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31% VACANT! 9.48% Prof. CAP, 16-u Value-add 4121 Marmion Way

16 Unit Apartment Building $5,533,874 CAD ($345,867 CAD/Unit) 5.28% Cap Rate Los Angeles, CA 90065

Investment Highlights

  • 9.48% Proforma CAP Rate, 31% Vacant (5 units vacant) in Mount Washington; surrounded by SFR properties
  • Excellent demographics with ±$122,496 average household income within a-mile radius
  • Capital Improvements: New roof installed in 2021, upgraded front windows, seismic retrofit in 2015 (bolted foundation)
  • Excellent location: walk to Southwest Museum, Lumis House, and Metro Gold Line Station (Heritage Square)
  • Very well-maintained apartment with an excellent curb appeal; Excellent unit mix of 50% 2bedroom units, large units
  • Individually metered for electricity and gas, shared laundry room (seller own laundry machines)

Executive Summary

9.48% Proforma CAP Rate in an excellent area with 31% vacancy! Growth Investment Group California is proud to offer 4121 Marmion Way, a prime 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhoods and within walking distance of many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has an excellent demographics with ±$122,496 average household income within a-mile radius
The property is a two-story garden style apartment. It offers excellent curb appeal and is very well maintained with a serene center courtyard. It was built in 1965, has a total of ±11,984sqft building size, and situated on a large ±17,441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows. The foundation has been bolted and seismic retrofit of the property was completed in 2015.
It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) large 1bedroom+1bathroom units. Five units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are ±925-1000SF – buyer to verify), and the 1-bedroom units are spacious with functional layout (est. size ±700-800SF – buyer to verify).
Each unit has a large living room, wall heater, windows A/C, and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about ±59%).
Each unit is individually metered for electricity and gas. The units are large and bright which makes them very attractive and easy to rent. There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater, and a shared laundry room (seller own machines).

Property Facts

Price $5,533,874 CAD
Price Per Unit $345,867 CAD
Sale Type Investment
Cap Rate 5.28%
Sale Conditions High Vacancy Property
Gross Rent Multiplier 12.06
No. Units 16
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.40 AC
Building Size 11,984 SF
Average Occupancy 93%
No. Stories 2
Year Built 1965
Parking Ratio 1.34/1,000 SF

Unit Amenities

  • Air Conditioning
  • Cable Ready
  • Disposal
  • Ceiling Fans
  • Dining Room

Site Amenities

  • Laundry Facilities

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 8 - 700 - 800
2+1 8 - 900 - 1,000
Walk Score ®
Very Walkable (74)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
5465-022-016
Land Assessment
$2,179,156 CAD
Improvements Assessment
$932,902 CAD
Total Assessment
$3,112,058 CAD

zoning

Zoning Code R1, Los Angeles
R1, Los Angeles
  • Listing ID: 32138777

  • Date on Market: 2024-06-14

  • Last Updated:

  • Address: 4121 Marmion Way, Los Angeles, CA 90065

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