Created date: September 21, 2023
Date last updated: November 29, 2023
- 1956 Built | Recent Renovations
- All 2 Bed Units (900 SqFt avg.)
- Courtyard in the Middle
- Alley Behind with 4 Garages
- 8 Total Parking Spots
- Over 45% Upside in Rents
- Prime Mar Vista / Culver City
- First Time on Market in 13 Years
The LAAA Team of Marcus & Millichap is proud to present this well located 5-unit multifamily property located at 4211 McLaughlin Ave. Nestled in the highly sought after Mar Vista neighborhood, just outside the border of Culver City, 4211 McLaughlin Ave presents an extraordinary opportunity for investors to acquire a multifamily asset with exceptional value-add potential.
Built in 1956, this well-maintained property features a building size of 4,536 square feet and sits on a lot spanning 7,752 square feet (0.18 acres).The property consists of five 2-bedroom, 1-bathroom units, averaging about 900 square feet. Residents can enjoy a common area courtyard, perfect for outdoor relaxation, and a convenient common area laundry room. Parking is not an issue as the building offers eight parking spots—four surface spots in front and four garages in the back alley.
One of the most enticing aspects of this investment is the considerable upside in gross rents. There's over 45% potential upside, and rents can be increased in February 2024 by 7% without having to undertake any renovations (buyer to verify with LA City RSO).
Additionally, three of the four garages in the back alley are currently leased out, providing an extra stream of income. Those three garages are signed up on separate leases which makes them fully non-rent controlled. A savvy buyer would investigate vacating those three garages in back and replacing them with an interior ADU, adding significant value with less cost than it would be to build a unit ground-up.
Significant investment has been made in the property over the years, overseen by the same meticulous owner for the past 13+ years. The kitchens in all units have been remodeled with wood cabinets, granite countertops, and stainless-steel appliances, all installed by licensed contractors. The flooring has also been upgraded—laminate in the living rooms and bedrooms, tile in kitchens and bathrooms—with the most recent upgrade featuring Mannington Adura Max waterproof luxury vinyl flooring in Apartment 1 as of September 2022. Additionally, to enhance energy efficiency, batt insulation was installed in the attics of both the front and rear buildings in 2019. For added security, the property features a locked front gate, locked laundry room, and rear gates, with all apartments equipped with double-lock systems.