A 12-Unit Value-Add in Mid-City | 10.92 GRM | 4639 Lomita St
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A 12-Unit Value-Add in Mid-City | 10.92 GRM 4639 Lomita St
12 Unit Apartment Building $2,350,000 ($195,833/Unit) 5.38% Cap Rate Los Angeles, CA 90019
Investment Highlights
- Mid-City is Becoming a Compelling Value-Proposition for Tenants who are Getting Priced out of These Expensive Neighboring Submarkets
- Long Term Ownership - the Subject Property Has Been Owned for 45 Years, Offering a Rare Acquisition Opportunity
- The Property is Offered at an Attractive Basis or $195,833 Per Unit
- Iin Close Proximity to World-Class Shopping, Vibrant Restaurants, Museums, Cafes, Bars, Theaters, Grocery Stores, Gyms & Employment Opportunities
- There is 37 Percent Remaining Rental Upside Through Interior Renovations
Executive Summary
The SR Group of Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a 12-unit apartment community located at 4639 Lomita Street. The subject property is located just south of Venice Boulevard and east of La Brea 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 9,734 square foot parcel, the property is comprised of 10 one-bedroom units and two, two-bedroom units. The property has 37% remaining rental upside through unit renovations along with on-site parking for every unit and on-site laundry facilities.
4639 Lomita Street offers investors an opportunity to acquire a mid-sized asset in a sought-after in-fill submarket of Los Angeles. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate units in order to achieve superior market rents moving forward, makes 4639 Lomita Street an excellent acquisition opportunity.
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 9,734 square foot parcel, the property is comprised of 10 one-bedroom units and two, two-bedroom units. The property has 37% remaining rental upside through unit renovations along with on-site parking for every unit and on-site laundry facilities.
4639 Lomita Street offers investors an opportunity to acquire a mid-sized asset in a sought-after in-fill submarket of Los Angeles. The continued gentrification of the surrounding area along with the value-add potential for a new owner to renovate units in order to achieve superior market rents moving forward, makes 4639 Lomita Street an excellent acquisition opportunity.
Property Facts
| Price | $2,350,000 | Apartment Style | Low Rise |
| Price Per Unit | $195,833 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 5.38% | Building Size | 7,598 SF |
| Gross Rent Multiplier | 10.92 | No. Stories | 2 |
| No. Units | 12 | Year Built | 1958 |
| Property Type | Multifamily | Parking Ratio | 1.58/1,000 SF |
| Property Subtype | Apartment |
| Price | $2,350,000 |
| Price Per Unit | $195,833 |
| Sale Type | Investment |
| Cap Rate | 5.38% |
| Gross Rent Multiplier | 10.92 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.22 AC |
| Building Size | 7,598 SF |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.58/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
| 2+1 | 2 | - | - |
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Walk Score ®
Walker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 5071-017-010 | Improvements Assessment | $1,456,560 |
| Land Assessment | $728,280 | Total Assessment | $2,184,840 |
PROPERTY TAXES
Parcel Number
5071-017-010
Land Assessment
$728,280
Improvements Assessment
$1,456,560
Total Assessment
$2,184,840
zoning
| Zoning Code | LARD1.5 |
| LARD1.5 |
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A 12-Unit Value-Add in Mid-City | 10.92 GRM | 4639 Lomita St
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