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Multifamily

444 N Sycamore Ave

444 N Sycamore Ave, Los Angeles, CA 90036

Listing Price: $3,825,000

Cap Rate
3.82%
Number of Units
8
Price/Unit
$478,125
Price/Gross SF
$529.78
Gross SF
7,220

Investment Overview

Marcus & Millichap is pleased to present to market 444 North Sycamore Avenue, an eight-unit pride-of-ownership multifamily investment opportunity in Los Angeles’ prestigious Hancock Park neighborhood. This offering is an excellent opportunity for an investor to acquire a very well-maintained asset with significant upside potential and a strong tenant base in an upscale location proximate to world-class dining, retail, and entertainment. 444 North Sycamore Avenue is an impressively well-maintained 1928 Spanish-style construction with original charm, numerous recent upgrades, and a mix of six one-bedroom/one-bath units, one one-bedroom/one-bath unit with a den, and one studio apartment. All units boast maintained hardwood floors, window or wall air conditioners, and six of the units have been remodeled with custom upgrades. Additional recent improvements include a new central forced air heating system, a new water heater, plumbing upgrades, and a new concrete driveway ingress. The property also boasts a laundry room with owned equipment, an automatic sprinkler system, a secure telephone entry system, five carport spaces with storage bins, two uncovered parking spaces, and two private garages. Two of the large one-bedroom units will be delivered vacant, offering a new investor the opportunity to lease them at market rate. The current rents offer a potential 15% upside in rents. Further adding to the property’s income potential, a new investor may want to explore the potential of building an ADU above the garage.

Investment Highlights

  • Eight-Unit Pride-of-Ownership Asset in LA's Prestigious Hancock Park Neighborhood With 75 Percent of Units Recently Remodeled and Numerous Other Upgrades
  • Remodeled and Numerous Other Upgrades Significant Rental Upside Potential and Opportunity to Lease Two Units at Market Rate (Two Large One-Beds Will Be Delivered Vacant)
  • Property Has Ample Parking, Laundry Facilities, Controlled Access, Hardwood Floors, a New Central Heating System, A/C, and More
  • Easy Walking Distance to Popular Shops and Restaurants on La Brea and Melrose (WalkScore: 89) and Proximate to The Grove, Larchmont Village, and World-Famous Hollywood Attractions

Exclusively Listed By

Listing Price: $3,825,000

Cap Rate
3.82%
Number of Units
8
Price/Unit
$478,125
Price/Gross SF
$529.78
Gross SF
7,220

Investment Highlights

  • Eight-Unit Pride-of-Ownership Asset in LA's Prestigious Hancock Park Neighborhood With 75 Percent of Units Recently Remodeled and Numerous Other Upgrades
  • Remodeled and Numerous Other Upgrades Significant Rental Upside Potential and Opportunity to Lease Two Units at Market Rate (Two Large One-Beds Will Be Delivered Vacant)
  • Property Has Ample Parking, Laundry Facilities, Controlled Access, Hardwood Floors, a New Central Heating System, A/C, and More
  • Easy Walking Distance to Popular Shops and Restaurants on La Brea and Melrose (WalkScore: 89) and Proximate to The Grove, Larchmont Village, and World-Famous Hollywood Attractions

Investment Overview

Marcus & Millichap is pleased to present to market 444 North Sycamore Avenue, an eight-unit pride-of-ownership multifamily investment opportunity in Los Angeles’ prestigious Hancock Park neighborhood. This offering is an excellent opportunity for an investor to acquire a very well-maintained asset with significant upside potential and a strong tenant base in an upscale location proximate to world-class dining, retail, and entertainment. 444 North Sycamore Avenue is an impressively well-maintained 1928 Spanish-style construction with original charm, numerous recent upgrades, and a mix of six one-bedroom/one-bath units, one one-bedroom/one-bath unit with a den, and one studio apartment. All units boast maintained hardwood floors, window or wall air conditioners, and six of the units have been remodeled with custom upgrades. Additional recent improvements include a new central forced air heating system, a new water heater, plumbing upgrades, and a new concrete driveway ingress. The property also boasts a laundry room with owned equipment, an automatic sprinkler system, a secure telephone entry system, five carport spaces with storage bins, two uncovered parking spaces, and two private garages. Two of the large one-bedroom units will be delivered vacant, offering a new investor the opportunity to lease them at market rate. The current rents offer a potential 15% upside in rents. Further adding to the property’s income potential, a new investor may want to explore the potential of building an ADU above the garage.

Exclusively Listed By

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