3775 Beethoven St, Los Angeles, CA 90066

The McKinney Multifamily Group of Lyon Stahl Investment Real Estate is pleased to present Beethoven Garden Apartments, located in Mar Vista on the Westside of Los Angeles at 3775 Beethoven Street, Los Angeles, CA 90066.
Beethoven Garden Apartments is an exceptional multifamily property that offers an investor immediate value-add upside with substantial future growth. This well-maintained, 3-story, 42-unit multifamily property was built in 1989 and therefore is NOT subject to LA City rent control. It is only subject to statewide rent control (AB 1482), which allows an investor the ability to increase rents annually by 5%+CPI for a maximum of 10%. The current CAP Rate is 3.61%, with the capacity to immediately increase a majority of the rent rates by 8.8% for a CAP Rate of 3.95%. There is a further upside should an investor make additional improvements to reposition the property to its full potential.
Beethoven Garden Apartments features an fantastic unit mix. All of the 42 units are sizable two-bedroom, two-bathroom style averaging +/-1,000 square feet. The unit layouts provide for maximum privacy, with a central living room and kitchen separating the bedrooms and bathrooms. The in-unit amenities include gas burning fireplaces, dishwashers, ceiling fans, mirrored closets, central HVAC systems, and private patios or balconies. Approximately 14 of the unit interiors have been upgraded with “wood-appearing” vinyl plank flooring and approximately 28 with granite/quartz countertops. The community amenities include a central courtyard equipped with a Cabana and BBQ area, an elevator, two laundry facilities, video monitoring, gated entry with intercom and controlled access subterranean garage with 84 parking spaces.
Beethoven Garden Apartments is tucked away on a peaceful residential street, west of Centinela Avenue and north of Venice Boulevard. This perfect Westside Location is within walking distance to shops, dining, and transportation and just minutes to Marina Del Rey, Venice Beach and Santa Monica Pier. The current average Mar Vista, California home value is $1,829,785 (up 4.6% over the past year per Zillow). Mar Vista, is one of the most upcoming and trendy areas on the Westside. Its preferred location is near major employers such as Sony Pictures, USC Medical Center, UCLA, Los Angeles International Airport and the tech hub of Silicon Beach with notable companies such as Google, Hulu, YouTube, Snap Inc., The Honest Company, MotorTrend Group, Headspace, and Postmates.
Mar Vista is “the little town in the big city” with local shopping, dining, and a fantastic farmers market mixed in with great local events. Beethoven Garden Apartments has a Walk Score of 88/100 (Very Walkable) and a Bike Score of 82/100 (Very Bikeable) and is just around the corner to Venice Boulevard where one can enjoy shopping, popular coffee roasters, and a wide variety of delicious restaurants. Beethoven Gardens is also within walking distance of Beethoven Elementary, Mark Twain Middle School, and Venice High School. Additionally, it is centrally located to higher education institutions including UCLA, USC, Loyola Marymount University, Otis College of Art and Design and Santa Monica College. Local transportation options include the MTA Expo Line, the Big Blue Bus line and close access to the 405, 10 and 90 Freeways and Pacific Coast Highway.
In summary, Beethoven Garden Apartments located in Mar Vista, one of the most sought-after Westside coastal submarkets of Los Angeles, offers an investor the opportunity to acquire an ideally located, very desirable multifamily community with immediate upside.