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Multifamily

The Eleanor Apartments

412 S Lake St, Los Angeles, CA 90057

Listing Price: $10,495,000

Cap Rate
4.39%
Number of Units
41
Price/Unit
$255,976
Price/Gross SF
$477.22
Gross SF
21,992

Investment Overview

Marcus & Millichap, is pleased to present the opportunity to acquire 412 South Lake Street or more commonly known as The Eleanor Apartments, a 41-unit multifamily community located in the heart of Westlake. 412 South Lake Street is a rare opportunity to acquire a mid-size multifamily asset in one of the most sought after submarkets in Los Angeles County. The Eleanor is a beautiful 1920’s building that has been completely renovated bringing beautiful modern touches to the units while keeping the charm and integrity of the building’s original design. The property features 21,992 square feet of gross rentable area and is composed of 34 studio/one-bathroom units and seven one-bedroom/one-bathroom units. Located just minutes from Downtown LA, Silverlake, Echo Park, and Koreatown, you will find an endless amount of options for nightlife, dining, shopping, or just exploring the beautiful and evolving areas of Los Angeles. The Eleanor Apartments are conveniently located near the Metro station with easy access to the Gold, Purple and Red lines. Freeway access to the 101 and 5 freeways are also nearby. The Eleanor Apartments is in the MacArthur Park neighborhood. MacArthur Park is the 2nd most walkable neighborhood in Los Angeles! Situated between some of Los Angeles’ most trendy and rapidly evolving areas, including Downtown, Koreatown, and Echo Park/Silver Lake, Westlake is poised to be the next major scene of revitalization. 412 South Lake Street presents an investor with the opportunity to gain a solid foothold in this emerging area which is in need of quality residential units.

Investment Highlights

  • Strong Unit Mix Composed of 34 Studio Units and Seven One-Bedroom Units, a Solid Mix for an Area Which is in Need of Quality Residential Units .
  • 412 South Lake Street is a Unique Investment Opportunity Ideally Located in L.A.'s Westlake Neighborhood. Its Versatility is Well-Suited to Meet the Demands of this Transforming Market.
  • Completely Renovated Building with, Modern, New Kitchen Appliances, Quartz Countertops, New Flooring and New A/C.
  • On-Site Business Center, Lounge Area, Arcade and Laundry Facilities for Tenant.
  • Walkscore.com Rates The Eleanor Apartments a Walker's Paradise; Daily Errands do not Require a Car.
  • 412 South Lake Street is a short walk from the Westlake/MacArthur Park Metro stop, which serves both the Red Line (North Hollywood to Union Station) and Purple Line (Wilshire/Western to Union Station)
  • Westlake is ideally positioned between some of L.A.'s most trendy neighborhoods, including Downtown, Koreatown, and Echo Park/Silver Lake. The property also offers quick access to the 101, 110, 10 and 5 Freeways.

Exclusively Listed By

Listing Price: $10,495,000

Cap Rate
4.39%
Number of Units
41
Price/Unit
$255,976
Price/Gross SF
$477.22
Gross SF
21,992

Investment Highlights

  • Strong Unit Mix Composed of 34 Studio Units and Seven One-Bedroom Units, a Solid Mix for an Area Which is in Need of Quality Residential Units .
  • 412 South Lake Street is a Unique Investment Opportunity Ideally Located in L.A.'s Westlake Neighborhood. Its Versatility is Well-Suited to Meet the Demands of this Transforming Market.
  • Completely Renovated Building with, Modern, New Kitchen Appliances, Quartz Countertops, New Flooring and New A/C.
  • On-Site Business Center, Lounge Area, Arcade and Laundry Facilities for Tenant.
  • Walkscore.com Rates The Eleanor Apartments a Walker's Paradise; Daily Errands do not Require a Car.
  • 412 South Lake Street is a short walk from the Westlake/MacArthur Park Metro stop, which serves both the Red Line (North Hollywood to Union Station) and Purple Line (Wilshire/Western to Union Station)
  • Westlake is ideally positioned between some of L.A.'s most trendy neighborhoods, including Downtown, Koreatown, and Echo Park/Silver Lake. The property also offers quick access to the 101, 110, 10 and 5 Freeways.

Investment Overview

Marcus & Millichap, is pleased to present the opportunity to acquire 412 South Lake Street or more commonly known as The Eleanor Apartments, a 41-unit multifamily community located in the heart of Westlake. 412 South Lake Street is a rare opportunity to acquire a mid-size multifamily asset in one of the most sought after submarkets in Los Angeles County. The Eleanor is a beautiful 1920’s building that has been completely renovated bringing beautiful modern touches to the units while keeping the charm and integrity of the building’s original design. The property features 21,992 square feet of gross rentable area and is composed of 34 studio/one-bathroom units and seven one-bedroom/one-bathroom units. Located just minutes from Downtown LA, Silverlake, Echo Park, and Koreatown, you will find an endless amount of options for nightlife, dining, shopping, or just exploring the beautiful and evolving areas of Los Angeles. The Eleanor Apartments are conveniently located near the Metro station with easy access to the Gold, Purple and Red lines. Freeway access to the 101 and 5 freeways are also nearby. The Eleanor Apartments is in the MacArthur Park neighborhood. MacArthur Park is the 2nd most walkable neighborhood in Los Angeles! Situated between some of Los Angeles’ most trendy and rapidly evolving areas, including Downtown, Koreatown, and Echo Park/Silver Lake, Westlake is poised to be the next major scene of revitalization. 412 South Lake Street presents an investor with the opportunity to gain a solid foothold in this emerging area which is in need of quality residential units.

Exclusively Listed By

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