2021 Built | 27 Units | $488psf, $417k/Unit | 3524 Chesapeake Ave
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2021 Built | 27 Units | $488psf, $417k/Unit 3524 Chesapeake Ave
27 Unit Apartment Building $11,250,000 ($416,667/Unit) 5.30% Cap Rate Los Angeles, CA 90016
Investment Highlights
- Built in 2021: 27 luxury units with in-unit washer and dryer
- 5.3% cap rate and 5.7% cap rate at proven market rents
- Incredible micro-location with five brand-new buildings on the block
- Priced below replacement cost at $488 PSF and under $417K per unit
- One-block away from the Metro Expo “E” Line Farmdale Station, providing tremendous access to DTLA, Culver City, and Santa Monica
- Strong Demos: $100K Avg HHI and $1.4M Avg Home Value (3-mi radius)
Executive Summary
PROPERTY WEBSITE: https://properties.berkadia.com/metro-pointe-south-466257
We are excited to exclusively offer for sale, Metropointe South at 3524 Chesapeake Avenue, a newly constructed 27-luxury unit apartment community located in a prime Los Angeles location adjacent to Baldwin Hills with close proximity to Culver City, Playa Vista, Santa Monica, West Adams, and downtown Los Angeles. Ideally situated on a quiet residential street, MP South @ 3524 Chesapeake is one block away from the Farmdale Expo Line station, providing superb transportation access to the surrounding areas and employment hubs. The area has undergone a major economic renaissance during the past decade with development as the driving force. The property sits in an incredible micro-location with five brand-new buildings on the block, and several new apartment and mixed-use developments in the immediate area are contributing to the overwhelming increase in the demand for high-end rental units and retail.
Built in 2021, this beautifully maintained property features a unit mix of one-, and two-bedrooms, many with city views. The condominium-style units are bright and airy, featuring in-unit washer/dryer, wood-style flooring, kitchens with quartz countertops and stainless-steel appliances, modern cabinetry and breakfast bar/dining area. Building amenities include an inviting entry lobby, fitness center, elevator, large bike storage room, controlled access entry and gated parking (16 side-by-side spaces).
We are excited to exclusively offer for sale, Metropointe South at 3524 Chesapeake Avenue, a newly constructed 27-luxury unit apartment community located in a prime Los Angeles location adjacent to Baldwin Hills with close proximity to Culver City, Playa Vista, Santa Monica, West Adams, and downtown Los Angeles. Ideally situated on a quiet residential street, MP South @ 3524 Chesapeake is one block away from the Farmdale Expo Line station, providing superb transportation access to the surrounding areas and employment hubs. The area has undergone a major economic renaissance during the past decade with development as the driving force. The property sits in an incredible micro-location with five brand-new buildings on the block, and several new apartment and mixed-use developments in the immediate area are contributing to the overwhelming increase in the demand for high-end rental units and retail.
Built in 2021, this beautifully maintained property features a unit mix of one-, and two-bedrooms, many with city views. The condominium-style units are bright and airy, featuring in-unit washer/dryer, wood-style flooring, kitchens with quartz countertops and stainless-steel appliances, modern cabinetry and breakfast bar/dining area. Building amenities include an inviting entry lobby, fitness center, elevator, large bike storage room, controlled access entry and gated parking (16 side-by-side spaces).
Property Facts
| Price | $11,250,000 | Apartment Style | Mid Rise |
| Price Per Unit | $416,667 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.29 AC |
| Cap Rate | 5.30% | Building Size | 23,056 SF |
| No. Units | 27 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | Parking Ratio | 0.69/1,000 SF |
| Price | $11,250,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.29 AC |
| Building Size | 23,056 SF |
| No. Stories | 4 |
| Year Built | 2021 |
| Parking Ratio | 0.69/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- Controlled Access
- Fitness Center
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 18 | - | 583 |
| 2+2 | 9 | - | 826 |
Walk Score ®
Very Walkable (77)
Bike Score ®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 5046-015-033 | Improvements Assessment | $5,164,503 |
| Land Assessment | $1,840,604 | Total Assessment | $7,005,107 |
PROPERTY TAXES
Parcel Number
5046-015-033
Land Assessment
$1,840,604
Improvements Assessment
$5,164,503
Total Assessment
$7,005,107
zoning
| Zoning Code | R3-1 Tier 3 (Brand New Construction) |
| R3-1 Tier 3 (Brand New Construction) |
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2021 Built | 27 Units | $488psf, $417k/Unit | 3524 Chesapeake Ave
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