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1409 Arlington Avenue

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Address: 1409 Arlington Ave, Los Angeles, CA 90019, USA

California & West + Apartment Buildings

Created date: July 2, 2024

Date last updated: August 28, 2024

There is 64 Percent Remaining Rental Upside Through Interior Renovations
Mid-City is Becoming a Compelling Value-Proposition for Tenants who are Getting Priced out of These Expensive Neighboring Submarkets
The Government Required Seismic Retrofit Work has Already Been Completed, Which Saves a New Investor Substantially in Capital and Time
In Close Proximity to World-Class Shopping, Vibrant Restaurants, Museums, Cafes, Bars, Theaters, Grocery Stores, Gyms & Employment Opportunities
Long Term Ownership – Property Has Been Owned for 45 Years, Offering a Rare Acquisition Opportunity
The Property is Being Offered at an Attractive Basis of $172,222 Per Unit

Property Description

The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 9-unit apartment community located at 1409 Arlington Avenue. The subject property is located south of Pico Boulevard and east of Crenshaw Avenue. This property is being sold as part of a 5 building, 79-unit portfolio that is available individually or any combination as a portfolio purchase.

The property is located in a desirable pocket of Mid-City. The building is in close proximity to an array of shopping, along with a slew of vibrant restaurants, museums, cafes, bars, theaters, grocery stores, gyms, and entertainment choices in Mid-City, Miracle Mile, West Adams, & Koreatown. This provides residents with convenient access to employment centers, retail and entertainment in the immediate area.

Situated on a 6,828 square foot parcel, the property is comprised of two studio units, five one-bedroom units, and two two-bedroom units. The property has 64% remaining rental upside through unit renovations along with on-site parking for every unit and on-site laundry facilities.

1409 Arlington Avenue offers investors an opportunity to acquire an asset in a sought-after in-fill submarket in Los Angeles. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate in order to achieve superior market rents moving forward, makes 1409 Arlington Avenue an excellent acquisition opportunity.

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Key Property Information

Listing Status:	Available
Listing Type:	Highest & best offer
Property Types:	Apartment Buildings
Price:	$1,550,000
No. of Units:	9
Cap Rate:	4.24%
GRM /GIM:	12.21
Building Size:	5,797 Sq ft
Opportunity Zone:	No
Price per unit:	$172,222