455 N Genesee Ave.

Offering Highlights

  • Offer Price:

    $4,500,000

  • Price/SF:

    $509.51

  • Price/Unit:

    $375,000

  • Units:

    12

  • Net Reantable Area:

    8,832

  • Cap Rate:

    3.80%

  • GRM:

    15.21

  • Status:

    New Price

Marcus & Millichap is pleased to present 455 N Genesee Ave, a 12-unit apartment building, divided into 16-units, located in one of the most desirable parts of Los Angeles. The subject property is a two-story building offering 8,832 of rentable SF and is situated on a 6,373 SF lot.

The property has been held by current ownership for over 32 years, providing buyers with a strong rental upside, and it is located just two blocks south of Melrose Avenue. The property was originally built as a 12-unit apartment building consisting of four (4) singles, four (4) one bedrooms, and four (4) two bedroom apartments. The previous owner converted the two bedroom units into (4) one bedrooms and (4) bachelors and therefore divided the property into 16 units. The current unit mix for Genesee consists of four (4) bachelors, four (4) singles, and eight (8) one bedroom/one bathroom units. Two of the one bedroom/one bathroom units have been extensively upgraded including new plumbing, electric, kitchen, bathroom, paint and refinishing of hardwood floors. The roof was also replaced approximately ten years ago.

The property is within close proximity to The Grove and Pan Pacific Park, along with countless boutique shopping and dining venues on Beverly Blvd, Melrose Ave, Santa Monica Blvd, and the Sunset Strip. It is also close to local destinations like The Farmer’s Market, L.A Museum of Art, Peterson Auto Museum, and Beverly Hills. This is a high-demand rental area due to the influx of industry professionals.

This asset gives an investor the ability to purchase a property that was held under long term ownership with the ability to increase rents through interior and exterior renovations by 20% or more.

Investment Highlights:

Long-Term Ownership
Property has been owned and operated under the same ownership for over 32 years.

A++ Los Angeles Area
The property is located in a great neighborhood just two blocks south of Melrose Ave & Fairfax Ave.

12-Unit Conversion Into a 16-Unit
The property was originally built as a 12-unit apartment building consisting of four (4) singles, four (4) one bedrooms, and four (4) two bedroom apartments. The previous owner converted the two bedroom units into (4) one bedrooms and (4) bachelors, and therefore divided the property into 16 units. The current unit mix for Genesee consists of four (4) bachelors, four (4) singles, and eight (8) one bedroom/one bathroom units. Two of the one bedroom/one bathroom units have been extensively upgraded including new plumbing, electric, kitchen, bathroom, paint and refinishing of hardwood floors.

Value-Add
All utilities are master metered providing the Buyer an ability to increase rents by 6% annually, as well as income by over 20% by implementing the renovation program

Location, Location, Location
Walkscore of 95; Walkers Paradise; Within close proximity to The Grove and countless boutique shopping and dining venues on Beverly Blvd and Melrose Ave.

Exclusively listed by:

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

CA: 01933858

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