11401 Washington Pl, Los Angeles, CA 90066
10 Unit Apartment Building | $3,225,000 ($322,500/Unit) | 4.12% Cap Rate | Los Angeles, CA 90066
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,225,000
- Property Type
-
Multifamily
- Square Feet
- 10,512 SF
Listing Contacts
Matthew Kanner
Verified Profile
- Property Info
Property Overview
The Kanner Group proudly presents 11401 Washington Pl, a 2-story, 10-unit value-add multi-family investment opportunity in the highly sought-after Mar Vista neighborhood of West Los Angeles, conveniently situated at the corner of Bledsoe Ave and Washington Pl, just south of Venice Blvd and west of Sawtelle Blvd. Built in 1954, this value-add 7,129 square feet apartment complex consists of 3 (2+1) units with 825 square feet 7 (1+1) units averaging 650 gross livable square feet and (averaging 713+/- square feet per unit), on a 7,753 square foot lot with 7 parking spaces (1 parking space/unit). Unit highlights include hardwood floors, good closet space in the hallway, and good natural sunlight as and newer windows units. Unit kitchens feature ample cabinet space and a separate dining area, giving units a large and spacious feel, and some units have stainless steel ovens. The building has on-site laundry and is separately metered for gas and electricity. Boasting an excellent Walk Score and a Bike Score of 95, 11401 Washington Pl offers residents a world-class location for recreation, entertainment, shopping, dining venues, and employment centers within Mar Vista and its adjacent westside neighborhoods, including Venice Beach, Santa Monica, Marina Del Rey, Culver City, Westwood, Century City, and Beverly Hills. Mar Vista, dotted with picturesque, palm-tree-lined streets, is renowned for its vibrant community and significant transformation fueled by the growth of Silicon Beach. The proximity to major tech and finance employers further elevates Mar Vista's status as a coveted locale for young professionals, families, and students. Residents enjoy easy access to a dynamic blend of innovative dining, shopping, and residential projects, such as The Platform, Culver Center, and the Mar Vista Recreation Center, underscoring the area's appeal to a diverse and highly educated demographic. The neighborhood reflects a unique blend of suburban tranquility and urban convenience, making it an unrivaled choice for those seeking a balanced and enriched lifestyle. 11401 Washington Pl is a prime, value-added investment opportunity with ADU potential on an excellent residential street in the coveted West Side’s Mar Vista/Silicon Beach community. This asset will benefit from significant tenant demand, historically low vacancy rates, and consistently high rental growth rates. This premium asset is poised to enjoy excellent cash flow and considerable appreciation for the foreseeable future.
Property Details
- Class
- C
- Year Built
- 1954
- Stories
- 2
- Lot Size (sq. ft)
- 7,841 SF
- Units
- 10
Highlights
- Coveted West side Mar Vista location close to major tech & finance employers of Silicon Beach; easy access to countless westside recreation,
- entertainment, shopping, dining, and employment centers
- Great Unit Mix: 7 (1+1) and 3 (2+1) spacious units w/ hardwood floors, ample closet space, and newer windows for natural light.
- 7 extra tall Garage parking spaces, almost 10-foot ceilings, making an ideal ADU conversion opportunity
- Exception Value Add opportunity with 60+% rental upside
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