Prime 6-Unit Multifamily in Pasadena's Coveted Madison Heights – Walk Score 86, Steps from ArtCenter College of Design

Highlights:

• • A-Class Location in Madison Heights: South of California Blvd with Walk Score 86
• • 5% CAP Rate in A-Class location:
• • Built-in tenant base: Steps from Art Center College Campus, minutes to Huntington Hospital, and easy drive to Pasadena City College & Caltech (students, faculty, young professionals).
• • Proximity to Premier Amenities and Employers: Walk to ArtCenter College, Whole Foods, Shake Shack, Howlin' Ray's, Petco, Pasadena Playhouse, Norton Simon Museum, and Metro Gold Line (Dem Mar Station just 4 minutes away). Attracts high-quality tenants like students and professionals; past renters include Art Center internationals (Korea/China) and Caltech affiliates – low turnover, stable income.
• • Fantastic Demographics: Average household income ±$162,900 in a 1-mile radius
• • Nearby Many New Townhomes/Condominiums: Superb area with excellent growth of new residential developments (multi-million dollars townhomes/condominiums)
• • Many CAPEX have been completed.
• • Premium Unit Mix: Ideal mix of 1-Bedroom and Studio layouts perfectly suited for young professionals and the academic demographic (avg. household income of ±$163k in 1-mile radius).
• • Modern Systems: Some units equipped with Mini-Split HVAC systems; copper plumbing and new double-pane windows throughout.
• • Low Expense Ratio: Individual metering for gas and electricity. 2 units feature individual water heaters, minimizing landlord utility responsibility.
• • Ample Parking with Upside: 7-8 spaces including 4 garages (rebuilt 1980s, prime for ADU conversion), 2 carports, and open/tandem spots – overparked for the area, adding tenant draw and future revenue.
• • Landscaping: Very minimum landscaping in the front to minimize water usage and gardener expense
• • Efficient Operations: Separate metering for gas/electric; shared laundry (seller-owned machines) for extra income; individual water heaters in duplex.

Description:

Prime 6-Unit Multifamily in Pasadena's Coveted Madison Heights – Walk Score 86, Steps from ArtCenter College of Design campus, Huntington Hospital, Whole Foods, Old Pasadena, and Metro Gold Line. 5% CAP Rate in an A-Class Location – Fantastic Demographics, Nearby many new Townhomes/Condominiums, 4 car garage prime for 2 ADUs, Many CAPEX Completed.

Growth Investment Group California is pleased to present 902 S Marengo Ave, a rare 6-unit multifamily gem in Pasadena's elite Madison Heights neighborhood. This property represents a rare "Value-Add" play in a Class-A location, offering a high 5% CAP rate with significant potential for further appreciation through ADU development and long-term improvements. This garden-style asset sits in an A-location, steps from ArtCenter College of Design, Whole Foods, Shake Shack, and a short walk to Old Pasadena's vibrant scene, the Pasadena Playhouse, and Metro Gold Line. With a Walk Score of 86, Fantastic Demographics of $163k in a-mile radius, and proven appeal to high-caliber tenants (including international ArtCenter students and Caltech professionals), it delivers effortless leasing and superior retention – most units rent to young pros seeking walkable luxury.

Built in 1928 (fourplex) and 1956 (duplex) per online permits from city’s website, the 3,192 SF property on a 7,749 SF lot boasts timeless charm: high ceilings, abundant windows, original hardwoods in the front building, plus modern touches like mini-split HVAC, upgraded electrical, and recent exterior paint. Unit mix includes 4 x 1BD/1BA and 2 x large studios. Two units fully renovated with in-unit laundry; others feature targeted upgrades and share seller-owned machines. Overparked with 4 garages (ADU-ready), 2 carports, and open spaces; individually metered utilities streamline ops.

The front building has a colonial architecture charm and consists of 4 units (2 x 1bed+1bath and 2 x Studio units). All 4 units have high ceiling, original hardwood floor, plenty of windows, mini-split HVAC, ceiling fans, tiled kitchen and bathroom. 1 unit has been fully upgraded with modern upgrades like newer flooring, new bathroom, new kitchen, and in-unit laundry.

The back building was built in 1956 and consists of 2 x 1bed units. The bottom unit has been fully upgraded with new flooring, new kitchen, and in-unit laundry. It has large private backyard. The upstairs unit has a large private deck. All the units are rented to young professionals, and some units have history of being rented to ArtCenter International students from South Korea, China, etc. Some of the tenants are CALTECH students/alumni.

At a 5% CAP Rate Year-1 in A-Class location, this easy-to-manage investment offers immediate cash flow in a market with very limited inventory. With fantastic demographics of $163k in a-mile radius, its proximity to many newly built townhomes/condominiums, and area amenities/attractions/job centers, this property offers a stable and strong demand for rental units; ADU conversion unlocks further upside. Don't miss this – contact me to capitalize on Pasadena's enduring demand.

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