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Multifamily

838 N Las Palmas Ave

838 N Las Palmas Ave, Los Angeles, CA 90038

Listing Price: $1,950,000

Cap Rate
5.01%
Number of Units
4
Price/Unit
$487,500
Price/Gross SF
$519.58
Gross SF
3,753

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 838 N Las Palmas Avenue, an elegant, well-maintained four-unit multifamily property located just two blocks from Hancock Park in Los Angeles, CA. The exterior features sparkling water fountains, an elegant breezeway, and beautifully manicured hedges, while the well-appointed interiors are befitting of a property located between Hancock Park, Larchmont, Fairfax, and Hollywood. Apartment interiors feature in-unit washer/dryers, chandeliers, imported Italian Carrera countertops, stainless steel appliances, central air/heat, recessed lighting, wood flooring, and decorative archways. Tenants at the property enjoy convenient access to Larchmont Village, a collection of trendy boutiques and bistros just a 25-minute walk from the property. Also nearby are The Grove, The Original Farmers Market, Wilshire Country Club, and the Beverly Center. With mostly two-bedroom units, the building features spacious floorplans and offers ample on-site parking for tenants. A new investor can benefit from the relatively turnkey nature of the asset and the opportunity to secure more flexible residential financing. Similar quadruplexes in the area have been transacting at a 3.86% CAP Rate in recent months, however the subject property is available for a higher 5.01% CAP Rate to a savvy investor.

Investment Highlights

  • High-End Finishes Throughout – Imported Italian Carrera Marble Countertops, Chandeliers, In-Unit Washer/Dryers, Central Air/Heat, Stainless Steel Appliances
  • Outstanding Location Less than Two Blocks from Hancock Park
  • Attractive 5.01% CAP Rate Compared to Similar Quadruplex Sales
  • Excellent Unit Mix with Mostly Large Two-Bedroom Apartments
  • Pristine Mediterranean-Style Building with Sparkling Fountains and Beautifully-Maintained Landscaping
  • Ample On-Site Parking for Tenants
  • Convenient Access to Larchmont Village, Wilshire Country Club, The Grove, and The Original Farmers Market
  • No Seismic Retrofit Required (Buyer to Verify)

Exclusively Listed By

Multifamily

838 N Las Palmas Ave

Listing Price: $1,950,000

Cap Rate
5.01%
Number of Units
4
Price/Unit
$487,500
Price/Gross SF
$519.58
Gross SF
3,753

Investment Highlights

  • High-End Finishes Throughout – Imported Italian Carrera Marble Countertops, Chandeliers, In-Unit Washer/Dryers, Central Air/Heat, Stainless Steel Appliances
  • Outstanding Location Less than Two Blocks from Hancock Park
  • Attractive 5.01% CAP Rate Compared to Similar Quadruplex Sales
  • Excellent Unit Mix with Mostly Large Two-Bedroom Apartments
  • Pristine Mediterranean-Style Building with Sparkling Fountains and Beautifully-Maintained Landscaping
  • Ample On-Site Parking for Tenants
  • Convenient Access to Larchmont Village, Wilshire Country Club, The Grove, and The Original Farmers Market
  • No Seismic Retrofit Required (Buyer to Verify)

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 838 N Las Palmas Avenue, an elegant, well-maintained four-unit multifamily property located just two blocks from Hancock Park in Los Angeles, CA. The exterior features sparkling water fountains, an elegant breezeway, and beautifully manicured hedges, while the well-appointed interiors are befitting of a property located between Hancock Park, Larchmont, Fairfax, and Hollywood. Apartment interiors feature in-unit washer/dryers, chandeliers, imported Italian Carrera countertops, stainless steel appliances, central air/heat, recessed lighting, wood flooring, and decorative archways. Tenants at the property enjoy convenient access to Larchmont Village, a collection of trendy boutiques and bistros just a 25-minute walk from the property. Also nearby are The Grove, The Original Farmers Market, Wilshire Country Club, and the Beverly Center. With mostly two-bedroom units, the building features spacious floorplans and offers ample on-site parking for tenants. A new investor can benefit from the relatively turnkey nature of the asset and the opportunity to secure more flexible residential financing. Similar quadruplexes in the area have been transacting at a 3.86% CAP Rate in recent months, however the subject property is available for a higher 5.01% CAP Rate to a savvy investor.

Exclusively Listed By

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