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Multifamily

5670 Ash St

5670 Ash St, Los Angeles, CA 90042

Listing Price: $5,300,000

Cap Rate
4.95%
Number of Units
24
GRM
12.52
Price/Unit
$220,833
Price/Gross SF
$354.30
Gross SF
14,959

Investment Overview

Marcus and Millichap is pleased to present a twenty-four (24) unit apartment building located at 5670 Ash Street in Los Angeles, California. The subject property is situated in a prime Highland Park location, three blocks southwest from the intersection of York and Figueroa.

Highland Park is a high density rental market adjacent to Eagle Rock, Pasadena, and Montecito Heights. These surrounding sub-markets are major employment centers for the demographic that resides in Highland Park, and make it a very commutable area for its residents. Between Highland Park’s two (2) main streets
(York Boulevard and Figueroa), you will frequently find neigh-borhood coffee shops, thrift stores, and new nightlife establish-ments booming with life. This submarket’s tree-lined residential streets mix with a walkable urban culture, but it is also known for its commuter friendly transportation hubs and thoroughfares. The Metro is an at-grade light rail station near the intersection of North Avenue 57 at Marmion Way (one block north of North Figueroa Street). It is the first station on the line going west to-ward Atlantic station that’s in the city of Los Angeles. Highland Park has just as many contemporary landmarks as it does ones that predate the neighborhood’s distinction as one of Los Angeles’ hippest locations.

Built in 1964, this property contains a streamlined unit mix of seventeen (17) one-bedroom / one-bathroom units and seven (7) two-bedroom /one-bathroom units. Select units have been renovated with new appliances, flooring, and more. The property is gated and secure, featuring easily maintained landscaping and a large center courtyard per-fect for tenant enjoyment. An on-site laundry facility is available and provides an additional $14,400 per year in income. The property is equipped with twenty-four (24) on-site parking spaces, twelve (12) of which are tuck-un-der, providing the potential to build out several ADUs using the existing structure. Tenants will love being within a few miles of many trendy restaurants, nightlife, and enter-tainment options such as The Lodge Room, Highland Park Bowl, Kitchen Mouse Cafe, The Offbeat, and Hermon Park.

Positioned in a prime Highland Park Location, this offering presents a rare opportunity for an investor to capitalize on a midesized deal with upside in a low velocity submarket.

Investment Highlights

  • Prime Highland Park Location Streamlined Unit Mix - 17 1's and 7 2's Rare, Midsized Offering in a Low Velocity Sub-market
  • Exceptional Opportunity to Capitalize on Untouched Tenants With Below Market Rents First Time For Sale in 23 Years Select Units have been Fully Renovated and Stabilized Due to Natural Turnover
  • Soft Story Retrofit Has Been Completed Property is Fully Parked, Including 12 Covered Spaces Which Present an Excellent ADU Oppor-tunity
  • On-Site Laundry Facility Available- Generates an additional $1,200 in Monthly Income Solid Remaining Rental Upside Potential
  • Outdoor Recreation Located Nearby at Located At Hermon Park Within a Few Miles of Many Popular Restau-rant, Retail, and Entertainment Amenities. Easy Access to the 110 Freeway

Exclusively Listed By

Financing By

Multifamily

5670 Ash St

Listing Price: $5,300,000

Cap Rate
4.95%
Number of Units
24
GRM
12.52
Price/Unit
$220,833
Price/Gross SF
$354.30
Gross SF
14,959

Investment Highlights

  • Prime Highland Park Location Streamlined Unit Mix - 17 1's and 7 2's Rare, Midsized Offering in a Low Velocity Sub-market
  • Exceptional Opportunity to Capitalize on Untouched Tenants With Below Market Rents First Time For Sale in 23 Years Select Units have been Fully Renovated and Stabilized Due to Natural Turnover
  • Soft Story Retrofit Has Been Completed Property is Fully Parked, Including 12 Covered Spaces Which Present an Excellent ADU Oppor-tunity
  • On-Site Laundry Facility Available- Generates an additional $1,200 in Monthly Income Solid Remaining Rental Upside Potential
  • Outdoor Recreation Located Nearby at Located At Hermon Park Within a Few Miles of Many Popular Restau-rant, Retail, and Entertainment Amenities. Easy Access to the 110 Freeway

Investment Overview

Marcus and Millichap is pleased to present a twenty-four (24) unit apartment building located at 5670 Ash Street in Los Angeles, California. The subject property is situated in a prime Highland Park location, three blocks southwest from the intersection of York and Figueroa. Highland Park is a high density rental market adjacent to Eagle Rock, Pasadena, and Montecito Heights. These surrounding sub-markets are major employment centers for the demographic that resides in Highland Park, and make it a very commutable area for its residents. Between Highland Park’s two (2) main streets (York Boulevard and Figueroa), you will frequently find neigh-borhood coffee shops, thrift stores, and new nightlife establish-ments booming with life. This submarket’s tree-lined residential streets mix with a walkable urban culture, but it is also known for its commuter friendly transportation hubs and thoroughfares. The Metro is an at-grade light rail station near the intersection of North Avenue 57 at Marmion Way (one block north of North Figueroa Street). It is the first station on the line going west to-ward Atlantic station that’s in the city of Los Angeles. Highland Park has just as many contemporary landmarks as it does ones that predate the neighborhood’s distinction as one of Los Angeles’ hippest locations. Built in 1964, this property contains a streamlined unit mix of seventeen (17) one-bedroom / one-bathroom units and seven (7) two-bedroom /one-bathroom units. Select units have been renovated with new appliances, flooring, and more. The property is gated and secure, featuring easily maintained landscaping and a large center courtyard per-fect for tenant enjoyment. An on-site laundry facility is available and provides an additional $14,400 per year in income. The property is equipped with twenty-four (24) on-site parking spaces, twelve (12) of which are tuck-un-der, providing the potential to build out several ADUs using the existing structure. Tenants will love being within a few miles of many trendy restaurants, nightlife, and enter-tainment options such as The Lodge Room, Highland Park Bowl, Kitchen Mouse Cafe, The Offbeat, and Hermon Park. Positioned in a prime Highland Park Location, this offering presents a rare opportunity for an investor to capitalize on a midesized deal with upside in a low velocity submarket.

Exclusively Listed By

Financing By

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