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Multifamily

VERMONT @ EIGHTH

2971 W 8th St, Los Angeles, CA 90005

Listing Price: $13,500,000

Cap Rate
2.57%
Number of Units
65
Price/Unit
$207,692
Price/Gross SF
$480.87
Gross SF
28,074

Investment Overview

Marcus & Millichap, is pleased to present the opportunity to acquire VERMONT @ EIGHTH, a 65-unit multifamily community located in the heart of Koreatown. VERMONT @ EIGHTH represents a rare opportunity to acquire a mid-size multifamily asset in one of the most sought -after submarkets in Los Angeles County. Built in 1921 and 1949, VERMONT @ EIGHTH provides multiple opportunities for investors to apply their expertise, market knowledge and capital to significantly increase revenue. The property is situated on a large 40,666-square foot lot zoned R4 in Tier III of the Transit Oriented Communities guidelines providing an investor a variety of ways to further enhance returns and achieve tax saving advantages. VERMONT @ EIGHTH offers a best-of-both-worlds location as it is situated on a great street within walking distance to the shops and restaurants on Wilshire Boulevard while being within a short commute to major employment centers such as Century City, Beverly Hills, and Downtown. Some of Los Angeles’ best entertainment and shopping is minutes away in West Hollywood. In addition, less than a five-minute walk from the property, the metro purple line station is located providing future residents expedient traffic free transit options. With its premier location and value-add potential, VERMONT @ EIGHTH offers a unique opportunity to any investor looking to acquire a well-maintained asset in one of L.A.’s trendiest neighborhoods.

Investment Highlights

  • TRANSIT ORIENTED - VERMONT @ EIGHTH is located along the DASH Wilshire Center/Koreatown bus line and residents are within a 10-minute walk of the Metro Red Line which provides service to Hollywood and Studio City, and the Metro Purple Line which currently provides service to Downtown Los Angeles.
  • GREAT AREA AMENITIES - Residents are within a short walk or bus ride of popular local amenities such as The LINE Hotel, Chapman Plaza, City Center on 6th, Shatto 39 Lanes, Shatto Recreation Center
  • Over $600,000 in Capital Expenditures; New Copper Plumbing, Paint and Stucco, Perimeter Fencing and New Windows Throughout the Property.
  • Property is Located on a Large 40,666-Square Foot Lot Composed of Two Parcels Zoned R4/C2 in Tier III of the Transit Oriented Community Guidelines.
  • Approximately Over 40% in Rental Upside Through Renovation - a True Value-Add Opportunity.
  • LOCATED NEAR NEW COMMERCIAL DEVELOPMENTS - More than 200,000 square feet of commercial space is currently under development in Koreatown.

Exclusively Listed By

Listing Price: $13,500,000

Cap Rate
2.57%
Number of Units
65
Price/Unit
$207,692
Price/Gross SF
$480.87
Gross SF
28,074

Investment Highlights

  • TRANSIT ORIENTED - VERMONT @ EIGHTH is located along the DASH Wilshire Center/Koreatown bus line and residents are within a 10-minute walk of the Metro Red Line which provides service to Hollywood and Studio City, and the Metro Purple Line which currently provides service to Downtown Los Angeles.
  • GREAT AREA AMENITIES - Residents are within a short walk or bus ride of popular local amenities such as The LINE Hotel, Chapman Plaza, City Center on 6th, Shatto 39 Lanes, Shatto Recreation Center
  • Over $600,000 in Capital Expenditures; New Copper Plumbing, Paint and Stucco, Perimeter Fencing and New Windows Throughout the Property.
  • Property is Located on a Large 40,666-Square Foot Lot Composed of Two Parcels Zoned R4/C2 in Tier III of the Transit Oriented Community Guidelines.
  • Approximately Over 40% in Rental Upside Through Renovation - a True Value-Add Opportunity.
  • LOCATED NEAR NEW COMMERCIAL DEVELOPMENTS - More than 200,000 square feet of commercial space is currently under development in Koreatown.

Investment Overview

Marcus & Millichap, is pleased to present the opportunity to acquire VERMONT @ EIGHTH, a 65-unit multifamily community located in the heart of Koreatown. VERMONT @ EIGHTH represents a rare opportunity to acquire a mid-size multifamily asset in one of the most sought -after submarkets in Los Angeles County. Built in 1921 and 1949, VERMONT @ EIGHTH provides multiple opportunities for investors to apply their expertise, market knowledge and capital to significantly increase revenue. The property is situated on a large 40,666-square foot lot zoned R4 in Tier III of the Transit Oriented Communities guidelines providing an investor a variety of ways to further enhance returns and achieve tax saving advantages. VERMONT @ EIGHTH offers a best-of-both-worlds location as it is situated on a great street within walking distance to the shops and restaurants on Wilshire Boulevard while being within a short commute to major employment centers such as Century City, Beverly Hills, and Downtown. Some of Los Angeles’ best entertainment and shopping is minutes away in West Hollywood. In addition, less than a five-minute walk from the property, the metro purple line station is located providing future residents expedient traffic free transit options. With its premier location and value-add potential, VERMONT @ EIGHTH offers a unique opportunity to any investor looking to acquire a well-maintained asset in one of L.A.’s trendiest neighborhoods.

Exclusively Listed By

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