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Multifamily

1059 S Norton Ave

1059 S Norton Ave, Los Angeles, CA 90019

Listing Price: $2,600,000

Cap Rate
3.93%
Number of Units
10
Price/Unit
$260,000
Price/Gross SF
$416.00
Gross SF
6,250

Investment Overview

Marcus and Millichap, as the exclusive listing agent is pleased to present the opportunity to acquire 1059 South Norton Avenue, a 10-unit building located in the Country Club Park neighborhood of Los Angeles, just south of prestigious Hancock Park. Situated on a 9,268 square foot lot, the property consists of all one-bedroom units. Current ownership has renovated four units at the property with new modern finishes including new flooring, stainless steel appliances, new cabinets, and countertops. These units are achieving premium rents of $1,674 over the average in-place rents f $1,284. Although 40% of the units are renovated, a new investor will have the opportunity to capture additional rent premiums that are inline with neighboring properties by further enhancing interior improvements and light exterior upgrades. 1059 South Norton Avenue provides investors an opportunity to acquire a well-maintained apartment community that offers a remaining value-add component. The property is well-suited to provide a healthy income stream and solid market appreciation as the neighborhood rarely offers buying opportunities.

Investment Highlights

  • While Current Ownership has Completed Upgrades to 40% of the Units, Investors Will Have an Excellent Opportunity to go Beyond these Improvements in the Remaining Units and Raise Rents
  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
  • First Time on the Market in Over 35 Years – a True Generational Asset.
  • New Ownership Has an Opportunity to Add Additional Units Through the State's Favorable Accessory Dwelling Unit (ADU) Program – Allowing for Added Future Growth and Upside Potential (Buyer to Verify).

Exclusively Listed By

Financing By

Listing Price: $2,600,000

Cap Rate
3.93%
Number of Units
10
Price/Unit
$260,000
Price/Gross SF
$416.00
Gross SF
6,250

Investment Highlights

  • While Current Ownership has Completed Upgrades to 40% of the Units, Investors Will Have an Excellent Opportunity to go Beyond these Improvements in the Remaining Units and Raise Rents
  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
  • First Time on the Market in Over 35 Years – a True Generational Asset.
  • New Ownership Has an Opportunity to Add Additional Units Through the State's Favorable Accessory Dwelling Unit (ADU) Program – Allowing for Added Future Growth and Upside Potential (Buyer to Verify).

Investment Overview

Marcus and Millichap, as the exclusive listing agent is pleased to present the opportunity to acquire 1059 South Norton Avenue, a 10-unit building located in the Country Club Park neighborhood of Los Angeles, just south of prestigious Hancock Park. Situated on a 9,268 square foot lot, the property consists of all one-bedroom units. Current ownership has renovated four units at the property with new modern finishes including new flooring, stainless steel appliances, new cabinets, and countertops. These units are achieving premium rents of $1,674 over the average in-place rents f $1,284. Although 40% of the units are renovated, a new investor will have the opportunity to capture additional rent premiums that are inline with neighboring properties by further enhancing interior improvements and light exterior upgrades. 1059 South Norton Avenue provides investors an opportunity to acquire a well-maintained apartment community that offers a remaining value-add component. The property is well-suited to provide a healthy income stream and solid market appreciation as the neighborhood rarely offers buying opportunities.

Exclusively Listed By

Financing By

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