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Multifamily

305-307 E 76th Pl

305-307 E 76th Pl, Los Angeles, CA 90003

Listing Price: $2,800,000

Cap Rate
4.85%
Number of Units
11
Price/Unit
$254,545
Price/Gross SF
$328.41
Gross SF
8,526

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 305-307 E 76th Place, an 11-unit multifamily property located in Los Angeles, CA that includes several units exempt from both Los Angeles City and state rent control. Within the corner parcel, a new structure was built in 2015 that contains five large townhouse-style units that are not subject to any rent control. The remaining six units include several bungalow-style apartments, which are subject to rent control. Across the property, the majority of units are two- and three bedroom apartments, most of which are townhouse-style floorplans with excellent interior amenities. Select units feature recessed lighting, granite countertops, fully updated bathrooms, designed vent hoods, wood flooring, walk-in closets, and stainless steel appliances. An on-site laundry room provides an additional income stream for the owner. Located near the intersection of Florence Avenue and San Pedro Street, the property is directly across the street from the 26-acre John C. Fremont Senior High School campus. Several new developments, including 162 new apartments partially completed along Main Street and a 31-unit mixed use project, are coming online within a mile of the property. Tenants enjoy convenient access to the 110 Freeway, via either the Florence Avenue or Manchester Avenue onramps, while public transportation is readily available within one block of the property.

Investment Highlights

  • New Building Constructed in 2015 Plus Several Existing Bungalow Units on Same Parcel
  • More Than 62% of Total Square Footage is Not Subject to Any Local or Statewide Rent Control
  • Excellent Unit Mix -- Mostly Two- and Three- Bedroom Units, Including Several Townhomes
  • Attractive 4.85% Current CAP Rate and 12.86 GRM with Substantial Rent Upside
  • Select Interiors Features Granite Countertops, Recessed Lighting, Wood Flooring, Stainless Steel Appliances, Designer Vent Hoods, and Walk-in Closets
  • Corner Lot with Excellent Visibility Along San Pedro Street
  • On-Site Laundry Facilities for Additional Revenue Stream
  • Directly Across Street from Fremont High School, Blocks from McKinley Avenue Elementary School

Exclusively Listed By

Listing Price: $2,800,000

Cap Rate
4.85%
Number of Units
11
Price/Unit
$254,545
Price/Gross SF
$328.41
Gross SF
8,526

Investment Highlights

  • New Building Constructed in 2015 Plus Several Existing Bungalow Units on Same Parcel
  • More Than 62% of Total Square Footage is Not Subject to Any Local or Statewide Rent Control
  • Excellent Unit Mix -- Mostly Two- and Three- Bedroom Units, Including Several Townhomes
  • Attractive 4.85% Current CAP Rate and 12.86 GRM with Substantial Rent Upside
  • Select Interiors Features Granite Countertops, Recessed Lighting, Wood Flooring, Stainless Steel Appliances, Designer Vent Hoods, and Walk-in Closets
  • Corner Lot with Excellent Visibility Along San Pedro Street
  • On-Site Laundry Facilities for Additional Revenue Stream
  • Directly Across Street from Fremont High School, Blocks from McKinley Avenue Elementary School

Investment Overview

Marcus & Millichap is pleased to announce the opportunity to purchase 305-307 E 76th Place, an 11-unit multifamily property located in Los Angeles, CA that includes several units exempt from both Los Angeles City and state rent control. Within the corner parcel, a new structure was built in 2015 that contains five large townhouse-style units that are not subject to any rent control. The remaining six units include several bungalow-style apartments, which are subject to rent control. Across the property, the majority of units are two- and three bedroom apartments, most of which are townhouse-style floorplans with excellent interior amenities. Select units feature recessed lighting, granite countertops, fully updated bathrooms, designed vent hoods, wood flooring, walk-in closets, and stainless steel appliances. An on-site laundry room provides an additional income stream for the owner. Located near the intersection of Florence Avenue and San Pedro Street, the property is directly across the street from the 26-acre John C. Fremont Senior High School campus. Several new developments, including 162 new apartments partially completed along Main Street and a 31-unit mixed use project, are coming online within a mile of the property. Tenants enjoy convenient access to the 110 Freeway, via either the Florence Avenue or Manchester Avenue onramps, while public transportation is readily available within one block of the property.

Exclusively Listed By

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