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Multifamily

Glenrock Gardens

2243 Merton Ave, Los Angeles, CA 90041

Listing Price: $9,300,000

Cap Rate
4.15%
Number of Units
28
Price/Unit
$332,143
Price/Gross SF
$405.12
Gross SF
22,956

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale, for the first time in 30 years, Glenrock Gardens. The subject property is a 28-unit, pride-of-ownership asset, located on a quiet residential street in the highly desirable, Northeast Los Angeles neighborhood of Eagle Rock. The property is comprised of three separate buildings with two large lushly landscaped common area spaces, two laundry rooms, a BBQ area plus covered parking spaces on an oversized, 37,833 square foot lot. Built in 1950 & 1957, the unit mix consists of one studio unit, approximately 605 SF, 23 (one-bedroom/one-bathroom) units, approximately 769 SF, three (two-bedroom/one-bathroom) units, approximately 975 SF and one (three-bedroom/two-bathroom) unit, approximately 1,100 SF, with hardwood flooring in all units. Glenrock Gardens has been owned and meticulously managed by the same family for 30 years. The property features copper piping in approximately 90% of the building, a repaved parking lot and driveway, and many additional significant upgrades. Especially notable is the property’s steady occupancy and 100% collections since COVID-19 – a true testament to the desirable location, quality of the asset and stable tenant profile. In addition to the property photos in this marketing package, please visit the property’s website: glenrockgardens.com

Investment Highlights

  • Only 3.3% of Multifamily Buildings are 20 Units or More in the 90041 Zip Code
  • 797 SF Average Unit Size, Offering Unmatched Layouts and Size
  • Long Term Ownership – Family Owned and Operated, on the Market for the First Time in Over 30 Years
  • Updated Plumbing, New Landscaping, Recent Parking Lot Improvements and a Comprehensive Renovation to the Entire Property in 2010
  • Current Ownership has Attentively Owned and Operated the Property Leaving an Excellent Physical Plant for a New Buyer to Continue Operations and Make Further Interior & Exterior Improvements
  • Situated on a 37,833 SF Lot, Glenrock Gardens is Aligned with the Evolving Needs of Today's Renters – a Low Density Suburban Area with Large Common Area Outdoor Space
  • Based on an ADU Feasibility Study Provided by Design MNichols, the Subject Property has a High Potential for ADU Development, that Allows for Seven Potential Attached ADUs (25% of Existing Units) - Buyer to Verify

Exclusively Listed By

Listing Price: $9,300,000

Cap Rate
4.15%
Number of Units
28
Price/Unit
$332,143
Price/Gross SF
$405.12
Gross SF
22,956

Investment Highlights

  • Only 3.3% of Multifamily Buildings are 20 Units or More in the 90041 Zip Code
  • 797 SF Average Unit Size, Offering Unmatched Layouts and Size
  • Long Term Ownership – Family Owned and Operated, on the Market for the First Time in Over 30 Years
  • Updated Plumbing, New Landscaping, Recent Parking Lot Improvements and a Comprehensive Renovation to the Entire Property in 2010
  • Current Ownership has Attentively Owned and Operated the Property Leaving an Excellent Physical Plant for a New Buyer to Continue Operations and Make Further Interior & Exterior Improvements
  • Situated on a 37,833 SF Lot, Glenrock Gardens is Aligned with the Evolving Needs of Today's Renters – a Low Density Suburban Area with Large Common Area Outdoor Space
  • Based on an ADU Feasibility Study Provided by Design MNichols, the Subject Property has a High Potential for ADU Development, that Allows for Seven Potential Attached ADUs (25% of Existing Units) - Buyer to Verify

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale, for the first time in 30 years, Glenrock Gardens. The subject property is a 28-unit, pride-of-ownership asset, located on a quiet residential street in the highly desirable, Northeast Los Angeles neighborhood of Eagle Rock. The property is comprised of three separate buildings with two large lushly landscaped common area spaces, two laundry rooms, a BBQ area plus covered parking spaces on an oversized, 37,833 square foot lot. Built in 1950 & 1957, the unit mix consists of one studio unit, approximately 605 SF, 23 (one-bedroom/one-bathroom) units, approximately 769 SF, three (two-bedroom/one-bathroom) units, approximately 975 SF and one (three-bedroom/two-bathroom) unit, approximately 1,100 SF, with hardwood flooring in all units. Glenrock Gardens has been owned and meticulously managed by the same family for 30 years. The property features copper piping in approximately 90% of the building, a repaved parking lot and driveway, and many additional significant upgrades. Especially notable is the property’s steady occupancy and 100% collections since COVID-19 – a true testament to the desirable location, quality of the asset and stable tenant profile. In addition to the property photos in this marketing package, please visit the property’s website: glenrockgardens.com

Exclusively Listed By

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