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We are pleased to present for sale 3189 Cheviot Vista Pl. in Palms Mar Vista of Los Angeles, CA. The offering consists of a 1973 built (LARSO) 21 unit value-add apartment building, not subject to the Measure ULA "Mansion Tax". The property has benefitted from a local family of conscientious operators and their portfolio is professionally managed by Lilly Property Management Co. A brand new $70,000 roof was installed last year. The mix of Studios (4), 1BR/1BA (16) and 2BR/1BA (1) units (ranging from 700 to 800 SF) cater towards a broad rental market. The Studios and 1BR's, which account for 95% of all units, may assist in keeping rents paced with the market during turnover. There is an on-site manager in Unit 104. The building is offered at a reasonable 5.50 CAP / 10.80 X. With approximately 40% rental upside, new ownership may be afforded a path towards a considerable 8.70 CAP / 7.85 X. Tenants will have access to an on-site laundry room, AC wall units, heating units, private patio, and 20 gated parking spaces + 1 uncovered space. Within close proximity is the E Station of the Metro Line in addition to the 10 Freeway National Blvd. off ramp directly next to the property. Also within close proximity is Downtown Culver City, Hayden Tract and Sony Pictures Studios. According to LA County Planning 2023, Palms Mar Vista had a total population of 112,000 people with an average household income of $105,000. 65% of the population were renters. The offering presents an ideal value-add opportunity of operational stability with consistent cash flow and predictable long term appreciation. Furthermore, offering potential ADU avenues for the new owner to explore (buyer to verify). The property will make a strong addition to any investor's portfolio whether they're in acquisition mode or simply looking for an immediate 1031 solution. Property is subject to LARSO. As of May 8, 2025 there are two (2) 1BR/1BA vacancies. No other units will be delivered vacant by Seller upon close of escrow, except those occurring naturally. Property to be sold in as-is condition. Please DO NOT walk the property or disturb the tenants. Text/email LA for OM. Showing upon an accepted offer. Please submit proof of funds and pre-approval with offer.
Property Type(s):
Residential Income
| Last Updated | 5/8/2025 | Year Built | 1973 |
|---|---|---|---|
| Community | Palms - Mar Vista | County | Los Angeles |
Additional Details
| APPLIANCES | Dishwasher, Disposal, Refrigerator, Vented Exhaust Fan |
|---|---|
| AREA | Palms - Mar Vista |
| GARAGE | Assigned, Controlled Entrance, Covered, Gated, Side by Side, Uncovered |
| HEAT | Wall Furnace |
| INTERIOR | Ceiling Fan(s) |
| LOT | 0.27 acre(s) |
| PARKING | Assigned,Controlled Entrance,Covered,Gated,Side By Side,Uncovered |
| POOL DESCRIPTION | None |
| STORIES | 2 |
| VIEW DESCRIPTION | None |
| ZONING | LAR4 |
Location
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Listed with Lilly Enterprises, Inc.
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2025.
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