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Multifamily

5700-5704 La Mirada Avenue

5700-5704 La Mirada Avenue, Los Angeles, CA 90038

Listing Price: $2,890,000

Cap Rate
6.02%
Number of Units
13
GRM
10.98
Price/Unit
$222,308
Price/Gross SF
$342.21
Gross SF
8,445

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5700-5704 La Mirada Avenue, a 13-unit multifamily property located in the Hollywood district of Los Angeles, CA. With four separate buildings spanning two parcels, the property occupies a total of 15,090 land square feet on the corner of Wilton Place and La Mirada Avenue. The existing assets are available for an attractive 10.98 GRM with approximately 16% rent upside, in addition to potential future development possibilities adding flexibility to an investor’s exit strategy. The large lot is zoned LAR3 and sits in a Tier 2 TOC area, while also holding ED1 eligibility.

Located near Sunset Boulevard, the property provides tenants with convenient access to several Hollywood destinations as well as the rest of the Los Angeles metro, via the nearby 101 Freeway. The exclusive Hancock Park neighborhood is only a few blocks southwest, while Koreatown and the Hollywood Walk of Fame are both nearby as well. The new 14-story ICON office tower, primarily leased to Netflix, was recently completed at the nearby Sunset Bronson Studios, while additional new construction is scheduled for Sunset Gower Studios, just one mile from the property. There, a joint venture between Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620,000 square feet to the studio campus.

The property is just north of Paramount Studios, the Hollywood Forever Cemetery, and Melrose Hill. The Melrose Hill neighborhood was recently named Los Angeles’ Hottest Culinary Boom Town by Eater Los Angeles. Several exciting dining options have recently debuted in the immediate area, including Etra, Kuya Lord, Ggiata, Café Telegrama, and Le Coupe. Tenants can look forward to even more culinary options in the near future, as Little Fish, Bar Etoile, and Holy Basil are slated to open as well.

Investment Highlights

  • Attractively Priced at a 10.98 Current GRM and Only $222,308 per Unit
  • Value-Add Opportunity – Current Rents Approximately 16% Below Market Rates
  • Excellent Hollywood Rental Market -- Adjacent to Hancock Park, Melrose Hill, and Koreatown
  • Four Buildings Spanning Two Separate Parcels, Including a Corner Lot
  • Not on LADBS Seismic Retrofit List (Buyer to Verify)
  • Large 15,090 Square Foot Lot Zoned LAR3 with a Tier 2 TOC Designation and ED1 Eligibility
  • Blocks from New Netflix ICON Tower at Sunset Bronson Studios
  • Garage Parking for Select Units

Exclusively Listed By

Financing By

Multifamily

5700-5704 La Mirada Avenue

Listing Price: $2,890,000

Cap Rate
6.02%
Number of Units
13
GRM
10.98
Price/Unit
$222,308
Price/Gross SF
$342.21
Gross SF
8,445

Investment Highlights

  • Attractively Priced at a 10.98 Current GRM and Only $222,308 per Unit
  • Value-Add Opportunity – Current Rents Approximately 16% Below Market Rates
  • Excellent Hollywood Rental Market -- Adjacent to Hancock Park, Melrose Hill, and Koreatown
  • Four Buildings Spanning Two Separate Parcels, Including a Corner Lot
  • Not on LADBS Seismic Retrofit List (Buyer to Verify)
  • Large 15,090 Square Foot Lot Zoned LAR3 with a Tier 2 TOC Designation and ED1 Eligibility
  • Blocks from New Netflix ICON Tower at Sunset Bronson Studios
  • Garage Parking for Select Units

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 5700-5704 La Mirada Avenue, a 13-unit multifamily property located in the Hollywood district of Los Angeles, CA. With four separate buildings spanning two parcels, the property occupies a total of 15,090 land square feet on the corner of Wilton Place and La Mirada Avenue. The existing assets are available for an attractive 10.98 GRM with approximately 16% rent upside, in addition to potential future development possibilities adding flexibility to an investor’s exit strategy. The large lot is zoned LAR3 and sits in a Tier 2 TOC area, while also holding ED1 eligibility. Located near Sunset Boulevard, the property provides tenants with convenient access to several Hollywood destinations as well as the rest of the Los Angeles metro, via the nearby 101 Freeway. The exclusive Hancock Park neighborhood is only a few blocks southwest, while Koreatown and the Hollywood Walk of Fame are both nearby as well. The new 14-story ICON office tower, primarily leased to Netflix, was recently completed at the nearby Sunset Bronson Studios, while additional new construction is scheduled for Sunset Gower Studios, just one mile from the property. There, a joint venture between Hudson Pacific Properties and The Blackstone Group will be expanding the studio and office space, adding 620,000 square feet to the studio campus. The property is just north of Paramount Studios, the Hollywood Forever Cemetery, and Melrose Hill. The Melrose Hill neighborhood was recently named Los Angeles’ Hottest Culinary Boom Town by Eater Los Angeles. Several exciting dining options have recently debuted in the immediate area, including Etra, Kuya Lord, Ggiata, Café Telegrama, and Le Coupe. Tenants can look forward to even more culinary options in the near future, as Little Fish, Bar Etoile, and Holy Basil are slated to open as well.

Exclusively Listed By

Financing By

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