428 N Genesee Ave

Offering Highlights

  • Offer Price:

    $2,200,000

  • Price/SF:

    $534.86

  • Price/Unit:

    $550,000

  • Units:

    4

  • Cap Rate:

    3.32%

  • GRM:

    19.69

  • Status:

    Active

Property Overview:

Marcus & Millichap is pleased to present 428 North Genesee Avenue, a true pride of ownership 4-unit apartment building located in one of the most sought-after and trendy neighborhoods in Miracle Mile, California. Built in 1938, this property consists of two (2) one-bedroom/one-bathroom units and two (2) two-bedroom/one-bathroom units. This property provides an investor
a tremendous value add opportunity as current rents are approximately 15% below market. The building is 4,113 square feet and sits on a 6,150 square foot lot that is LARD1.5 zoned. The property
features four (4) separate enclosed garage parking spaces for its residents.

428 North Genesee Avenue has a Walk Score of 93 as it is in just a few blocks from trendy boutique retail, restaurants and cafes along Melrose Avenue. The property is also a short walk from The
Grove shopping center which famously features high end retail and world class dining options. Centrally located, the property is just a short drive from dining, retail and entertainment options in
nearby Beverly Hills, West Hollywood and Hollywood Boulevard. 428 North Genesee Avenue is conveniently located near the 10 and 101 freeways providing easy access to the Westside/Beach
Cities, San Fernando Valley, Downtown LA and beyond.

Highlights:

  • True Pride of Ownership: One of the most sought-after and trendy neighborhoods in Hollywood, CA
  • Value Add Opportunity: Over 15% Potential Upside in Rents
  • Excellent Unit Mix: Two (2) one-bedroom/one-bathroom units and two (2) two-bedroom/one-bathroom units
  • High Barrier to Entry Submarket
  • Walk Score of 93: just a few blocks from trendy boutique retail, restaurants and cafes along Melrose Avenue and also just a few blocks walk from The Grove shopping center which famously features high end retail and world class dining options
  • Centrally Located: Short drive from dining, retail and entertainment options and employment in nearby Beverly Hills, West Hollywood and Hollywood
  • Easy Freeway Access: Conveniently located near the 10 and 101 freeways providing easy access to the Westside/Beach Cities, San Fernando Valley, Downtown LA and beyond

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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