3235 Andrita St, Los Angeles, CA 90065
14 Unit Apartment Building | $2,800,000 ($200,000/Unit) | 4.01% Cap Rate | Los Angeles, CA 90065
For Sale
Active
10 pictures
Asking Price $2,800,000
- Property Type
-
Multifamily
- Square Feet
- 11,329 SF
Listing Contacts
Rick Raymundo
Tyler Leeson
Matthew Kipp
Property Overview
Marcus & Millichap is pleased to announce the opportunity to purchase 3235 Andrita Street, a 14-unit multifamily property located in the Glassell Park neighborhood of Los Angeles, CA. Listed for sale for the first time in 45 years, the property offers a new investor an excellent opportunity to add value by recapturing the approximately 49% rent upside.
The current owner has already completed all seismic retrofit repairs, benefitting a new investor by bringing the property into compliance and saving them from an otherwise costly capital expense.
Situated near the intersection of Fletcher Drive and San Fernando Road, the building allows tenants convenient access to nearby Los Feliz, Glendale, Mount Washington, and Highland Park. The high-end Americana at Brand shopping center and the recent revitalized Glendale Galleria are both within two miles, as are Griffith Park and Occidental College. The multi-million dollar North Atwater East Bank Riverway Project, which would provide a 2.2-mile pathway and connect to the Los Angeles River bike path, is just west of the property.
The current owner has already completed all seismic retrofit repairs, benefitting a new investor by bringing the property into compliance and saving them from an otherwise costly capital expense.
Situated near the intersection of Fletcher Drive and San Fernando Road, the building allows tenants convenient access to nearby Los Feliz, Glendale, Mount Washington, and Highland Park. The high-end Americana at Brand shopping center and the recent revitalized Glendale Galleria are both within two miles, as are Griffith Park and Occidental College. The multi-million dollar North Atwater East Bank Riverway Project, which would provide a 2.2-mile pathway and connect to the Los Angeles River bike path, is just west of the property.
Property Details
- Class
- C
- Year Built
- 1965
- Stories
- 2
- Lot Size (sq. ft)
- 10,890 SF
- Units
- 14
Highlights
- Excellent Unit Mix – Mostly Two-Bedroom Units
- Available to Purchase for First Time in 45 Years
- Outstanding Repositioning Opportunity – Current Rents Approximately 49% Below Market
- All Seismic Retrofit Repairs Completed (Buyer to Verify)
- Attractively Priced at Only $247 per Square Foot While Similar Recent Sales Have Averaged Over $383 per Square Foot
- Adjacent to Glendale, Los Feliz, Highland Park, and Mount Washington
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