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Multifamily

5426 Virginia Ave

5426 Virginia Ave, Los Angeles, CA 90029

Listing Price: $10,000,000

Cap Rate
2.42%
Number of Units
42
Price/Unit
$238,095
Price/Gross SF
$379.42
Gross SF
26,356

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5426 Virginia Avenue, a towering 42-unit multifamily property located in a dense rental market near the intersection of Santa Monica Boulevard and Western Avenue in Los Angeles, CA. The roof was just replaced in 2022 and the elevator and water heating systems have both undergone major upgrades. A new investor may be able to capitalize on this value-add opportunity by recapturing the approximately 57% in rent upside. With direct visibility from the 101 Freeway, a new owner may explore the possibility of adding new income streams to the asset via billboards and other advertising. The adjacent parking lot is also included in the sale, offering the luxury of secured parking for select tenants. The property is within walking distance of several shops and restaurants along some of Hollywood’s busiest streets, including Jon’s International Marketplace, Smart & Final, Chick-fil-A, and Starbucks. The Hollywood Hills, Larchmont Village, Los Feliz, and Silver Lake are each nearby, allowing tenants a variety of attractive local destinations. This property is primed to follow the ongoing trend of investment in the Hollywood area. From the new Hollywood Target that opened in late-2020 a few blocks north, to the newly redeveloped studios and Netflix office towers less than one mile northwest, the area has seen a large influx of capital in recent years, coinciding with a significant rise in multifamily rents.

Investment Highlights

  • Desirable Location Among Hollywood, Silver Lake, Koreatown, and Los Feliz
  • Brand New Roof in 2022
  • Several Recent Capital Improvements -- Brand New Elevator Engine, New Boiler, and New Water Tank
  • Excellent Position Near Santa Monica Boulevard and Western Avenue with Visibility from 101 Freeway
  • Offering Includes Adjacent Parking Lot -- A Rare Amenity Among Classic Hollywood Buildings
  • R4 Zoning and Tier 3 TOC Within an Opportunity Zone, Allowing Flexible Exit Strategies (Buyer to Verify)
  • Potential for Additional Revenue Streams via Billboards and Advertisements (Buyer to Verify)
  • Not on LA Department of Building & Safety Seismic Retrofit List (Buyer to Verify)

Exclusively Listed By

Multifamily

5426 Virginia Ave

Listing Price: $10,000,000

Cap Rate
2.42%
Number of Units
42
Price/Unit
$238,095
Price/Gross SF
$379.42
Gross SF
26,356

Investment Highlights

  • Desirable Location Among Hollywood, Silver Lake, Koreatown, and Los Feliz
  • Brand New Roof in 2022
  • Several Recent Capital Improvements -- Brand New Elevator Engine, New Boiler, and New Water Tank
  • Excellent Position Near Santa Monica Boulevard and Western Avenue with Visibility from 101 Freeway
  • Offering Includes Adjacent Parking Lot -- A Rare Amenity Among Classic Hollywood Buildings
  • R4 Zoning and Tier 3 TOC Within an Opportunity Zone, Allowing Flexible Exit Strategies (Buyer to Verify)
  • Potential for Additional Revenue Streams via Billboards and Advertisements (Buyer to Verify)
  • Not on LA Department of Building & Safety Seismic Retrofit List (Buyer to Verify)

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5426 Virginia Avenue, a towering 42-unit multifamily property located in a dense rental market near the intersection of Santa Monica Boulevard and Western Avenue in Los Angeles, CA. The roof was just replaced in 2022 and the elevator and water heating systems have both undergone major upgrades. A new investor may be able to capitalize on this value-add opportunity by recapturing the approximately 57% in rent upside. With direct visibility from the 101 Freeway, a new owner may explore the possibility of adding new income streams to the asset via billboards and other advertising. The adjacent parking lot is also included in the sale, offering the luxury of secured parking for select tenants. The property is within walking distance of several shops and restaurants along some of Hollywood’s busiest streets, including Jon’s International Marketplace, Smart & Final, Chick-fil-A, and Starbucks. The Hollywood Hills, Larchmont Village, Los Feliz, and Silver Lake are each nearby, allowing tenants a variety of attractive local destinations. This property is primed to follow the ongoing trend of investment in the Hollywood area. From the new Hollywood Target that opened in late-2020 a few blocks north, to the newly redeveloped studios and Netflix office towers less than one mile northwest, the area has seen a large influx of capital in recent years, coinciding with a significant rise in multifamily rents.

Exclusively Listed By

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