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Multifamily

11503 Washington Pl

11503 Washington Pl, Los Angeles, CA 90066

Listing Price: $1,675,000

Cap Rate
3.62%
Number of Units
4
Occupancy
75.0%
Price/Unit
$418,750
Price/Gross SF
$519.54
Gross SF
3,224

Investment Overview

Marcus & Millichap is pleased to present to market 11503 Washington Place, a four-unit apartment building for sale in Los Angeles’ desirable Mar Vista neighborhood proximate to Silicon Beach. With over 35 percent potential upside in rents, this offering presents an excellent value-add opportunity in a sought-after coastal market. The property consists of a two-story, 1950 construction front building with four two-bedroom/one-bath units and a rear building that contains shared laundry facilities and two two-car garages. The units average 806 square feet, are separately metered for gas and electricity, and have hardwood floors and wall heaters. A new investor may consider adding value by converting the area between the buildings that is currently occupied by laundry drying lines into a shared back patio for tenants’ enjoyment. Additionally, one of the units will be delivered vacant, offering a new investor the opportunity to lease it at market rate. 11503 Washington Place is located on the corner lot at the intersection of Washington Place and Berryman Street, steps from a coffee shop and blocks to downtown Mar Vista, Farmer’s Market, and the highly anticipated Culver Public Market Development. This location offers easy access to the 405 Freeway, major employers such as Apple, Amazon, and Google in both downtown Culver City and Silicon Beach, and a solid tenant base with an average household income within one mile over $103,000.

Investment Highlights

  • Desirable Mar Vista Location Blocks to Downtown Mar Vista, Farmer's Market, and the Highly Anticipated Culver Public Market Development
  • Proximate to Major Employers Such as Apple, Amazon, and Google in Both Silicon Beach and Culver City
  • Value-Add Opportunity With 35 Percent Rental Upside in a Sought-After Coastal Market
  • 1950 Construction Fourplex With All Two-Bedroom Units, On-Site Laundry, and Two Two-Car Garages
  • One Unit Will Be Delivered Vacant
  • Attractively Priced on Both a Per Unit and Per Foot Basis Compared to Comparable Sales

Exclusively Listed By

Listing Price: $1,675,000

Cap Rate
3.62%
Number of Units
4
Occupancy
75.0%
Price/Unit
$418,750
Price/Gross SF
$519.54
Gross SF
3,224

Investment Highlights

  • Desirable Mar Vista Location Blocks to Downtown Mar Vista, Farmer's Market, and the Highly Anticipated Culver Public Market Development
  • Proximate to Major Employers Such as Apple, Amazon, and Google in Both Silicon Beach and Culver City
  • Value-Add Opportunity With 35 Percent Rental Upside in a Sought-After Coastal Market
  • 1950 Construction Fourplex With All Two-Bedroom Units, On-Site Laundry, and Two Two-Car Garages
  • One Unit Will Be Delivered Vacant
  • Attractively Priced on Both a Per Unit and Per Foot Basis Compared to Comparable Sales

Investment Overview

Marcus & Millichap is pleased to present to market 11503 Washington Place, a four-unit apartment building for sale in Los Angeles’ desirable Mar Vista neighborhood proximate to Silicon Beach. With over 35 percent potential upside in rents, this offering presents an excellent value-add opportunity in a sought-after coastal market. The property consists of a two-story, 1950 construction front building with four two-bedroom/one-bath units and a rear building that contains shared laundry facilities and two two-car garages. The units average 806 square feet, are separately metered for gas and electricity, and have hardwood floors and wall heaters. A new investor may consider adding value by converting the area between the buildings that is currently occupied by laundry drying lines into a shared back patio for tenants’ enjoyment. Additionally, one of the units will be delivered vacant, offering a new investor the opportunity to lease it at market rate. 11503 Washington Place is located on the corner lot at the intersection of Washington Place and Berryman Street, steps from a coffee shop and blocks to downtown Mar Vista, Farmer’s Market, and the highly anticipated Culver Public Market Development. This location offers easy access to the 405 Freeway, major employers such as Apple, Amazon, and Google in both downtown Culver City and Silicon Beach, and a solid tenant base with an average household income within one mile over $103,000.

Exclusively Listed By

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