Multifamily
1029 S Union Ave
1029 S Union Ave, Los Angeles, CA 90015
Listing Price: $6,150,000
Investment Overview
Marcus & Millichap, as the exclusive listing agent, is excited to present for sale 1029 South Union Avenue, a 31-unit apartment complex located just outside of Downtown Los Angeles, strategically positioned for both convenience and accessibility to the bustling heart of the city.
The property places residents within a short drive to a myriad of dining, shopping, and entertainment options that Downtown Los Angeles & Koreatown are renowned for. This area teems with modern eateries, trendy cafes, upscale bars, theaters, boutique shops, and a range of amenities. Moreover, being proximate to the core of Los Angeles offers the added benefit of being near
significant employment hubs, world class education facilities, and cultural landmarks.
Situated on a 16,166 square foot parcel, the property consists 22 studios and 9 one-bedroom units. An estimated 20 studio units have been reconfigured to operate like Junior 1 Bed/1Bath units. While a number of units have been renovated to modern standards, there remains tangible rental upside potential through further renovations.
1029 South Union Avenue grants investors an unparalleled opportunity to secure a mid-sized asset in a rapidly gentrifying area near Downtown Los Angeles. The ongoing urban renewal and growth in this district highlight the potential for sustained rental appreciation.
1029 S Union Ave
Investment Highlights
- Assumable Agency Financing, Available at 3.64% Interest, 77% LTV, Amortizing. Maturity Date of 10/1/2025
- Part of a 6-property, 195-unit Portfolio. Properties may be purchased an Individual, Portfolio or Sub-Portfolio Basis (Westlake Trio Buildings must be purchased together)
- An Investor will have the Opportunity to Capture 51% Rental Upside on the Remaining Non-Renovated Units
- The Subject Property is Located in Close Proximity to the Vibrant Restaurants, Cafes, Bars, Theaters, and Employment Opportunities in Downtown Los Angeles, Koreatown and Westlake
- The Offering is Located Within a 15 Minute Radius of Over 100 Million SF of Office which Attracts High Income Tenant Profiles and Drives Rental Growth
- The Government Required Seismic Retrofit Work is Already Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
Exclusively Listed By
Financing By
Listing Price: $6,150,000
Investment Highlights
- Assumable Agency Financing, Available at 3.64% Interest, 77% LTV, Amortizing. Maturity Date of 10/1/2025
- Part of a 6-property, 195-unit Portfolio. Properties may be purchased an Individual, Portfolio or Sub-Portfolio Basis (Westlake Trio Buildings must be purchased together)
- An Investor will have the Opportunity to Capture 51% Rental Upside on the Remaining Non-Renovated Units
- The Subject Property is Located in Close Proximity to the Vibrant Restaurants, Cafes, Bars, Theaters, and Employment Opportunities in Downtown Los Angeles, Koreatown and Westlake
- The Offering is Located Within a 15 Minute Radius of Over 100 Million SF of Office which Attracts High Income Tenant Profiles and Drives Rental Growth
- The Government Required Seismic Retrofit Work is Already Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
Investment Overview
Marcus & Millichap, as the exclusive listing agent, is excited to present for sale 1029 South Union Avenue, a 31-unit apartment complex located just outside of Downtown Los Angeles, strategically positioned for both convenience and accessibility to the bustling heart of the city. The property places residents within a short drive to a myriad of dining, shopping, and entertainment options that Downtown Los Angeles & Koreatown are renowned for. This area teems with modern eateries, trendy cafes, upscale bars, theaters, boutique shops, and a range of amenities. Moreover, being proximate to the core of Los Angeles offers the added benefit of being near significant employment hubs, world class education facilities, and cultural landmarks. Situated on a 16,166 square foot parcel, the property consists 22 studios and 9 one-bedroom units. An estimated 20 studio units have been reconfigured to operate like Junior 1 Bed/1Bath units. While a number of units have been renovated to modern standards, there remains tangible rental upside potential through further renovations. 1029 South Union Avenue grants investors an unparalleled opportunity to secure a mid-sized asset in a rapidly gentrifying area near Downtown Los Angeles. The ongoing urban renewal and growth in this district highlight the potential for sustained rental appreciation.
Exclusively Listed By
Financing By
