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2649 Marengo Street is 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.rnrn2649 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.rnrnLocated 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. Read More

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