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Multifamily

2504 Ocean View Ave

2504 Ocean View Ave, Los Angeles, CA 90057

Listing Price: $1,600,000

Cap Rate
3.94%
Number of Units
8
Price/Unit
$200,000
Price/Gross SF
$243.98
Gross SF
6,558

Investment Overview

Marcus & Millichap is pleased to present 2504 Ocean View Avenue, a charming 8-unit Spanish style value add apartment building located in MacArthur Park, one of Los Angeles’ most historic neighborhoods. The building consists of two (2) studio/one-bathroom units and six (6) one-bedroom/one-bathroom units. Units feature spacious layouts with a lot of windows creating natural light, wood floors, front and back doors, large closets and kitchens with built-in nooks with booth seating (select units). Building features copper plumbing throughout (vertical/horizontal replaced within last 10 years), roofs replaced within last 10 years, individual waters heaters, separately metered for gas and electric. Built in 1923, the building is 6,558 square feet and sits on a 0.16 AC lot that is LAR4 zoned. This is a tremendous opportunity for a value add investor as current rents are approximately 34% under market. 2504 Ocean View Avenue has a Walk Score of 96 as it is in close proximity to trendy retail, restaurants and cafes on Wilshire Boulevard and 6th Street and is surrounded by hip neighborhoods such as Koreatown, Historic Filipinotown, Echo Park and Silverlake. The property is located approximately 1.5 miles from Downtown Los Angeles offering its residents easy local access to one of the largest job centers in all of Southern California. The property is also conveniently located near the 101, 110 and 10 freeways for quick access to Hollywood, Burbank, Glendale, Pasadena and the San Fernando Valley. The property is situated just 0.6 miles from the Westlake/MacArthur Park Metro Station which offers access to the Purple and Red Lines. While the Metro Purple Line currently provides access to Downtown Los Angeles, the Metro D Purple Line Extension, currently under construction, will provide rail access to Wilshire Boulevard and La Cienega Boulevard by 2024 and the Westwood VA Center by 2027. The Red Line provides access to Downtown Los Angeles to the west and North Hollywood to the north.

Investment Highlights

  • Value add 8-unit apartment building in Westlake/MacArthur Park with approximately 34% upside in rent
  • Low price per foot ($243.98/sf) and excellent financial metrics: Cap Rate – 3.94% (current)/7.10% (proforma) and GRM – 15.11 (current)/9.99 (proforma)
  • Building features copper plumbing throughout (vertical/horizontal replaced within last 10 years), roofs replaced within last 10 years, individual waters heaters, separately metered for gas and electri
  • Units feature spacious layouts with a lot of windows creating natural light, wood floors, front and back doors, large closets and kitchens with built-in nooks with booth seating (select units)
  • Excellent unit mix: two (2) studio/one-bathroom units and six (6) one-bedroom/one-bathroom units
  • Walk Score of 96: close proximity to trendy retail, restaurants and cafes on Wilshire Boulevard and 6th Street and is surrounded by trendy neighborhoods such as Koreatown, Historic Filipinotown, Echo Park and Silverlake
  • Conveniently located near the 101, 110 and 10 freeway for quick access to Hollywood, Burbank, Glendale, Pasadena and the San Fernando Valley

Exclusively Listed By

Financing By

Multifamily

2504 Ocean View Ave

Listing Price: $1,600,000

Cap Rate
3.94%
Number of Units
8
Price/Unit
$200,000
Price/Gross SF
$243.98
Gross SF
6,558

Investment Highlights

  • Value add 8-unit apartment building in Westlake/MacArthur Park with approximately 34% upside in rent
  • Low price per foot ($243.98/sf) and excellent financial metrics: Cap Rate – 3.94% (current)/7.10% (proforma) and GRM – 15.11 (current)/9.99 (proforma)
  • Building features copper plumbing throughout (vertical/horizontal replaced within last 10 years), roofs replaced within last 10 years, individual waters heaters, separately metered for gas and electri
  • Units feature spacious layouts with a lot of windows creating natural light, wood floors, front and back doors, large closets and kitchens with built-in nooks with booth seating (select units)
  • Excellent unit mix: two (2) studio/one-bathroom units and six (6) one-bedroom/one-bathroom units
  • Walk Score of 96: close proximity to trendy retail, restaurants and cafes on Wilshire Boulevard and 6th Street and is surrounded by trendy neighborhoods such as Koreatown, Historic Filipinotown, Echo Park and Silverlake
  • Conveniently located near the 101, 110 and 10 freeway for quick access to Hollywood, Burbank, Glendale, Pasadena and the San Fernando Valley

Investment Overview

Marcus & Millichap is pleased to present 2504 Ocean View Avenue, a charming 8-unit Spanish style value add apartment building located in MacArthur Park, one of Los Angeles’ most historic neighborhoods. The building consists of two (2) studio/one-bathroom units and six (6) one-bedroom/one-bathroom units. Units feature spacious layouts with a lot of windows creating natural light, wood floors, front and back doors, large closets and kitchens with built-in nooks with booth seating (select units). Building features copper plumbing throughout (vertical/horizontal replaced within last 10 years), roofs replaced within last 10 years, individual waters heaters, separately metered for gas and electric. Built in 1923, the building is 6,558 square feet and sits on a 0.16 AC lot that is LAR4 zoned. This is a tremendous opportunity for a value add investor as current rents are approximately 34% under market. 2504 Ocean View Avenue has a Walk Score of 96 as it is in close proximity to trendy retail, restaurants and cafes on Wilshire Boulevard and 6th Street and is surrounded by hip neighborhoods such as Koreatown, Historic Filipinotown, Echo Park and Silverlake. The property is located approximately 1.5 miles from Downtown Los Angeles offering its residents easy local access to one of the largest job centers in all of Southern California. The property is also conveniently located near the 101, 110 and 10 freeways for quick access to Hollywood, Burbank, Glendale, Pasadena and the San Fernando Valley. The property is situated just 0.6 miles from the Westlake/MacArthur Park Metro Station which offers access to the Purple and Red Lines. While the Metro Purple Line currently provides access to Downtown Los Angeles, the Metro D Purple Line Extension, currently under construction, will provide rail access to Wilshire Boulevard and La Cienega Boulevard by 2024 and the Westwood VA Center by 2027. The Red Line provides access to Downtown Los Angeles to the west and North Hollywood to the north.

Exclusively Listed By

Financing By

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