1033 N Genesee Ave

Offering Highlights

  • Offer Price:

    $3,800,000

  • Price/SF:

    $425.67

  • Price/Unit:

    $380,000

  • Cap Rate:

    4.16%

  • GRM:

    15.68

  • Status:

    Active

Property Overview:

1033 N. Genesee Ave is a 10-unit apartment building built in 1961. This 2-story building provides 8,927 rentable SF and is situated on a 6,375 SF lot. The property consists of six (6) one bed/one bath units and four (4) two bed/two bath units. On-site amenities include a laundry facility as well as gated parking. Additionally, most units are quite large (approximately 900 SF average) and two of the units have extremely large balconies. Four (4) of the units have been extensively remodeled with new kitchens, bathrooms, flooring, and include a washer/dryer inside the unit. These renovated units also have dishwashers as well as split A/C units. Located in a prime West Hollywood neighborhood, just south of Santa Monica Blvd and east of Fairfax Ave, this property is situated in one of the most desirable areas of West Hollywood; it is right in the heart of it all when it comes to dining and entertainment. Furthermore, it is surrounded by several highly rated public schools including Laurel Elementary and Fairfax high school. This property has recently undergone some significant improvements including the completion of the soft story earthquake retrofitting. This is a huge benefit to the buyer as doing the retrofitting work can be extremely costly and the cost of the work cannot be passed on to the tenant in the city of West Hollywoow. This property offers investors the perfect opportunity to acquire a passive investment with future upside potential. The recent renovations have increased the income significantly, while still leaving room for a value-add component for a new owner.

Exclusively listed by:

Sam Liberow
Senior Managing Director of Investment
Direct: 818-212-2795
Cell: 718-406-3128
SLIBEROW@MARCUSMILLICHAP.COM

CA: 01933858

Didn’t Find What You
Were Looking For?

Register For A Property Valuation & Market Analysis

Call us anytime. We are here for you. 818-212-2795

See It First