Offering Highlights

  • Offer Price:

    $2,750,000

  • Price/SF:

    $410.51

  • Price/Unit:

    $687,500

  • Units:

    4

  • Net Reantable Area:

    6,699

  • Cap Rate:

    2.85%

  • GRM:

    21.09

  • Status:

    Active

Property Overview:

The Liberow Group of Marcus & Millichap is pleased to present 331 S. Detroit Street, a 4-unit apartment building located in a highly desirable residential neighborhood of Miracle Mile, Los Angeles.

The property is comprised of 6,699 rentable square feet and consists of Two (2) Two-bedrooms/One-Bath, and Two (2) Three Bedrooms/Two- Baths units. All units are considerably large with an average size of approximately 1,700 square feet and features in-unit laundry, walk-in closets, high ceilings, and two side-by-side parking spaces. The large units, in combination with the unique sought-after features that they offer, create a perfect opportunity for an investor, or someone looking to live on-premises.

With a Walk Score of 88, the location not only provides residents ideal proximity to a myriad of entertainment venues, cultural destinations, and world-class dining but also happens to be nearby to a variety of new, high-quality developments in the works. Between Hackman Capital in the process of redeveloping the massive 25-acres CBS Television Studio lot, the Onni Group is currently working to reposition the one-million-square-feet Wilshire Courtyard business park, and the Metro Purple Line in the midst of a westward expansion running through Miracle Mile, the surrounding areas will surely benefit from the alterations in more ways than one.

Given the property’s prime Miracle Mile location and anticipated future developments in the area, 331 S. Detroit Street is an ideal investment for investors seeking a value-add opportunity that will undoubtedly appreciate tremendously over time.

 

Highlights:

* Prime Miracle Mile Location

*Walk Score of 88 – Walker’s Paradise

*Close Proximity to Desirable Shopping Centers, High-Class Dining and Entertainment Venues

*Zoned R4 Giving the Property Future Development Potential

*Each Unit includes In-Unit Laundry & Walk-in Closets

*Features Eight (8) Individual Parking Spaces

*Average Unit Size Averaging 1,700 SF

*Separately Metered for Gas and Electric

 

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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