Listed by Marcus & Millichap - Los Angeles
$6,800,000
117 S Avenue 64
Details
APN 5492-035-033
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,674
Units 24
Cap Rate 5.81%
NOI $394,783
Year Built 1989
Acreage 11307.000
Multifamily | 5.81% CAP | 24 Units
Investment highlights
- The Neema Group of Marcus & Millichap is pleased to present The Marq, a 24-unit multifamily investment opportunity in Highland Park at 117 S Avenue 64, located just south of York Blvd and east of N Figueroa St
- Built in 1989, the property is not subject to the Los Angeles Rent Stabilization Ordinance
- The property features an ideal unit mix made up of 16 one-bedrooms and eight two-bedrooms; the property has ground level gated parking with 14 single spaces and 12 tandem spaces
- This offering presents strong in-place cash flow at a 5.81% CAP rate and 10.33 GIM on current income; at the asking price, the property is being offered at $283,333 per unit
- The majority of units have undergone extensive interior renovations and feature stainless steel appliances, cabinetry, dishwashers, kitchen ranges, quartz countertops, vinyl plank flooring, and central AC; units on the second floor have vaulted ceilings and balconies
- The property is secure with an intercom entrance and has a community laundry room with two washers and two dryers
- Highland Park is one of the most dynamic and rapidly appreciating neighborhoods in Northeast L.A., surrounded by strong renter demand and increasing property values
- Strong local demographics: average household income of approximately $125,000 within a two-mile radius and median home values exceeding $900k within two miles
- Centrally located with easy access to Downtown L.A., Pasadena, Glendale, Echo Park, and Silver Lake via the 110 Freeway and Metro Gold Line (Highland Park Station less than a mile away)
- Walk Score of 92, steps from popular attractions such as Highland Park Bowl, Kitchen Mouse, Civil Coffee, and local art galleries and boutiques
- Cost per Legal Unit: $283,333
- Current Cap Rate:5.81%
- Current GIM:10.33
- Market Cap Rate:6.08%
- Market GIM:10.01
- Unit Mix: (16) 1+1, (8) 2+1
Listing Contacts
Listed by Marcus & Millichap - Los Angeles
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$394,783.00
$32,898.58/mo
Valuation Metrics
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DSCR
5.81%
Cap Rate
5.81%
ROI
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