Offering Highlights

  • Offer Price:

    $10,995,000

  • Price/SF:

    $428.02

  • Price/Unit:

    $458,125

  • Units:

    24

  • Net Reantable Area:

    25688

  • Cap Rate:

    3.69

  • GRM:

    16.22

  • Status:

    Active

Property Overview:

The Liberow Group of Marcus and Millichap is pleased to present 11265-75 Palms Boulevard, a 24-unit apartment building aptly named Palms Pointe Apartments. The property is located in the highly desirable Mar Vista sub-market on the Westside.

11265-75 Palms Boulevard sits on a nearly full acre of land and features an attractive mix of 2-bedroom and 3-bedroom units. With only ten (10) of the twenty-four (24) units renovated, this building presents a tremendous opportunity for a buyer to come in and rehab the remaining fourteen (14) units as they turnover. The previous owner was able to increase rents on the renovated units by nearly 100% after their extensive and high-quality upgrades.

Palms Pointe is located just west of the 405 Freeway and is rather unique in that it is situated on an “island” with no adjacent neighbors, which allows for a level of privacy that tenants enjoy. Additionally, the property boasts a beautiful park-like setting with mature trees and separate private garages; there is even a sizeable dog park for the tenants to use with all of their pets! Furthermore, should you want to take advantage of the sizeable lot and pursue the potential to build even more units in the future. The property is zoned R3 and has the potential to allow up to 51 units (buyer to verify).

Situated directly across the street from Mar Vista Recreation Center, the Property affords residents with extremely convenient access to nearly 20 acres of outdoor space along with sports, fitness, gathering, and cultural amenities. This proximity to such amenities certainly lends itself to higher rents, especially when the units have been rehabbed to their full potential.

For residents looking for some entertainment, there are a plethora of local shopping and dining options very close by. Venice Boulevard is full of delicious local eateries, vibrant Sawtelle Japantown is just a few minutes away, and the bustling neighborhoods of Culver City, Westwood, Century City, and Beverly Hills are just a short drive from the property. If you are an investor looking for an asset with upside in a core Westside market in Los Angeles, look no further.

 

Highlights:

Trophy Value Add Westside Investment Opportunity
Palms Pointe is a rare 24 unit multifamily asset with an estimated 50% upside in rental potential.

Partially Renovated
Ten units have been previously renovated, and approximitely acheive 100% increase in rents.

Highly Sought-After Low Destiny Property
The property boasts a unique park-like setting with no adjacent neighbors, a dog run on site, and a quiet and tranquil courtyard.

Irreplaceable Westside Location
The property sits in the center of West Los Angeles, just minutes from Culver City, Venice, Santa Monica, Beverly Hills, Westwood, and Century City.

Across the Street From Mar Vista Recreation Center
Mar Vista Recreation Center is a major staple in the community, providing 19.73 acres of recreation, sports, fitness, gathering, and cultural amenities.

Exclusively listed by:

Sam Liberow
Senior Vice President Investments
Direct: 818-212-2795
Cell: 718-406-3128
SLIBEROW@MARCUSMILLICHAP.COM

CA: 01933858

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