Multifamily
Sienna on Sanborn
1026 Sanborn Ave, Los Angeles, CA 90029
Listing Price: $14,600,000
Investment Overview
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Sienna on Sanborn (the “Property”), a four-building, 67-unit multifamily community located in the Silver Lake submarket of Los Angeles.
Originally constructed in 1928, current ownership has spent $2.7M ($40K+ per unit) on capital expenditures to completely transform the community. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward.
52 of the 67 unit interiors (78%) have been extensively renovated, including new cabinetry, new stainless steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, and upgraded plumbing fixtures. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 15 units (22%) and capture 13%+ upside in rental income.
Sienna on Sanborn
Investment Highlights
- A COMPELLING TURN-KEY WITH UPSIDE - Sienna on Sanborn offers investors a proven interior renovation scope to emulate and capture 13%+ in remaining rental income upside.
- COMMON AREA CAPEX NEEDS ALREADY ADDRESSED - Investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
- HIGH IMPACT IMPROVEMENTS - Notable capital improvements include upgraded electrical systems and replacing all of the windows throughout the community.
- NEAR SUNSET JUNCTION IN SILVER LAKE - Silver Lake is a high demand rental market. 90% of the population are renters and 44% are between the ages of 20 and 44. The median home value is over $1.7M which prices most of the population out of home ownership.
- A TRUE LIVE, WORK, PLAY LOCATION - The Property offers residents a true live, work, play environment just steps from Virgil Village and Sunset Junction with some of the regions best dining, retail shopping, and cultural destinations.
- STRONG RECENT LEASING - The Property recently achieved $1,395 on a renovated bachelor, $1,995 on a renovated studio and $2,190 on a renovated 1-bedroom.
- INDIVIDUAL BUILDING SELL OFF EXIT STRATEGY - The Property consists of 4 contiguous buildings that are separately parceled which provides disposition optionality including the ability to sell parcels individually to reduce closing costs and maximize proceeds.
Exclusively Listed By
Listing Price: $14,600,000
Investment Highlights
- A COMPELLING TURN-KEY WITH UPSIDE - Sienna on Sanborn offers investors a proven interior renovation scope to emulate and capture 13%+ in remaining rental income upside.
- COMMON AREA CAPEX NEEDS ALREADY ADDRESSED - Investors will be able to focus almost entirely on high return on investment interior renovations in the remaining unrenovated units.
- HIGH IMPACT IMPROVEMENTS - Notable capital improvements include upgraded electrical systems and replacing all of the windows throughout the community.
- NEAR SUNSET JUNCTION IN SILVER LAKE - Silver Lake is a high demand rental market. 90% of the population are renters and 44% are between the ages of 20 and 44. The median home value is over $1.7M which prices most of the population out of home ownership.
- A TRUE LIVE, WORK, PLAY LOCATION - The Property offers residents a true live, work, play environment just steps from Virgil Village and Sunset Junction with some of the regions best dining, retail shopping, and cultural destinations.
- STRONG RECENT LEASING - The Property recently achieved $1,395 on a renovated bachelor, $1,995 on a renovated studio and $2,190 on a renovated 1-bedroom.
- INDIVIDUAL BUILDING SELL OFF EXIT STRATEGY - The Property consists of 4 contiguous buildings that are separately parceled which provides disposition optionality including the ability to sell parcels individually to reduce closing costs and maximize proceeds.
Investment Overview
Institutional Property Advisors (“IPA”), as the exclusive listing agent, is pleased to present the opportunity to acquire Sienna on Sanborn (the “Property”), a four-building, 67-unit multifamily community located in the Silver Lake submarket of Los Angeles. Originally constructed in 1928, current ownership has spent $2.7M ($40K+ per unit) on capital expenditures to completely transform the community. Many of the Property’s mechanical systems and building improvements have been addressed which allows investors to focus almost entirely on high return on investment interior renovations moving forward. 52 of the 67 unit interiors (78%) have been extensively renovated, including new cabinetry, new stainless steel appliances, plank vinyl flooring, quartz countertops, backsplash, new dual-pane windows, recessed LED lighting fixtures, and upgraded plumbing fixtures. Investors will have the opportunity to follow this proven interior renovation strategy in the remaining 15 units (22%) and capture 13%+ upside in rental income.
Exclusively Listed By
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