6-unit Madison Heights, 5.25% CAP Class-A Loc 902-906 S Marengo Ave 6 Unit Apartment Building $3,011,338 CAD ($501,890 CAD/Unit) 5.26% Cap Rate Pasadena, CA 91106

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. 5.25% CAP Rate – Fantastic Demographics, Nearby many new Townhomes/Condominiums, 4 car garage prime for 2 ADUs.
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 5.25% 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 5.25% 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.
LOCATION AMENITIES AND ACCESS
Nestled in Madison Heights – Pasadena's premier residential enclave known for historic Craftsman homes, tree-lined streets, and top schools like Blair High – this property is south of California Blvd, 2 blocks north of Glenarm St, and mere blocks from Old Pasadena. Tenants enjoy a Walk Score of 86: stroll to ArtCenter College, Huntington Hospital, Whole Foods, Shake Shack, Arroyo Chop House, Howlin' Ray's, Petco, and Arroyo Parkway's retail flurry. Nearby gems include Norton Simon Museum, Gamble House, Pasadena Playhouse District, and parks like Allendale and Singer.
Access is unbeatable: 1-min to 110 Freeway ramp for Downtown LA (15-min drive); quick hops to 210 and 134 for Burbank, Glendale, and beyond. Borders affluent South Pasadena and San Marino, plus Huntington Library – blending serenity with urban perks for unmatched tenant appeal.