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Multifamily

1701 W 38th St

1701 W 38th St, Los Angeles, CA 90062

Listing Price: $1,650,000

Cap Rate
4.56%
Number of Units
8
Price/Unit
$206,250
Price/Gross SF
$313.99
Gross SF
5,255

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1701 West 38th Street, an eight-unit (7+1NC) apartment community in Jefferson Park. 1701 West 38th Street is situated just south of Exposition Boulevard in a dense infill pocket of Los Angeles. The well-maintained property built in 1940 consists of one single, five one-bedroom units and two two-bedroom units. Its 5,255 square foot lot is located within a highly desirable pocket of Jefferson Park Los Angeles. It is walking distance to the main transit intersection of Exposition & Western, enabling resident access to all of Los Angeles through the Los Angeles Metro Rail. This location provides convenient access to daily errands, retail and entertainment venues. The continued gentrification of the surrounding area along with the remaining value-add potential for a new owner to upgrade the unrenovated units to achieve superior future returns moving forward makes 1701 West 38th Street an excellent investment opportunity.

Investment Highlights

  • All Tenants are Current and Paying Full Rent. Property Collections Remained Strong Throughout COVID-19 Demonstrating the Stable Tenancy and Desirability of the Location.
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment.
  • The Jefferson Park Submarket is a Rapidly Growing infill Urban Location Proximate to Downtown Los Angeles, Public Transit, and Major Employment Centers.
  • With a Walk Score of 76 "Very Walkable"-Most Errands Can Be Accomplished on Foot.
  • Property is Separately Metered for Gas & Electric and Tenants Pay Trash.
  • 30 Percent Remaining Rental Upside Through Capital Improvements and Interior Upgrades to Unrenovated Units.
  • Opportunity to Legalize Non-Conforming Unit Through the State's Favorable Attached Accessory Dwelling Unit (ADU) Program.

Exclusively Listed By

Listing Price: $1,650,000

Cap Rate
4.56%
Number of Units
8
Price/Unit
$206,250
Price/Gross SF
$313.99
Gross SF
5,255

Investment Highlights

  • All Tenants are Current and Paying Full Rent. Property Collections Remained Strong Throughout COVID-19 Demonstrating the Stable Tenancy and Desirability of the Location.
  • Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment.
  • The Jefferson Park Submarket is a Rapidly Growing infill Urban Location Proximate to Downtown Los Angeles, Public Transit, and Major Employment Centers.
  • With a Walk Score of 76 "Very Walkable"-Most Errands Can Be Accomplished on Foot.
  • Property is Separately Metered for Gas & Electric and Tenants Pay Trash.
  • 30 Percent Remaining Rental Upside Through Capital Improvements and Interior Upgrades to Unrenovated Units.
  • Opportunity to Legalize Non-Conforming Unit Through the State's Favorable Attached Accessory Dwelling Unit (ADU) Program.

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 1701 West 38th Street, an eight-unit (7+1NC) apartment community in Jefferson Park. 1701 West 38th Street is situated just south of Exposition Boulevard in a dense infill pocket of Los Angeles. The well-maintained property built in 1940 consists of one single, five one-bedroom units and two two-bedroom units. Its 5,255 square foot lot is located within a highly desirable pocket of Jefferson Park Los Angeles. It is walking distance to the main transit intersection of Exposition & Western, enabling resident access to all of Los Angeles through the Los Angeles Metro Rail. This location provides convenient access to daily errands, retail and entertainment venues. The continued gentrification of the surrounding area along with the remaining value-add potential for a new owner to upgrade the unrenovated units to achieve superior future returns moving forward makes 1701 West 38th Street an excellent investment opportunity.

Exclusively Listed By

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