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Multifamily

340 W 11th St

340 W 11th St, Los Angeles, CA 90731

Listing Price: $1,395,000

Cap Rate
4.14%
Number of Units
7
Price/Unit
$199,286
Price/Gross SF
$294.55
Gross SF
4,736

Investment Overview

Marcus & Millichap is pleased to present to market 340 West 11th Street, a seven-unit* apartment building in San Pedro, California. The property is a two-story 1964 construction with four two-bedroom/one-bath units, two one-bedroom/one-bath units, and a non-conforming studio that a new investor may be able to legalize utilizing new ADU laws (buyer to verify). The building is securely gated, separately metered for gas and electricity, and offers shared on-site laundry, three single-car garages, and one two-car garage. 340 West 11th Street has been well-maintained and boasts numerous recent upgrades that include a complete $60,000 soft-story retrofit, hard-wired smoke alarms and gas shut-off valves to meet city code, a new central water heater. Additionally, Unit F has been renovated in the past year with new flooring, light fixtures, paint, blinds, and a new stove. One two-bedroom unit will be delivered vacant, offering a new investor the opportunity to upgrade and lease it at market rate. With 46 percent overall potential upside in rents, 340 West 11th Street is an excellent value-add opportunity in a dense rental market that is undergoing major redevelopment.

Investment Highlights

  • Value-Add Opportunity With 46 Percent Potential Upside
  • Mix of Four Two-Bedroom Units, Two One-Bedroom Units, and One Non-Conforming Studio
  • One Two-Bedroom Unit Will Be Delivered Vacant
  • On-Site Laundry and Garage Parking
  • Recent Improvements: $60,000 Retrofit, Hard-Wired Smoke Detectors, New Gas Shut-Off Valves, New Central Water Heater, Unit Interior Upgrades
  • Proximate to the Highly Anticipated $150MM West Harbor Development

Exclusively Listed By

Listing Price: $1,395,000

Cap Rate
4.14%
Number of Units
7
Price/Unit
$199,286
Price/Gross SF
$294.55
Gross SF
4,736

Investment Highlights

  • Value-Add Opportunity With 46 Percent Potential Upside
  • Mix of Four Two-Bedroom Units, Two One-Bedroom Units, and One Non-Conforming Studio
  • One Two-Bedroom Unit Will Be Delivered Vacant
  • On-Site Laundry and Garage Parking
  • Recent Improvements: $60,000 Retrofit, Hard-Wired Smoke Detectors, New Gas Shut-Off Valves, New Central Water Heater, Unit Interior Upgrades
  • Proximate to the Highly Anticipated $150MM West Harbor Development

Investment Overview

Marcus & Millichap is pleased to present to market 340 West 11th Street, a seven-unit* apartment building in San Pedro, California. The property is a two-story 1964 construction with four two-bedroom/one-bath units, two one-bedroom/one-bath units, and a non-conforming studio that a new investor may be able to legalize utilizing new ADU laws (buyer to verify). The building is securely gated, separately metered for gas and electricity, and offers shared on-site laundry, three single-car garages, and one two-car garage. 340 West 11th Street has been well-maintained and boasts numerous recent upgrades that include a complete $60,000 soft-story retrofit, hard-wired smoke alarms and gas shut-off valves to meet city code, a new central water heater. Additionally, Unit F has been renovated in the past year with new flooring, light fixtures, paint, blinds, and a new stove. One two-bedroom unit will be delivered vacant, offering a new investor the opportunity to upgrade and lease it at market rate. With 46 percent overall potential upside in rents, 340 West 11th Street is an excellent value-add opportunity in a dense rental market that is undergoing major redevelopment.

Exclusively Listed By

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