|
9.48% Proforma CAP Rate in an excellent area with 25% vacancy! 4121 Marmion Way, a prime 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhoods and within walking distance of many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has an excellent demographics with ±$122,496 average household income within a-mile radiusThe property is a two-story garden style apartment. It offers excellent curb appeal and is very well maintained with a serene center courtyard. It was built in 1965, has a total of ±11,984sqft building size, and situated on a large ±17,441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows. The foundation has been bolted and seismic retrofit of the property was completed in 2015. It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) large 1bedroom+1bathroom units. Four units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are ±925-1000SF – buyer to verify), and the 1-bedroom units are spacious with functional layout (est. size ±700-800SF – buyer to verify). Each unit has a large living room, wall heater, windows A/C, and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about ±59%). Each unit is individually metered for electricity and gas. The units are large and bright which makes them very attractive and easy to rent. There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater, and a shared laundry room (seller own machines).The property is located right off Figueroa St; in the Mount Washington neighborhood, and at the border of Highland Park and South Pasadena, providing an unparalleled access to superb amenities on Figueroa St.
Last Updated | 10/16/2024 | Year Built | 1965 |
---|---|---|---|
Community | Mount Washington | County | Los Angeles |
Additional Details
AIR | Wall/Window Unit(s) |
---|---|
AIR CONDITIONING | Yes |
APPLIANCES | Disposal, Dryer, Gas Range, Refrigerator, Washer |
AREA | Mount Washington |
GARAGE | Assigned, Driveway, Paved |
HEAT | Wall Furnace |
HOA DUES | 0 |
LOT | 0.4 acre(s) |
LOT DESCRIPTION | Irregular Lot, Near Park, Near Public Transit |
PARKING | Assigned,Driveway,Paved |
POOL DESCRIPTION | None |
SEWER | Public Sewer |
STORIES | 2 |
UTILITIES | Cable Connected,Electricity Connected,Natural Gas Connected,Phone Available,Sewer Connected,Water Connected, Electric: Standard |
VIEW DESCRIPTION | None |
WATER | Public |
ZONING | LAR1 |
Location
Contact us about this Property
/ | |
We respect your online privacy and will never spam you. By submitting this form with your telephone number you are consenting for Carie Webber to contact you even if your name is on a Federal or State "Do not call List". |
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 2024.