Non-Rent Control Property – All 3BR THs | 445 W 70th St
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Non-Rent Control Property – All 3BR THs 445 W 70th St
6 Unit Apartment Building $2,535,000 ($422,500/Unit) 4.26% Cap Rate Los Angeles, CA 90003
Investment Highlights
- Rare True Non-Rent Control Property – Constructed in 2011
- Bathroom Townhouse Units Averaging Over 1,500 Rentable Square Feet Each
- Impressive Amenity Package – In-Unit Washer/Dryers, Central A/C, Granite Countertops, Walk-in Closets, Recessed Lighting, and Fireplaces in Each Unit
- Not Currently Subject to AB 1482, Not Subject to Los Angeles Rent Control
- Attractive 4.26% Current CAP Rate
- Current Rents Average Only $1.63 per Square Foot
Executive Summary
Marcus & Millichap is pleased to announce the opportunity to purchase 445 W 70th Street, a six-unit multifamily property in Los Angeles, CA that is not currently subject to any rent controls. Constructed in 2011, the property consists entirely of well-appointed three-bedroom townhomes, each above its own private two-car garage. Offered at an attractive 4.26% current CAP Rate, this building provides an investor with a recently-constructed, high-end asset that still generates a strong, stable cash flow.
Each spacious floorplan includes three-bedroom and two-and-a-half bathrooms within more than 1,500 square feet. Tenants are attracted to the in-unit washer/dryers, granite countertops, central air/heat, fireplaces, walk-in closets, and high ceilings. Every apartment includes its own private balcony, private patio, breakfast bars, and tile flooring in the kitchen and entryway. A private two-car garage is attached to each unit, offering direct entry to the apartment. Each unit features its own individual water heater, while the entire premises are guarded by a security camera system.
Situated on a large corner lot, the property has frontage on Figueroa Street, one of the largest thoroughfares within Los Angeles, which helps when advertising a vacancy. The LA Live entertainment complex and Staples Center are less than six miles from the building, while several restaurants and grocery stores are within immediate walking distance. Tenants enjoy convenient access to the 110 Freeway, with the Florence Avenue onramp just blocks away.
Each spacious floorplan includes three-bedroom and two-and-a-half bathrooms within more than 1,500 square feet. Tenants are attracted to the in-unit washer/dryers, granite countertops, central air/heat, fireplaces, walk-in closets, and high ceilings. Every apartment includes its own private balcony, private patio, breakfast bars, and tile flooring in the kitchen and entryway. A private two-car garage is attached to each unit, offering direct entry to the apartment. Each unit features its own individual water heater, while the entire premises are guarded by a security camera system.
Situated on a large corner lot, the property has frontage on Figueroa Street, one of the largest thoroughfares within Los Angeles, which helps when advertising a vacancy. The LA Live entertainment complex and Staples Center are less than six miles from the building, while several restaurants and grocery stores are within immediate walking distance. Tenants enjoy convenient access to the 110 Freeway, with the Florence Avenue onramp just blocks away.
Financial Summary (Actual - 2019) |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $181,200 | $19.51 |
Other Income | - | - |
Vacancy Loss | $5,436 | $0.59 |
Effective Gross Income | $175,764 | $18.92 |
Taxes | $29,769 | $3.20 |
Operating Expenses | $38,022 | $4.09 |
Total Expenses | $67,791 | $7.30 |
Net Operating Income | $107,973 | $11.62 |
Financial Summary (Actual - 2019)
Gross Rental Income | |
---|---|
Annual | $181,200 |
Annual Per SF | $19.51 |
Other Income | |
---|---|
Annual | - |
Annual Per SF | - |
Vacancy Loss | |
---|---|
Annual | $5,436 |
Annual Per SF | $0.59 |
Effective Gross Income | |
---|---|
Annual | $175,764 |
Annual Per SF | $18.92 |
Taxes | |
---|---|
Annual | $29,769 |
Annual Per SF | $3.20 |
Operating Expenses | |
---|---|
Annual | $38,022 |
Annual Per SF | $4.09 |
Total Expenses | |
---|---|
Annual | $67,791 |
Annual Per SF | $7.30 |
Net Operating Income | |
---|---|
Annual | $107,973 |
Annual Per SF | $11.62 |
Property Facts
Price | $2,535,000 | Property Subtype | Apartment |
Price Per Unit | $422,500 | Apartment Style | Townhome |
Sale Type | Investment | Building Class | B |
Cap Rate | 4.26% | Lot Size | 0.33 AC |
Gross Rent Multiplier | 13.99 | Building Size | 9,289 SF |
No. Units | 6 | No. Stories | 2 |
Property Type | Multifamily | Year Built | 2011 |
Price | $2,535,000 |
Price Per Unit | $422,500 |
Sale Type | Investment |
Cap Rate | 4.26% |
Gross Rent Multiplier | 13.99 |
No. Units | 6 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Townhome |
Building Class | B |
Lot Size | 0.33 AC |
Building Size | 9,289 SF |
No. Stories | 2 |
Year Built | 2011 |
Unit Amenities
- Balcony
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
3+2 | 6 | $2,550 | 1,548 |
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Walk Score ®
Very Walkable (74)
Bike Score ®
Very Bikeable (71)
PROPERTY TAXES
Parcel Number | 6013-027-001 | Total Assessment | $1,696,723 (2024) |
Land Assessment | $1,178,281 (2024) | Annual Taxes | $29,769 ($3.20/SF) |
Improvements Assessment | $518,442 (2024) | Tax Year | 2019 |
PROPERTY TAXES
Parcel Number
6013-027-001
Land Assessment
$1,178,281 (2024)
Improvements Assessment
$518,442 (2024)
Total Assessment
$1,696,723 (2024)
Annual Taxes
$29,769 ($3.20/SF)
Tax Year
2019
zoning
Zoning Code | LAC2 |
LAC2 |
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Non-Rent Control Property – All 3BR THs | 445 W 70th St
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