3864 Inglewood Blvd
Multifamily | 10 Units | $349,000/unit
Marketing description
Mar Vista is a bustling and trendy neighborhood, situated between Venice and Culver City. As of 2023, it boasts a reputable population of 59,615 and continues to peak with employment expected to increase by 1,094 jobs over the next five years. Mar Vista is one of LA’s coveted Westside neighborhoods as it features breathtaking views of the Pacific Ocean and hits the mark with notable attractions.
This top-tier community highlights and assorted list of restaurants, shops, and entertainment charms. Millennials sit on the high-end at 17,309, ranging from 25-39. Among the numerous amenities showcased at Mar Vista, locals can look forward to an active lifestyle with nearby recreational parks, trails, and picnic areas at their leisure. Local coffee shops and specialty dessert establishments make it a one-stop shop for those looking for unique hideouts. For the relaxing ‘weekend-er’, the farmer’s market takes place every Sunday, while creatives can find themselves at the local Mar Vista Music & Art Walk on Washington Place.
Property value has seen respectable increases over the last 5 years. Current asking rents in sit at $2,263 with occupancy rates at 96.3%. Most properties averaged construction in 1989, and many units are sized at an average of 841 square feet.
Investment highlights
- Renovated 10-unit, 2-story apartment building in West Los Angeles with 15 parking spaces—updated with brand-new plumbing, electrical and windows
- In-place cap rate of 6.36%, with below market assumable financing at 3.35% fixed for the next two years, providing an investor with positive leverage and immediate cashon-cash of 13.08%
- Consistent unit mix of 10 one-bedroom floorplans, with one unit boasting its own private terrace
- An astute buyer can capture additional upside by adding 2 ADUs in the existing parking lot
- All units are equipped with newly refinished hardwood floors, large closets, wall HVAC, stainless steel appliances, updated bath and kitchens, and in-unit washers and dryers
- Submarket occupancy averaged 96.6% over the past five years
- Submarket asking rents expected to rise 21% over the next two years
- The average household income within a three-mile radius is $164,324
- Surrounded by known tech hubs of Culver City and the “Silicon Beach” cities of Santa Monica, Venice and Playa Vista
- Direct access to shopping and dining destinations in Los Angeles, from world renowned Abbot Kinney in Venice and Century City Westfield Mall to nearby Brentwood and Santa Monica
- Close proximity to the 10 and 405 freeways, two of the most-used thoroughfares in Los Angeles
- Easy commutes to job centers including Culver City, Santa Monica, Playa Vista, Beverly Hills, Century City and Downtown Los Angeles
- Just six miles from L.A. International Airport (LAX)
- Employment population of 584,923 within a five-mile radius
- Los Angeles’s job market will increase by 34.6% over next ten years
- Within a three-mile radius of the property, the population is 284,646 and expected to grow over 2.2% over the next five years
- Price Per Unit $349,000
- Cap Rate 6.36%
- Pro Forma Cap Rate 7.03%
- Building Size 5,680 SF
- Lot Size 0.17 AC / 7,554 SF
- Year Built 1961 / 2021
- No. of Parking Spaces 15
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