Multifamily

1408 S Canfield Ave

1408 S Canfield Ave, Los Angeles, CA 90035

Listing Price: $11,950,000

Cap Rate
2.93%
Number of Units
15
Price/Unit
$796,667
Price/Gross SF
$531.96
Gross SF
22,464

Investment Overview

1480 South Canfield Avenue, The Canfield, is a 15-unit apartment building in Pico- Robertson featuring three one-bedrooms, nine two-bedrooms and three threebedrooms. The condo-sized units are spacious, with large layouts of approximately 875 square feet for one-bedrooms, 1,500 square feet for two-bedrooms and 2,100 square feet for the three-bedrooms. The majority of the units have undergone meticulous renovations including custom kitchens and bathrooms, in-unit washers and dryers, new copper plumbing, hardwood flooring, recessed lighting, built-in bar areas, central A/C and brand new all-electric appliances. Amenities include a full fitness center, community backyard with seating and dining area, fire pit, barbeque, and ping pong tables. Ownership has recently upgraded the exterior of the building with new landscaping, upgraded front façade, a secure electronic intercom system and seating in the lobby entrance. The building has a gated on-grade parking garage with 24 spaces and no soft story required; utilities are low, as gas and electricity are both separately metered. The Pico-Robertson submarket, adjacent to Beverly Hills, is located just south of Pico Boulevard between South Robertson Boulevard and Doheny Drive. The submarket is a historic Los Angeles location that attracts high-end renters and has an extremely low vacancy rate. Offered at $532 PSF at the asking price, the subject property offers an investor the opportunity to purchase a trophy asset with little deferred maintenance required, additional upside in rents, a current loss-tolease of 28% and a pro forma cap rate of 4.65% when stabilized. Two two-bedroom units will be delivered vacant at the close of escrow.

Investment Highlights

  • 1480 South Canfield Avenue, The Canfield, is a 15-unit apartment building in Pico- Robertson featuring three one-bedrooms, nine two-bedrooms and three three-bedrooms.
  • The condo-sized units are spacious, with large layouts of approximately 875 square feet for one-bedrooms, 1,500 square feet for two-bedrooms and 2,100 square feet for the three-bedrooms.
  • Meticulous renovations including custom kitchens and bathrooms, in-unit washers and dryers, new copper plumbing, hardwood flooring, recessed lighting, built-in bar areas, central A/C...
  • Amenities include a full fitness center, community backyard with seating and dining area, fire pit, barbeque, and ping pong tables.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

Listing Price: $11,950,000

Cap Rate
2.93%
Number of Units
15
Price/Unit
$796,667
Price/Gross SF
$531.96
Gross SF
22,464

Investment Highlights

  • 1480 South Canfield Avenue, The Canfield, is a 15-unit apartment building in Pico- Robertson featuring three one-bedrooms, nine two-bedrooms and three three-bedrooms.
  • The condo-sized units are spacious, with large layouts of approximately 875 square feet for one-bedrooms, 1,500 square feet for two-bedrooms and 2,100 square feet for the three-bedrooms.
  • Meticulous renovations including custom kitchens and bathrooms, in-unit washers and dryers, new copper plumbing, hardwood flooring, recessed lighting, built-in bar areas, central A/C...
  • Amenities include a full fitness center, community backyard with seating and dining area, fire pit, barbeque, and ping pong tables.

Investment Overview

1480 South Canfield Avenue, The Canfield, is a 15-unit apartment building in Pico- Robertson featuring three one-bedrooms, nine two-bedrooms and three threebedrooms. The condo-sized units are spacious, with large layouts of approximately 875 square feet for one-bedrooms, 1,500 square feet for two-bedrooms and 2,100 square feet for the three-bedrooms. The majority of the units have undergone meticulous renovations including custom kitchens and bathrooms, in-unit washers and dryers, new copper plumbing, hardwood flooring, recessed lighting, built-in bar areas, central A/C and brand new all-electric appliances. Amenities include a full fitness center, community backyard with seating and dining area, fire pit, barbeque, and ping pong tables. Ownership has recently upgraded the exterior of the building with new landscaping, upgraded front façade, a secure electronic intercom system and seating in the lobby entrance. The building has a gated on-grade parking garage with 24 spaces and no soft story required; utilities are low, as gas and electricity are both separately metered. The Pico-Robertson submarket, adjacent to Beverly Hills, is located just south of Pico Boulevard between South Robertson Boulevard and Doheny Drive. The submarket is a historic Los Angeles location that attracts high-end renters and has an extremely low vacancy rate. Offered at $532 PSF at the asking price, the subject property offers an investor the opportunity to purchase a trophy asset with little deferred maintenance required, additional upside in rents, a current loss-tolease of 28% and a pro forma cap rate of 4.65% when stabilized. Two two-bedroom units will be delivered vacant at the close of escrow.

Exclusively Listed By

  • Neema Ahadian

    Senior Managing Director Investments

    Email Neema

    License(s): CA: 01346750

    West Los Angeles

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