Multifamily
1506 2nd Ave
1506 2nd Ave, Los Angeles, CA 90019
Listing Price: $2,595,000
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.
1506 2nd Ave
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
Listing Price: $2,595,000
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
