Investment Overview

The Azzi Group of Marcus & Millichap is pleased to present 14037-14103 Cerise Avenue, a 46-unit multifamily portfolio in the highly desirable 90250 zip code of Hawthorne. Offered for the first time ever by the original developer, the property consists of two adjacent three-story buildings constructed in 1987 and 1989, totaling approximately 35,610 square feet on a combined 39,269 square-foot lot (0.90 acres). The offering is 100% occupied and priced at $12,000,000, which represents $260,870 per unit, $337 per square foot, a 6.82% current cap rate and a 9.68 GRM on in-place income, with a 7.19% pro forma cap rate as remaining rents are brought to market. The unit mix is exceptionally desirable for the South Bay, with 44 two-bedroom/one-bath units and two one-bedroom/one-bath units. The property is located in the City of Hawthorne, which has no local rent control ordinance; units are subject only to statewide AB 1482, which currently permits annual increases of up to 8.7%. Gas and electricity are separately metered and paid by tenants, minimizing owner-paid utility exposure, while on-site laundry and second-space parking rentals generate additional income. Physical attributes include 81 on-site parking spaces (69 covered and 12 surface), secured entry, on-site laundry facilities and an enclosed pet area. Rated Very Walkable, the property sits in a prime South Bay location with convenient access to the I-405 Freeway, LAX, El Camino College, Del Amo Fashion Center and the South Bay Galleria, providing excellent connectivity throughout the South Bay and greater Los Angeles. With strong in-place cash flow, a two-bedroom-dominant unit mix and a long-term ownership history, 14037-14103 Cerise Avenue offers investors a rare opportunity to acquire scale in one of the South Bay's most supply-constrained rental submarkets.