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Multifamily

5622 La Mirada Ave

5622 La Mirada Ave, Los Angeles, CA 90038

Listing Price: $3,100,000

Cap Rate
3.35%
Number of Units
9
Price/Unit
$344,444
Price/Gross SF
$458.99
Gross SF
6,754

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 5622 La Mirada Avenue, a nine-unit multifamily building in prime Hollywood. As one of Los Angeles’ densely populated neighborhoods, this submarket’s popularity has grown significantly over the recent years, with a vibrant and lively nightlife scene and trendy retail and coffee shops in the immediate area. With new ground-up development in the gentrifying area, Hollywood has been catering to young professionals, and hipsters alike in recent years. La Mirada Avenue is considered a “Walker’s Paradise” with an 89 Walk Score and is situated a short distance from highly desirable dining and entertaining options. Current ownership has renovated approximately 67% of the units at the property with high-end finishes including new countertops, in-unit washer/dryers, new laminate flooring, and new stainless-steel appliances. The property offers investors a unique opportunity to acquire a well-maintained asset with stable operating history and remaining rental upside.

Investment Highlights

  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
  • Over 29% Remaining Rental Upside Through Further Interior Renovations and Turning the Unrenovated Units
  • Located on a Designated Opportunity Zone and May Be Eligible for Preferential Tax Treatment
  • The Property is Situated on a 7,500 Square Foot Lot, Zoned LAR3 within a Tier 3 TOC
  • With an 89 Walk Score, "Walker's Paradise," La Mirada is Located Near Hollywood Boulevard, Paramount Studios, the New Netflix 100,000+ SF Office Space, Larchmont Village and More

Exclusively Listed By

Multifamily

5622 La Mirada Ave

Listing Price: $3,100,000

Cap Rate
3.35%
Number of Units
9
Price/Unit
$344,444
Price/Gross SF
$458.99
Gross SF
6,754

Investment Highlights

  • The Government Required Seismic Retrofit Work has Already Been Completed by Current Ownership Which Saves a New Investor Substantially in Capital and Time
  • Over 29% Remaining Rental Upside Through Further Interior Renovations and Turning the Unrenovated Units
  • Located on a Designated Opportunity Zone and May Be Eligible for Preferential Tax Treatment
  • The Property is Situated on a 7,500 Square Foot Lot, Zoned LAR3 within a Tier 3 TOC
  • With an 89 Walk Score, "Walker's Paradise," La Mirada is Located Near Hollywood Boulevard, Paramount Studios, the New Netflix 100,000+ SF Office Space, Larchmont Village and More

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 5622 La Mirada Avenue, a nine-unit multifamily building in prime Hollywood. As one of Los Angeles’ densely populated neighborhoods, this submarket’s popularity has grown significantly over the recent years, with a vibrant and lively nightlife scene and trendy retail and coffee shops in the immediate area. With new ground-up development in the gentrifying area, Hollywood has been catering to young professionals, and hipsters alike in recent years. La Mirada Avenue is considered a “Walker’s Paradise” with an 89 Walk Score and is situated a short distance from highly desirable dining and entertaining options. Current ownership has renovated approximately 67% of the units at the property with high-end finishes including new countertops, in-unit washer/dryers, new laminate flooring, and new stainless-steel appliances. The property offers investors a unique opportunity to acquire a well-maintained asset with stable operating history and remaining rental upside.

Exclusively Listed By

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