Grand View Villa - 1990 Constructed
36 Unit Apartment Building | $9,150,000 ($254,167/Unit) | 6.49% Cap Rate | Los Angeles, CA 90057
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $9,150,000
- Property Type
-
Multifamily
- Square Feet
- 31,476 SF
Listing Contacts
Sean Rosenzweig
Verified Profile
Josh Zimmerman
Verified Profile
- Property Info
Property Overview
DO NOT WALK THE PROPERTY OR DISRUPT TENANTS. CONTACT LISTING TEAM FOR DETAILS.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale Grand View Villa, a 36-unit apartment community located at 840 South Grand View Street. Grand View Villa is located south of 8th Street and east of Hoover Street, in the Westlake submarket of Los Angeles.
Situated on a 14,655 square foot parcel, the property is comprised of 24 one-bedroom units, nine two-bedroom units and three three-bedroom units. Due to its 1990 construction, 840 South Grand View Street is not subject to Los Angeles City Rent Control and is subject to AB 1482 State Rent Control allowing for higher annual rental increases. The property has 72 parking spaces with security gated access and an on-site laundry facility with owner-owned equipment.
The subject property is in close proximity to multiple venues for the 2028 Summer Olympics in Los Angeles. The property is located a short distance from venues in the “Downtown Sports Park” Including the LA Memorial Coliseum, Crypto.com Arena, BMO Stadium & more, which bode well for the long-term prospects of this neighborhood.
Grand View Villa presents investors with a rare opportunity to acquire a 1990’s constructed property with strong in-place yield in a dense infill neighborhood of Los Angeles.
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale Grand View Villa, a 36-unit apartment community located at 840 South Grand View Street. Grand View Villa is located south of 8th Street and east of Hoover Street, in the Westlake submarket of Los Angeles.
Situated on a 14,655 square foot parcel, the property is comprised of 24 one-bedroom units, nine two-bedroom units and three three-bedroom units. Due to its 1990 construction, 840 South Grand View Street is not subject to Los Angeles City Rent Control and is subject to AB 1482 State Rent Control allowing for higher annual rental increases. The property has 72 parking spaces with security gated access and an on-site laundry facility with owner-owned equipment.
The subject property is in close proximity to multiple venues for the 2028 Summer Olympics in Los Angeles. The property is located a short distance from venues in the “Downtown Sports Park” Including the LA Memorial Coliseum, Crypto.com Arena, BMO Stadium & more, which bode well for the long-term prospects of this neighborhood.
Grand View Villa presents investors with a rare opportunity to acquire a 1990’s constructed property with strong in-place yield in a dense infill neighborhood of Los Angeles.
Property Details
- Class
- B
- Year Built
- 1990
- Stories
- 4
- Lot Size (sq. ft)
- 14,810 SF
- Units
- 36
Highlights
- 1990 Construction - Not Subject to City of LA Rent Control, Only Subject to AB 1482 State Rent Control Which Allows 5% + CPI Annual Rent Increases
- Located in a Designated Opportunity Zone and May be Eligible for Preferential Tax Treatment
- Operating at a Current 6.49% Cap Rate and 9.50 Gross Rent Multiplier
- In Close Proximity to Major Venues in the “Downtown Sports Park” for the 2028 Summer Olympics in LA - LA Coliseum, Crypto.com Arena, & BMO Stadium
- The Roof was Replaced in 2022
- Family Owned and Operated for the Last 30 Years
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