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Multifamily

1735 W Vernon Ave

1735 W Vernon Ave, Los Angeles, CA 90062

Listing Price: $3,000,000

Cap Rate
4.76%
Number of Units
15
Price/Unit
$200,000
Price/Gross SF
$315.72
Gross SF
9,502

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 15+1 non-conforming unit multi-family property located in the Vermont Square neighborhood of Los Angeles, California. Built in 1923, this two-story apartment building was originally built as a sixteen (16) unit apartment building. In 1976, the property was legally converted to a fifteen (15) unit apartment building by combining two (2) of the single units together. Today, the property operates as a sixteen unit apartment building that consists of thirteen (13) singles with separate kitchens and bathrooms, two (2) one bedroom/one bathroom units, and one (1) non-conforming single unit that brings in an additional $1,011/month of rental income. The property offers tenants gated entry, on-site laundry and master metered utilities, which allow for an annual 5% rental increase pursuant to the guidelines of Los Angeles Rent Stabilization Ordinance. The property and the unit interiors have been well maintained yet still provide an astute investor with a value-add opportunity that can be achieved through interior and exterior renovations. Situated at 1735 West Vernon Avenue, west of South Western Avenue and south of West Martin Luther King Jr Boulevard, in the heart of Los Angeles, the property is conveniently located near the 110 Freeway providing easy access throughout Los Angeles. The property is located in a densely populated location with a high rental demand. The property is walking distance to Western Avenue Elementary School, KIPP Scholar Academy, Barack Obama Global Preparation Academy and the Western/Vernon bus station. Other close destinations include the Baldwin Hills/Crenshaw Mall, Los Angeles Coliseum, and USC.

Investment Highlights

  • 15+1 NC Unit Apartment Building
  • Potential to Convert Back to 16 Units (Buyer to Verify)
  • Value-Add Opportunity Through Interior and Exterior
  • Gated Street and Alley Access
  • High Rental Demand Area

Exclusively Listed By

Listing Price: $3,000,000

Cap Rate
4.76%
Number of Units
15
Price/Unit
$200,000
Price/Gross SF
$315.72
Gross SF
9,502

Investment Highlights

  • 15+1 NC Unit Apartment Building
  • Potential to Convert Back to 16 Units (Buyer to Verify)
  • Value-Add Opportunity Through Interior and Exterior
  • Gated Street and Alley Access
  • High Rental Demand Area

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a 15+1 non-conforming unit multi-family property located in the Vermont Square neighborhood of Los Angeles, California. Built in 1923, this two-story apartment building was originally built as a sixteen (16) unit apartment building. In 1976, the property was legally converted to a fifteen (15) unit apartment building by combining two (2) of the single units together. Today, the property operates as a sixteen unit apartment building that consists of thirteen (13) singles with separate kitchens and bathrooms, two (2) one bedroom/one bathroom units, and one (1) non-conforming single unit that brings in an additional $1,011/month of rental income. The property offers tenants gated entry, on-site laundry and master metered utilities, which allow for an annual 5% rental increase pursuant to the guidelines of Los Angeles Rent Stabilization Ordinance. The property and the unit interiors have been well maintained yet still provide an astute investor with a value-add opportunity that can be achieved through interior and exterior renovations. Situated at 1735 West Vernon Avenue, west of South Western Avenue and south of West Martin Luther King Jr Boulevard, in the heart of Los Angeles, the property is conveniently located near the 110 Freeway providing easy access throughout Los Angeles. The property is located in a densely populated location with a high rental demand. The property is walking distance to Western Avenue Elementary School, KIPP Scholar Academy, Barack Obama Global Preparation Academy and the Western/Vernon bus station. Other close destinations include the Baldwin Hills/Crenshaw Mall, Los Angeles Coliseum, and USC.

Exclusively Listed By

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