Contact Han Widjaja Chen to arrange a private tour of the 4 vacant units (QUALIFIED BUYERS ONLY PLEASE).
INVESTMENT HIGHLIGHTS
- 9.48% Proforma CAP Rate, 25% Vacant in Mount Washington; surrounded by SFR properties
- Prime 16-unit value-add apartments in Mount Washington area
- Excellent location: walk to Southwest Museum, Lumis House, and Metro Gold Line Station (Heritage Square)
- In a mature residential area surrounded by single family houses
- Four units (25%) are vacant and can be delivered vacant
- Excellent location bordering Highland Park and South Pasadena; Right off Figueroa St Retail corridor
- Bordered by Highland Park and South Pasadena, Superb access to Downtown Los Angeles via FWY 110; Easy access to FWY 5
- Excellent demographics with ±$122,496 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 units
- Large lot size with ample parking
- Capital Improvements: New roof installed in 2021, upgraded front windows, bolted foundation
- Individually metered for electricity and gas, shared laundry room (seller own laundry machines)
- Open space parking: No soft story retrofit is required
- Surrounded by mature single family residential neighborhoods
- Seismic retrofit completed in 2015
EXECUTIVE SUMMARY
9.48% Proforma CAP Rate in an excellent area with 25% vacancy! Growth Investment Group California is proud to offer 4121 Marmion Way, a prime 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 neighborhoods and within walking distance of many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has an excellent demographics with ±$122,496 average household income within a-mile radius
The property is a two-story garden style apartment. It offers excellent curb appeal and is very well maintained with a 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. The foundation has been bolted and seismic retrofit of the property was completed in 2015.
It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) large 1bedroom+1bathroom units. Four units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are ±925-1000SF – buyer to verify), and the 1-bedroom units are spacious with functional layout (est. size ±700-800SF – buyer to verify).
Each unit has a large living room, wall heater, windows A/C, and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about ±59%).
Each unit is individually metered for electricity and gas. The units are large and bright which makes 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 a shared laundry room (seller own machines).
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 Rafael 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 district is generally considered the most affluent area of the East Side, and also contains the region's largest concentration of non-Latino whites. 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.