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Multifamily

506 N Madison Ave

506 N Madison Ave, Los Angeles, CA 90004

Listing Price: $1,100,000

Cap Rate
4.22%
Number of Units
4
GRM
15.78
Occupancy
97.0%
Price/Unit
$275,000
Price/Gross SF
$314.65
Gross SF
3,496

Investment Overview

Marcus and Millichap is pleased to present a four (4) unit apartment building located at 506 North Madison Avenue in Los Angeles, California. The subject property is situated adjacent to Koreatown in a good East Hollywood location, south of Melrose Avenue and west of North Virgil Avenue.
Multicultural East Hollywood is home to traditional restaurants, farm-to-table eateries, laid-back cafes, and gay bars. Frank Lloyd Wrights Mayan-style Hollyhock House and the LA Municipal Art Gallery, showing work by local artists, sit in Barnsdall Art Park. Vintage boutiques cluster on N Virgil Ave, and the area is dotted with indie performing arts organizations. On the nearby portion of N Virgil Ave, residents of the subject property can walk only two (2) blocks to visit Osi Food market, Tanka, Bolt Virgil Village, and Voodoo Vin. The subject property is located just south of Virgil Village, a small family-friendly community in the heart of East Hollywood. This area is bordered by Santa Monica Boulevard to the north, Silverlake to the East, Koreatown to the south, and Los Angeles City College to the west. This area also offers residents with easy access to nearly every part of LA via the LA Metro and nearby US-101 Freeway.
Built in 1963, this offering contains a streamlined unit mix of four (4) two-bedroom/one-bathroom units. These bright units feature tons of windows letting in natural light. Each room is spacious and well kept with lots of built-in closet space and fresh paint. The kitchens feature Terra Cota tiles, a stove/oven combo, refrigerator, and tons of dark wood cabinet space. Units come fully equipped with wall heaters, window A/C units, and in-unit washer/dryers. The four (4) units sit in a near 3,500 SF building on a near 5,000 SF lot. This lot is gated and secure with controlled entry access. The property features plenty of onsite parking with four (4) spots in back and two (2) additional spots in front. Residents of the subject property enjoy the dominant access to nearby commercial corridors and outdoor space. Tenants can walk two (2) blocks north to Melrose Ave to visit Its Boba Time, Tastys Juice Bar, Going Underground Records, and The LA Museum of Love. At the nearby corner of N Madison Ave and Middlebury St, residents enjoy visiting Madison West Park, a quaint green space in this dense urban center.
Situated adjacent to Koreatown, this offering presents an excellent opportunity for any investor to capitalize on strong rental upside in a buzzing Los Angeles submarket.

Investment Highlights

  • Good East Hollywood Location - Adjacent to Virgil Village & Koreatown
  • Streamlined Unit Mix of Four (4) 2-Bed/1-Bath Units
  • Located Across the Street from Madison West Park
  • Dominant Access to Commercial Corridors - Melrose Ave, N Vermont Ave, & N Virgil Ave
  • Strong Rental Upside Potential
  • Plenty of Onsite Parking Available

Exclusively Listed By

Listing Price: $1,100,000

Cap Rate
4.22%
Number of Units
4
GRM
15.78
Occupancy
97.0%
Price/Unit
$275,000
Price/Gross SF
$314.65
Gross SF
3,496

Investment Highlights

  • Good East Hollywood Location - Adjacent to Virgil Village & Koreatown
  • Streamlined Unit Mix of Four (4) 2-Bed/1-Bath Units
  • Located Across the Street from Madison West Park
  • Dominant Access to Commercial Corridors - Melrose Ave, N Vermont Ave, & N Virgil Ave
  • Strong Rental Upside Potential
  • Plenty of Onsite Parking Available

Investment Overview

Marcus and Millichap is pleased to present a four (4) unit apartment building located at 506 North Madison Avenue in Los Angeles, California. The subject property is situated adjacent to Koreatown in a good East Hollywood location, south of Melrose Avenue and west of North Virgil Avenue.
Multicultural East Hollywood is home to traditional restaurants, farm-to-table eateries, laid-back cafes, and gay bars. Frank Lloyd Wrights Mayan-style Hollyhock House and the LA Municipal Art Gallery, showing work by local artists, sit in Barnsdall Art Park. Vintage boutiques cluster on N Virgil Ave, and the area is dotted with indie performing arts organizations. On the nearby portion of N Virgil Ave, residents of the subject property can walk only two (2) blocks to visit Osi Food market, Tanka, Bolt Virgil Village, and Voodoo Vin. The subject property is located just south of Virgil Village, a small family-friendly community in the heart of East Hollywood. This area is bordered by Santa Monica Boulevard to the north, Silverlake to the East, Koreatown to the south, and Los Angeles City College to the west. This area also offers residents with easy access to nearly every part of LA via the LA Metro and nearby US-101 Freeway.
Built in 1963, this offering contains a streamlined unit mix of four (4) two-bedroom/one-bathroom units. These bright units feature tons of windows letting in natural light. Each room is spacious and well kept with lots of built-in closet space and fresh paint. The kitchens feature Terra Cota tiles, a stove/oven combo, refrigerator, and tons of dark wood cabinet space. Units come fully equipped with wall heaters, window A/C units, and in-unit washer/dryers. The four (4) units sit in a near 3,500 SF building on a near 5,000 SF lot. This lot is gated and secure with controlled entry access. The property features plenty of onsite parking with four (4) spots in back and two (2) additional spots in front. Residents of the subject property enjoy the dominant access to nearby commercial corridors and outdoor space. Tenants can walk two (2) blocks north to Melrose Ave to visit Its Boba Time, Tastys Juice Bar, Going Underground Records, and The LA Museum of Love. At the nearby corner of N Madison Ave and Middlebury St, residents enjoy visiting Madison West Park, a quaint green space in this dense urban center.
Situated adjacent to Koreatown, this offering presents an excellent opportunity for any investor to capitalize on strong rental upside in a buzzing Los Angeles submarket.

Exclusively Listed By

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