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Multifamily

1050 W 84th Pl

1050 W 84th Pl, Los Angeles, CA 90044

Listing Price: $1,370,000

Cap Rate
5.38%
Number of Units
6
Occupancy
67.0%
Price/Unit
$228,333
Price/Gross SF
$397.79
Gross SF
3,444

Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 1050 West 84th Place in Los Angeles, California. The subject property is positioned in a solid South Los Angeles location, north of Manchester Avenue and west of Vermont Avenue. South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood-- and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally-owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway. Originally built in 1939, this property contains a good unit mix of two (2) newly constructed (2022) ADU studio / one bathroom units and four (4) one bedroom / one bathroom units. Spread across two (2) buildings, all the tenants have Section 8 which guarantees in place positive initial cash flow. Located in the coveted Vermont Knolls neighborhood of South LA, the property features lovely curb appeal, a lush front yard, and a relaxing center courtyard all in a quiet residential pocket with plenty of street parking adjacent to major commercial corridors on Manchester Avenue and Vermont Avenue. Los Angeles County’s new Transit Oriented Vermont-Manchester mixed-use project, which was recently awarded $20 million, is also located less than a quarter mile away from the subject property. Tenants will enjoy being just minutes away from the Ram’s SoFi Stadium, USC, and Downtown LA. Within walking distance residents can find great restaurant, retail, and recreational amenities such as Wingstop, Bamboo Garden, Alfredo’s Mexican Food, Smart & Final, Beauty Supply, and Hardcore Training Gym. Outdoor recreation is also available less than half a mile away at Vermont Miracle Park. Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for an any investor to capitalize on an initial 5.38% cap rate in a gentrifying market of Los Angeles.

Investment Highlights

  • Solid South Los Angeles Location
  • Guaranteed Positive Initial Cash Flow - 5.38% Cap Rate
  • Two (2) Newly Constructed ADU Units
  • All Tenants are on Section 8
  • Situated in a Quiet Pocket with Plenty of Street Parking Available
  • Adjacent to Major Commercial Corridors on Manchester Ave & Vermont Ave
  • Less than a Quarter Mile Away from LA County's New Vermont-Manchester Mixed Use & Transit Oriented Development (Recently Awarded $20-Million in Funding - July 2021)
  • Outdoor Recreation Available within Walking Distance at the Vermont Miracle Park

Exclusively Listed By

Financing By

Multifamily

1050 W 84th Pl

Listing Price: $1,370,000

Cap Rate
5.38%
Number of Units
6
Occupancy
67.0%
Price/Unit
$228,333
Price/Gross SF
$397.79
Gross SF
3,444

Investment Highlights

  • Solid South Los Angeles Location
  • Guaranteed Positive Initial Cash Flow - 5.38% Cap Rate
  • Two (2) Newly Constructed ADU Units
  • All Tenants are on Section 8
  • Situated in a Quiet Pocket with Plenty of Street Parking Available
  • Adjacent to Major Commercial Corridors on Manchester Ave & Vermont Ave
  • Less than a Quarter Mile Away from LA County's New Vermont-Manchester Mixed Use & Transit Oriented Development (Recently Awarded $20-Million in Funding - July 2021)
  • Outdoor Recreation Available within Walking Distance at the Vermont Miracle Park

Investment Overview

Marcus and Millichap is pleased to present a six (6) unit apartment building located at 1050 West 84th Place in Los Angeles, California. The subject property is positioned in a solid South Los Angeles location, north of Manchester Avenue and west of Vermont Avenue. South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood-- and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally-owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway. Originally built in 1939, this property contains a good unit mix of two (2) newly constructed (2022) ADU studio / one bathroom units and four (4) one bedroom / one bathroom units. Spread across two (2) buildings, all the tenants have Section 8 which guarantees in place positive initial cash flow. Located in the coveted Vermont Knolls neighborhood of South LA, the property features lovely curb appeal, a lush front yard, and a relaxing center courtyard all in a quiet residential pocket with plenty of street parking adjacent to major commercial corridors on Manchester Avenue and Vermont Avenue. Los Angeles County’s new Transit Oriented Vermont-Manchester mixed-use project, which was recently awarded $20 million, is also located less than a quarter mile away from the subject property. Tenants will enjoy being just minutes away from the Ram’s SoFi Stadium, USC, and Downtown LA. Within walking distance residents can find great restaurant, retail, and recreational amenities such as Wingstop, Bamboo Garden, Alfredo’s Mexican Food, Smart & Final, Beauty Supply, and Hardcore Training Gym. Outdoor recreation is also available less than half a mile away at Vermont Miracle Park. Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for an any investor to capitalize on an initial 5.38% cap rate in a gentrifying market of Los Angeles.

Exclusively Listed By

Financing By

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