INVESTMENT HIGHLIGHTS
- Prime value-add apartments in Mount Washington area; Walk to Southwest Museum, Lumis House, and Metro Gold Line Station (Heritage Square)
- Long-time owner; significant rental upside potential with proforma CAP Rate of close to 7%
- Two units can be delivered vacant
- Excellent location bordering Highland Park and South Pasadena; Right off Figueroa St Retail corridor
- Superb access to Downtown Los Angeles via FWY 110; Easy access to FWY 5
- Excellent demographics with ±$96,099 average household income within a-mile radius
PROPERTY HIGHLIGHTS
- Very well-maintained apartment with an excellent curb appeal
- Open space parking in the back-NO SOFT STORY Parking Retrofit is required
- Excellent unit mix of 50% 2bedroom units
- Large lot size with ample parking
- Capital Improvements: New roof installed in 2021, upgraded front windows
- Individually metered for electricity and gas, shared laundry room
- Open space parking: No soft story retrofit is required
- Surrounded by mature single family residential neighborhoods
- Seismic retrofit completed in 2015
EXECUTIVE SUMMARY
The Growth Investment Group is proud to offer 4121 Marmion Way, a 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhood and within walking distance to many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This is the first time the property has been offered for sale for more than 10 years.
The property is a two-story garden style apartment. It offers an excellent curb appeal and is very well maintained with serene center courtyard. It was built in 1965, has a total of ±11,984sqft building size, and situated on a large ±17,441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows.
It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) 1bedroom+1bathroom units. Two units are currently vacant and can be delivered vacant at close of escrow. The 2bedroom units are large with excellent layout (estimated size are ±925-950SF). None of the units have been upgraded which provides an excellent opportunity for value-add work by the new owner. The current rental income is significantly below market (est. about ±50%). Each unit is individually metered for electricity and gas. The units are large and bright which made them very attractive and easy to rent.
There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater, and shared laundry room (laundry lease expires 2023).
LOCATION AMENITIES AND ACCESS
The property is located right off Figueroa St; in the Mount Washington neighborhood, and at the border of Highland Park and South Pasadena, providing an unparalleled access to superb amenities on Figueroa St. It offers superb access to downtown Los Angeles via FWY 110. Tenants can walk to Metro Gold Line Station and Southwest Museum.
Mount Washington is a historic neighborhood in the San Rafel Hills of Northeast Los Angeles, California. Founded in 1909, it includes the Southwest Museum, the world headquarters of the Self-Realization Fellowship and Eldred Street, one of the three steepest streets in Los Angeles. The "beauty and the quirky nature of Mount Washington" has inspired songs
Highland Park and neighboring Pasadena became havens for artists and intellectuals who led the Arts and Crafts movement. The city is building a reputation as a mecca for artists, with trendy shops, galleries, bars and restaurants opening throughout the neighborhood. The continuation of several long-time businesses lends credibility to the neighborhood’s hipster status and add to its charm.