Multifamily

1663 West 11th Place

1663 West 11th Place, Los Angeles, CA 90015

Listing Price: $3,700,000

Cap Rate
4.96%
Number of Units
26
Price/Unit
$142,308
Price/Gross SF
$295.91
Gross SF
12,504

Investment Overview

Marcus & Millichap, the exclusive listing agent, is pleased to present the opportunity to acquire 1663 West 11th Place, a 26-unit apartment community situated less than one mile from Downtown Los Angeles. Originally built in 1914, the subject property features on-site laundry, rooftop solar panels, and is individually metered for electric. Available at an attractive 4.27 percent Cap Rate and 13.22 GRM on current income and expenses, the property allows an investor to acquire a sizable apartment community in an improving location. The subject property is located in the Westlake South neighborhood which is one of the fastest growing pockets of Los Angeles between Downtown and Koreatown. The property’s transit-oriented and highly walkable location offers residents access to the top job centers in Los Angeles, an emerging dining and nightlife scene, and plentiful recreational and cultural amenities. Excessive costs of home ownership and high barriers to entry for new rental developments continue to fuel strong submarket fundamentals. 1663 West 11th Place is well positioned to provide immediate and consistent returns for investors. The property offers investors a unique opportunity to acquire immediate scale with excellent in-place returns and rental upside remaining.

Investment Highlights

  • The property currently operates as 26 units; however, the original certi?cate of occupancy indicates there are 25 apartment units while the LA County Assessor's records indicate there are 29 units at the property. Buyer must conduct their own due diligence regarding this matter.
  • REMAINING UPSIDE POTENTIAL Approximately 33 Percent of Remaining Upside Potential with Unit Turnover
  • RECENT CAPITAL IMPROVEMENTS New Rooftop Solar Panels and a New Water Heater Have Been Recently Installed Creating Lower Operating Costs for Ownership
  • SUPERIOR IN-PLACE RETURNS Offered at an In-Place 4.27 Percent Cap Rate & 13.22 GRM on Current Income and Expenses
  • ATTRACTIVE BASIS Priced at $157,692 per Unit, 11th Place Offers a Low Entry Point
  • POISED FOR FUTURE GROWTH Located in the Path of Future Growth Between Downtown Los Angeles and Koreatown

Exclusively Listed By

Listing Price: $3,700,000

Cap Rate
4.96%
Number of Units
26
Price/Unit
$142,308
Price/Gross SF
$295.91
Gross SF
12,504

Investment Highlights

  • The property currently operates as 26 units; however, the original certi?cate of occupancy indicates there are 25 apartment units while the LA County Assessor's records indicate there are 29 units at the property. Buyer must conduct their own due diligence regarding this matter.
  • REMAINING UPSIDE POTENTIAL Approximately 33 Percent of Remaining Upside Potential with Unit Turnover
  • RECENT CAPITAL IMPROVEMENTS New Rooftop Solar Panels and a New Water Heater Have Been Recently Installed Creating Lower Operating Costs for Ownership
  • SUPERIOR IN-PLACE RETURNS Offered at an In-Place 4.27 Percent Cap Rate & 13.22 GRM on Current Income and Expenses
  • ATTRACTIVE BASIS Priced at $157,692 per Unit, 11th Place Offers a Low Entry Point
  • POISED FOR FUTURE GROWTH Located in the Path of Future Growth Between Downtown Los Angeles and Koreatown

Investment Overview

Marcus & Millichap, the exclusive listing agent, is pleased to present the opportunity to acquire 1663 West 11th Place, a 26-unit apartment community situated less than one mile from Downtown Los Angeles. Originally built in 1914, the subject property features on-site laundry, rooftop solar panels, and is individually metered for electric. Available at an attractive 4.27 percent Cap Rate and 13.22 GRM on current income and expenses, the property allows an investor to acquire a sizable apartment community in an improving location. The subject property is located in the Westlake South neighborhood which is one of the fastest growing pockets of Los Angeles between Downtown and Koreatown. The property’s transit-oriented and highly walkable location offers residents access to the top job centers in Los Angeles, an emerging dining and nightlife scene, and plentiful recreational and cultural amenities. Excessive costs of home ownership and high barriers to entry for new rental developments continue to fuel strong submarket fundamentals. 1663 West 11th Place is well positioned to provide immediate and consistent returns for investors. The property offers investors a unique opportunity to acquire immediate scale with excellent in-place returns and rental upside remaining.

Exclusively Listed By

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