Skip to main content

Multifamily

1751 Westmoreland Blvd

1751 Westmoreland Blvd, Los Angeles, CA 90006

Listing Price: $2,450,000

Cap Rate
4.06%
Number of Units
12
GRM
13.74
Occupancy
97.0%
Price/Unit
$204,167
Price/Gross SF
$247.78
Gross SF
9,888

Investment Overview

Marcus and Millichap is pleased to present a twelve (12) unit apartment building located at 1751-1773 Westmoreland Boulevard in Los Angeles, California. The subject property is situated in a good Mid City location, north of West Washington Boulevard and east of South Western Avenue.
Mid City is a diverse, quiet neighborhood in the center of Los Angeles. While more affordable than some of its neighbors to the north, this neighborhood continues to experience rapid rates of gentrification. Pico Blvd forms the neighborhoods northern border and is lined with restaurants, cafes and bakeries. Residents of the subject property enjoy the dominant access to commercial corridors on nearby W Washington Blvd, S Western Ave, and Venice Blvd. Tenants can walk one (1) block south to W Washington Blvd to visit Castillos Burgers, Lucy Ethiopian, Ray Charles Memorial Library, Botanica Coral, and Pan Victoria 2 takeout. Residents can also walk two (2) blocks west to S Western Ave to visit WaBa Grill, Alejos Tacos, Shoe Palace, Angelinos Pizza, Winchells Donuts, and Western Plaza Shopping Center. If tenants walk north to Venice Blvd, they can visit Alibi Coffee Co, Betos Market, Latino Market, El Salsabor Pupusas takeout, and Tacos Locos. Currently, this area has a walk score of 77 but the Los Angeles Metro is currently expanding into the area to make it more commuter friendly. The new Crenshaw/LAX line from north-south is proposed to serve this area.
Built in 1923, this offering contains a streamlined unit mix of twelve (12) two-bedroom/one-bathroom units. Each unit is spacious with plenty of windows letting in natural light. All of the units are divided between three (3) large buildings on a 14,500 SF double lot. The buildings boast an Old Hollywood aesthetic with an inviting green courtyard greeting residents and visitors alike. Along with the central greenery, the gated property features a mature landscape and a private space for the tenants to enjoy. The property features dual entrance and exits to the units, as well as on-site parking in the rear.
Situated in a good Mid City location, this offering presents an excellent opportunity for an astute investor to capitalize on huge rental upside potential in a gentrifying market adjacent to Koreatown.

Investment Highlights

  • Good Mid City Location - Adjacent to Prime Koreatown
  • Huge Rental Upside Potential
  • First Time on Market in Over 25 Years
  • Streamlined Unit Mix of All 2-Bed/1-Bath Units
  • Well-Maintained & Mature Landscaping Provides for a Private & Gated Lush Courtyard
  • Parking Lot Located in the Rear

Exclusively Listed By

Listing Price: $2,450,000

Cap Rate
4.06%
Number of Units
12
GRM
13.74
Occupancy
97.0%
Price/Unit
$204,167
Price/Gross SF
$247.78
Gross SF
9,888

Investment Highlights

  • Good Mid City Location - Adjacent to Prime Koreatown
  • Huge Rental Upside Potential
  • First Time on Market in Over 25 Years
  • Streamlined Unit Mix of All 2-Bed/1-Bath Units
  • Well-Maintained & Mature Landscaping Provides for a Private & Gated Lush Courtyard
  • Parking Lot Located in the Rear

Investment Overview

Marcus and Millichap is pleased to present a twelve (12) unit apartment building located at 1751-1773 Westmoreland Boulevard in Los Angeles, California. The subject property is situated in a good Mid City location, north of West Washington Boulevard and east of South Western Avenue.
Mid City is a diverse, quiet neighborhood in the center of Los Angeles. While more affordable than some of its neighbors to the north, this neighborhood continues to experience rapid rates of gentrification. Pico Blvd forms the neighborhoods northern border and is lined with restaurants, cafes and bakeries. Residents of the subject property enjoy the dominant access to commercial corridors on nearby W Washington Blvd, S Western Ave, and Venice Blvd. Tenants can walk one (1) block south to W Washington Blvd to visit Castillos Burgers, Lucy Ethiopian, Ray Charles Memorial Library, Botanica Coral, and Pan Victoria 2 takeout. Residents can also walk two (2) blocks west to S Western Ave to visit WaBa Grill, Alejos Tacos, Shoe Palace, Angelinos Pizza, Winchells Donuts, and Western Plaza Shopping Center. If tenants walk north to Venice Blvd, they can visit Alibi Coffee Co, Betos Market, Latino Market, El Salsabor Pupusas takeout, and Tacos Locos. Currently, this area has a walk score of 77 but the Los Angeles Metro is currently expanding into the area to make it more commuter friendly. The new Crenshaw/LAX line from north-south is proposed to serve this area.
Built in 1923, this offering contains a streamlined unit mix of twelve (12) two-bedroom/one-bathroom units. Each unit is spacious with plenty of windows letting in natural light. All of the units are divided between three (3) large buildings on a 14,500 SF double lot. The buildings boast an Old Hollywood aesthetic with an inviting green courtyard greeting residents and visitors alike. Along with the central greenery, the gated property features a mature landscape and a private space for the tenants to enjoy. The property features dual entrance and exits to the units, as well as on-site parking in the rear.
Situated in a good Mid City location, this offering presents an excellent opportunity for an astute investor to capitalize on huge rental upside potential in a gentrifying market adjacent to Koreatown.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower