Multifamily

455 N Genesee Ave

455 N Genesee Ave, Los Angeles, CA 90036

Listing Price: $4,500,000

Cap Rate
3.83%
Number of Units
12
GRM
15.21
Occupancy
97.00%
Price/Unit
$375,000
Price/Gross SF
$509.51
Gross SF
8,832

Investment Overview

455 N Genesee Ave is a 12-unit apartment building, divided into 16-units, located in one of the most desirable parts of Los Angeles. The subject property is a two-story building offering 8,832 of rentable SF and is situated on a 6,373 SF lot.

The property has been held by current ownership for over 32 years, providing buyers with a strong rental upside, and it is located just two blocks south of Melrose Avenue. The property was originally built as a 12-unit apartment building consisting of four (4) singles, four (4) one bedrooms, and four (4) two bedroom apartments. The previous owner converted the two bedroom units into (4) one bedrooms and (4) bachelors, and therefore divided the property into 16 units. The current unit mix for Genesee consists of four (4) bachelors, four (4) singles, and eight (8) one bedroom/one bathroom units. Two of the one bedroom/one bathroom units have been extensively upgraded including new plumbing, electric, kitchen, bathroom, paint and refinishing of hardwood floors. The roof was also replaced approximately ten years ago.

The property is within close proximity to The Grove and Pan Pacific Park, along with countless boutique shopping and dining venues on Beverly Blvd, Melrose Ave, Santa Monica Blvd, and the Sunset Strip. It is also close to local destinations like The Farmers Market, L.A Museum of Art, Peterson Auto Museum, and Beverly Hills. This is a high-demand rental area due to the influx of industry professionals.

This asset gives an investor the ability to purchase a property that was held under long term ownership with the ability to increase rents through interior and exterior renovations by 20% or more.

Investment Highlights

  • Long-Term Ownership
  • A++ Los Angeles Area
  • 12-Unit Conversion Into a 16-Unit
  • Value-Add Investment

Exclusively Listed By

  • Sam Liberow

    First Vice President Investments

    (818) 212-2795

    Email Sam

    License(s): CA: 01933858, CA: 02031850

    Encino

Listing Price: $4,500,000

Cap Rate
3.83%
Number of Units
12
GRM
15.21
Occupancy
97.00%
Price/Unit
$375,000
Price/Gross SF
$509.51
Gross SF
8,832

Investment Highlights

  • Long-Term Ownership
  • A++ Los Angeles Area
  • 12-Unit Conversion Into a 16-Unit
  • Value-Add Investment

Investment Overview

455 N Genesee Ave is a 12-unit apartment building, divided into 16-units, located in one of the most desirable parts of Los Angeles. The subject property is a two-story building offering 8,832 of rentable SF and is situated on a 6,373 SF lot.

The property has been held by current ownership for over 32 years, providing buyers with a strong rental upside, and it is located just two blocks south of Melrose Avenue. The property was originally built as a 12-unit apartment building consisting of four (4) singles, four (4) one bedrooms, and four (4) two bedroom apartments. The previous owner converted the two bedroom units into (4) one bedrooms and (4) bachelors, and therefore divided the property into 16 units. The current unit mix for Genesee consists of four (4) bachelors, four (4) singles, and eight (8) one bedroom/one bathroom units. Two of the one bedroom/one bathroom units have been extensively upgraded including new plumbing, electric, kitchen, bathroom, paint and refinishing of hardwood floors. The roof was also replaced approximately ten years ago.

The property is within close proximity to The Grove and Pan Pacific Park, along with countless boutique shopping and dining venues on Beverly Blvd, Melrose Ave, Santa Monica Blvd, and the Sunset Strip. It is also close to local destinations like The Farmers Market, L.A Museum of Art, Peterson Auto Museum, and Beverly Hills. This is a high-demand rental area due to the influx of industry professionals.

This asset gives an investor the ability to purchase a property that was held under long term ownership with the ability to increase rents through interior and exterior renovations by 20% or more.

Exclusively Listed By

  • Sam Liberow

    First Vice President Investments

    (818) 212-2795

    Email Sam

    License(s): CA: 01933858, CA: 02031850

    Encino

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