1513 Arlington Ave.
Prime Mid-City 9-Unit Multifamily - 7.88% Current Cap Rate; 8.2 Current GRM Plus Value-Add
Marketing description
The Highlight Group of Equity Union Commercial, as the exclusive listing agent, is pleased to present the opportunity to acquire 1513 Arlington Ave., a nine-unit multifamily investment property located in the Arlington Heights neighborhood of Los Angeles. Built in 1963, the property sits between Pico Boulevard and Venice Boulevard just south of 15th Street, placing it in one of the most centrally located rental markets in Los Angeles.
PROPERTY DESCRIPTION
1513 Arlington Ave. is a nine-unit multifamily property located in the Arlington Heights neighborhood Los Angeles. Built in 1963, the two-story building offers a diverse unit mix consisting of studio, one bedroom, and two-bedroom apartments designed to appeal to a wide range of tenants.
UNIT DETAILS
All the units have well designed floor plans that include large bedrooms, large bathrooms, large kitchens, spacious living areas and ample closet space. Some units have been updated with new vinyl plank flooring, LED lighting, stainless steel appliances, kitchen cabinetry, granite counter tops, and new vanities, sinks, and tiled tubs in the bathrooms. Each unit also includes a wall heating system, double pane windows, and some have wall mounted air conditioning units.
GENERAL BUILDING DETAILS
The building has benefited from several capital improvements including the installation of a TPO roofing system, copper plumbing, a soft-story seismic retrofit, and upgraded double pane windows throughout the property. Community amenities include an on site laundry facility with two washers and two dryers.
RUBS
The current owner has begun implementing a utility reimbursement program (RUBS) for new tenant lease with Units 1 and 9. A new owner will be able to continue this program going forward.
ADU POTENTIAL
The front and rear tuck under parking areas are large and have ample ceiling height. These areas may offer opportunities for accessory dwelling unit development. Buyers are encouraged to verify the potential here with the City of Los Angeles.
PROPERTY LOCATION
1513 Arlington Ave. is located in the Arlington Heights neighborhood of Los Angeles, a centrally located residential community known for its accessibility to major employment centers and vibrant surrounding neighborhoods.
The property is situated near the intersection of Arlington Avenue and Pico Boulevard, providing tenants with convenient access to retail, restaurants, and neighborhood amenities. The area offers strong connectivity throughout Los Angeles with quick access to the 10 Freeway and several major arterial streets including Venice Boulevard,
Pico Boulevard, and Washington Boulevard.
Residents benefit from the property’s central location, allowing easy commuting to Downtown Los Angeles, Koreatown, West Los Angeles, Beverly Hills, Hollywood and the greater Los Angeles metropolitan area. The neighborhood continues to attract renters seeking affordable housing options within close proximity to major job centers and lifestyle amenities.
Investment highlights
- VALUE ADD OPPORTUNITY – one unit vacant and an additional 26% rental upside after lease up
- EXCELLENT UNIT MIX – Two (2) studio units, five (5) 1Bed+1Bath units and two (2) 2Bed+1Bath units
- SIGNIFICANT ADU POTENTIAL - Front and rear tuck under parking areas may provide the opportunity for accessory dwelling unit development. Buyers are encouraged to verify potential with the city.
- RUBS – The current owner has begun implementing a utility reimbursement program (RUBS) for new tenant leases
- PRIME MID-CITY LOCATION – Easy walking distance to retail and dining along Pico Boulevard, Venice Boulevard and Washington Boulevard
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