each Building, Tuck-Under and Surface Parking, and More
  • Located in Boyle Heights Proximate to Downtown LA

Investment Overview

Marcus & Millichap is pleased to present to market 2649 Marengo Street, a 24-unit apartment property for sale in Los Angeles’ Boyle Heights neighborhood. The property’s recent expiration of rent restrictions presents a new investor with the rare opportunity to reposition the property to a market-rate asset and add significant value. 2649 Marengo Street is a three-story, 29,096-square foot 1988 construction with a very desirable mix of six one-bed/one-bath, 10 two-bed/one-bath, six three-bed/two-bath, and two four-bed/two-bath units. Each building has its own laundry room, and the property also offers a playground, 29 surface parking spots, and 22 tuck-under parking spots. Located in Boyle Heights, the property has easy access to Downtown Los Angeles’ entertainment and major employers, such as the nearby USC Medical Center. Massive expansion projects have been underway at the medical campus, including a new “Restorative Care Village”, a new Hyatt Place hotel, and new student housing for 272 graduate students. Boyle Heights’ proximity to Downtown has also made it a target of redevelopment in recent years, and a new 81-room hotel at the corner of Soto and Pomeroy is nearly complete just a quarter-mile from the subject property.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower