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Multifamily

1506 2nd Ave

1506 2nd Ave, Los Angeles, CA 90019

Listing Price: $2,595,000

Cap Rate
4.49%
Number of Units
8
Price/Unit
$324,375
Price/Gross SF
$340.60
Gross SF
7,619

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale an eight-unit apartment community located at 1506 2nd Avenue. The subject property is located just south of Pico Boulevard within the desirable Arlington Heights Sub-Market. Situated on a large 22,500 square foot parcel, the property comprises of eight separate residential units with no shared walls. The property has an excellent unit mix of six two-bedroom units and two three-bedroom units. The property has 62% remaining rental upside through unit renovations. The continued gentrification of the surrounding area along with the rare low density construction and value-add potential makes 1506 2nd Avenue an excellent acquisition opportunity.

Investment Highlights

  • The Subject Property has 63 Percent Remaining Rental Upside Through Interior and Exterior Renovations
  • Due to the Low-Density Layout, The Subject Property is an Ideal Tenant in Common (TIC) Conversion Opportunity
  • The Subject Property Consists of Eight Individual Structures With No Shared Walls Which Provides Tenants a Single Family Home Feel and Drives Higher Rents
  • Separately Metered for All Utilities (Including Water) Provides Investors Protection From Future Utility Increases and Higher Net Operating Income
  • Surrounded by Desirable Neighborhoods such as Country Club Park, Mid-City, & Koreatown-Arlington Heights is Becoming a Compelling Value-Proposition for Tenants who are Getting Price out of These Neighboring Submarkets
  • New Ownership has the Potential to Add Accessory Dwelling Unit (ADU) to the Property Allowing for Added Future Growth and Appreciation Potential – Buyer to Verify
  • The Property Sits on a 22,500 Square Foot Lot

Exclusively Listed By

Financing By

Multifamily

1506 2nd Ave

Listing Price: $2,595,000

Cap Rate
4.49%
Number of Units
8
Price/Unit
$324,375
Price/Gross SF
$340.60
Gross SF
7,619

Investment Highlights

  • The Subject Property has 63 Percent Remaining Rental Upside Through Interior and Exterior Renovations
  • Due to the Low-Density Layout, The Subject Property is an Ideal Tenant in Common (TIC) Conversion Opportunity
  • The Subject Property Consists of Eight Individual Structures With No Shared Walls Which Provides Tenants a Single Family Home Feel and Drives Higher Rents
  • Separately Metered for All Utilities (Including Water) Provides Investors Protection From Future Utility Increases and Higher Net Operating Income
  • Surrounded by Desirable Neighborhoods such as Country Club Park, Mid-City, & Koreatown-Arlington Heights is Becoming a Compelling Value-Proposition for Tenants who are Getting Price out of These Neighboring Submarkets
  • New Ownership has the Potential to Add Accessory Dwelling Unit (ADU) to the Property Allowing for Added Future Growth and Appreciation Potential – Buyer to Verify
  • The Property Sits on a 22,500 Square Foot Lot

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale an eight-unit apartment community located at 1506 2nd Avenue. The subject property is located just south of Pico Boulevard within the desirable Arlington Heights Sub-Market. Situated on a large 22,500 square foot parcel, the property comprises of eight separate residential units with no shared walls. The property has an excellent unit mix of six two-bedroom units and two three-bedroom units. The property has 62% remaining rental upside through unit renovations. The continued gentrification of the surrounding area along with the rare low density construction and value-add potential makes 1506 2nd Avenue an excellent acquisition opportunity.

Exclusively Listed By

Financing By

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