Exclusive Listings

24-u NON Rent Control, 1989 Construction, Prime location bordering South Pasadena

Address:
117 S. Avenue 64
Los Angeles, CA 90042
Price:
$9,250,000
Status:
Available
Type:
Apartment
# Units:
24
Year Built:
1989
Building Size:
13,674
Lot Size:
11,307
CAP Rate:
4.28
GRM:
15.66x
Price/Unit:
$385,000
Price/SqFt:
$676

Investment Highlights

  • 1989 built Turnkey apartment in excellent location in Highland Park; Upgraded with embedded loss to lease (in place LTL 13%)!
  • Not under City of Los Angeles rent control; Maximum rent increase under the Statewide Ordinance AB1482 (5% + CPI)
  • Superb location crossing York Blvd, walk to stores, dining, and shopping, Close to Figueroa St and Gold Line Station
  • Walking distance to South Pasadena, Arroyo Seco Golf Course in South Pasadena, and Arroyo Seco Park; at the border of Highland Park and South Pasadena
  • VERY WALKABLE LOCATION with a Walk Score of 88 and Bike Score of 87!
  • Superb access to Downtown Los Angeles via FWY 110; minutes to FWY 2, FWY 134 and FWY 210
  • Currently gentrifying area with many new developments in the immediate area

Property Highlights

  • 1989 built apartment community with many amenities: Central A/C, gated parking, secured entrance, central courtyard, and so much more!
  • Excellent unit mix with good distributions of 2 bedroom and 1 bedroom units
  • Each unit has central HVAC, copper plumbing, individual water heater, and is separately metered for electricity and gas
  • 39 spaces (26 are tandem)
  • Most units have been completely upgraded with new flooring, new kitchen with stainless steel appliances (+dishwasher), new bathroom, new lighting fixtures with ceiling fans
  • Community amenities: gated parking, secured entry with intercom system, sufficient parking, art mural in the entrance area, quiet center courtyard, shared laundry room
  • Many major capital improvements have been completed (Nicely renovated units and Common Area.)
  • All 2nd floor units have vaulted ceilings and private balconies. 


Executive Summary

Growth Investment Group is proud to offer The MARQ, a prominent 24-unit apartment community located in the gentrified neighborhood of Highland Park, CA. A turnkey, newer constructed apartment community (built in 1989) and located in what can be considered as one of the best locations in Highland Park. The property offers an investor the rare opportunity to own an excellent piece of real estate in a strong and gentrifying submarket nearby downtown Los Angeles, plus a safe way to fight the raging inflation. Due to its year built, the property is NOT under City of Los Angeles rent control ordinance; it is under Statewide ordinance AB1482 which allows maximum annual rent increase of 5%+CPI. This provides future upside potential for upgraded units and non-upgraded units (2). 

The Marq is strategically located right off York Blvd, providing easy access to dining, retail stores, and shopping along the street. It is within walking distance to Highland Park Metro Station, and Figueroa St retail corridors. It is at the border of Highland Park and South Pasadena and within walking distance to South Pasadena Arroyo Seco Golf Course and South Pasadena Arroyo Seco Park. The property has a high Walk Score of 88 (“Very Walkable”). It has superb access to Downtown Los Angeles via FWY 110, and minutes to FWY 2, FWY 134 and FWY 210.

The property was built in 1989 and has a total of 13,674 SF building size on a 11,307 SF lot. It offers excellent features such as copper plumbing, pitched roof, secured entrance with intercom system, art mural in the entrance area, quiet center courtyard, central HVAC in each unit, drought resistant + water efficient landscaping, gated parking and much more. It has an excellent unit mix of eight (8) 2 bedroom +1 bathroom, and sixteen (16) 1 bedroom + 1 bathroom. It has a total of 39 parking spaces (26 are tandem), and shared laundry room.

All the units (except 2) have been completely upgraded with new flooring, new kitchen with stainless steel appliances with dishwasher, new bathroom, new lighting fixtures, and ceiling fans. Each unit has central HVAC, individual water heater, and all 2nd floor units have a vaulted ceiling with private balconies. Each unit is separately metered for electricity and gas. The property has been very well maintained throughout current ownership with no known deferred maintenance. Parking is secured with a total of 39 spaces (26 are tandem) and has a shared laundry room (laundry lease).


Due Diligence


Broker Contact

Han Widjaja-Chen
Direct: 626.594.4900
han.chen@growthinvestmentgroup.com

Justin McCardle
Direct: (909) 486-2069
justin@growthinvestmentgroup.com

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Office:
999 S. San Gabriel Blvd.
San Gabriel, CA 91776
Phone: 626.594.4901
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