MLS® ID: 19494264
2649 MARENGO Street
Los Angeles, California, 90033 $6,360,000
We are pleased to announce the sale of 2649 Marengo Street, a rare opportunity to purchase a mid-size multifamily property with expiring covenants that had previously been restricting rents. Constructed in 1988, 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 $218 per square foot, the property features spacious floorplans that may help the new investor to command much higher rents if the existing rent covenants expire.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.