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Multifamily

639 N Juanita Ave

639 N Juanita Ave, Los Angeles, CA 90004

Listing Price: $3,800,000

Cap Rate
4.30%
Number of Units
9
GRM
14.23
Occupancy
97.0%
Price/Unit
$422,222
Price/Gross SF
$455.64
Gross SF
8,340

Investment Overview

Marcus and Millichap is pleased to present 639 N. Juanita Avenue, a 9-unit value-add apartment building located in East Hollywood (Silver Lake adjacent). The building was constructed in 1990 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of all two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, new sliding glass patio doors, mini split heat/air-condition units, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 7,543 square foot lot that is LAR3 zoned.
This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out.
639 N. Juanita Avenue is located in trendy East Hollywood, which has become one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 91 as it is just two blocks from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue in popular Silver Lake. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood.

Investment Highlights

  • Excellent Assumable Debt - $1,925,000 loan, fixed 3.2% interest-only until April 2027 (5.43% cash-on-cash return on current income/8.76% cash-on-cash return on proforma income)
  • 9-unit value-add apartment building located in East Hollywood (Silver Lake adjacent) - can be purchased with 4115 Normal Avenue (0.6 miles away) as a 21-unit portfolio
  • 1990 Construction – not subject to LA City Rent Control (only subject to California State Rent Control)
  • Favorable unit mix - all two bedroom/two bath units
  • Select units have been remodeled - feature vinyl wood flooring, recessed lighting, new windows, new sliding glass patio doors, mini split heat/air-condition units, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances
  • Building features - gated entry, secured covered parking and a laundry facility
  • Walk Score of 91 - just two blocks from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue in popular Silver Lake
  • Conveniently located - located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood

Exclusively Listed By

Financing By

Multifamily

639 N Juanita Ave

Listing Price: $3,800,000

Cap Rate
4.30%
Number of Units
9
GRM
14.23
Occupancy
97.0%
Price/Unit
$422,222
Price/Gross SF
$455.64
Gross SF
8,340

Investment Highlights

  • Excellent Assumable Debt - $1,925,000 loan, fixed 3.2% interest-only until April 2027 (5.43% cash-on-cash return on current income/8.76% cash-on-cash return on proforma income)
  • 9-unit value-add apartment building located in East Hollywood (Silver Lake adjacent) - can be purchased with 4115 Normal Avenue (0.6 miles away) as a 21-unit portfolio
  • 1990 Construction – not subject to LA City Rent Control (only subject to California State Rent Control)
  • Favorable unit mix - all two bedroom/two bath units
  • Select units have been remodeled - feature vinyl wood flooring, recessed lighting, new windows, new sliding glass patio doors, mini split heat/air-condition units, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances
  • Building features - gated entry, secured covered parking and a laundry facility
  • Walk Score of 91 - just two blocks from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue in popular Silver Lake
  • Conveniently located - located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood

Investment Overview

Marcus and Millichap is pleased to present 639 N. Juanita Avenue, a 9-unit value-add apartment building located in East Hollywood (Silver Lake adjacent). The building was constructed in 1990 so it is not subject to LA City Rent Control (only subject to California State Rent Control). The building consists of all two bedroom/two bath units. Select units have been remodeled and feature vinyl wood flooring, recessed lighting, new windows, new sliding glass patio doors, mini split heat/air-condition units, remodeled bathrooms and kitchens with new shaker cabinets, stone countertops and stainless-steel appliances (gas range oven, refrigerator, dishwasher, microwave). The property features gated entry, secured covered parking and a laundry facility and sits on a 7,543 square foot lot that is LAR3 zoned. This is a great opportunity for an investor who is looking for a value-add property with a favorable unit mix located in an excellent rental submarket that is not subject to City of Los Angeles Rent Control. Existing ownership has been successful in achieving top of the market rents for renovated units. New ownership has an opportunity to realize remaining potential rental upside by continuing the current renovation program to unit interiors as existing tenants move out. 639 N. Juanita Avenue is located in trendy East Hollywood, which has become one of the most sought-after rental submarkets in Los Angeles. The property boasts a Walk Score of 91 as it is just two blocks from chic retail, restaurants, bars, cafes and coffee shops along Virgil Avenue in popular Silver Lake. The property is also just a short drive to Koreatown, Hollywood, West Hollywood, Echo Park and Downtown Los Angeles. The property is conveniently located close to the 101 freeway and just 0.5 miles from the Vermont/Beverly Metro D Line Station offering a viable public transportation option for commuters headed to Downtown Los Angeles or North Hollywood.

Exclusively Listed By

Financing By

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