Listed by Berkadia Commercial Mortgage El Segundo
$7,750,000
Altezza
Details
APN 4103-010-022
Property Type Multifamily
Square Footage 20,157
Units 16
Cap Rate 5.41%
NOI $419,413
Occupancy 97%
Tenancy Multi
Pro-Forma Cap Rate 5.79%
Pro-Forma NOI $448,706
Price per SqFt $384
Year Built 1993
Stories 3
Acreage 0.300
Zoning LAR3 (Low-Density Residences)
Parking Spaces 32 spaces
Parking per 1,000 SqFt 1.59
Investment Type Value Add
Multifamily | 5.41% CAP | 16 Units
Investment highlights
- IMMEDIATE INCOME UPSIDE - Current rents average $2.87 per square foot compared to market rents of $3.02 per square foot, representing $31,620 in annual income growth potential through natural lease rollover without forced capital improvements.
- VALUE-ADD OPPORTUNITY - Modern rebranding through exterior and common area renovations drive rental premiums; interiors have not been meaningfully updated since 2012 acquisition.
- SUBSTANTIAL SIZE PREMIUM - Units average 1,111 square feet compared to 750-850 square feet for typical new construction two-bedroom apartments, providing a 32% to 48% size advantage that justifies premium rents and attracts quality tenants seeking space and value.
- STRONG OPERATIONAL PERFORMANCE - Operating expenses of $205,556 annually represent just 33% of effective gross income, with per-square-foot expenses of $11.56 significantly below market averages for comparable properties.
- OPERATIONAL FLEXIBILITY - Unit C101 (current manager unit) delivered vacant at close; buyer can self-manage, utilize key holder, or install new resident manager.
- RECENT CAPITAL IMPROVEMENTS - Both the roof and boiler have been replaced within the past five years, substantially reducing near-term capital expenditure requirements and providing buyer confidence in building systems.
- PREMIER LOCATION - Minutes from LAX (fifth-busiest airport in the nation), direct freeway access via I-405, I-105, and SR-90, and proximity to Silicon Beach employment centers including Google, YouTube, Snap Inc., and other major technology employers.
- ANCILLARY INCOME STREAM - Property generates $32,165 in annual ancillary income through parking fees and utility reimbursements (RUBS).
Listing Contacts
Listed by Berkadia Commercial Mortgage El Segundo
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Loan Amount
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Annual Debt Service
$--
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Annual Cash Flow
$419,413.00
$34,951.08/mo
Valuation Metrics
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DSCR
5.41%
Cap Rate
5.41%
ROI
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