The Liberow Group of Marcus and Millichap is pleased to present 455 N. Genesee Avenue, a two-story apartment building located in the desirable neighborhood of Miracle Mile, two blocks south of Melrose Avenue.
Situated on a 6,373 SF lot, the property offers 8,832 rentable SF. Although originally built as a 12-unit apartment building, the previous owners decided to convert the two-bedroom units into 4 one-bedroom units and 4 bachelors, therefore dividing the property into a total of 16 units. As a result, the current unit mix now 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. Furthermore, the roof was replaced approximately ten years ago.
The property is within close-proximity to The Grove and Pan Pacific Park, giving residents convenient access to an array of popular shopping and dining venues.
455 N. Genesee Avenue has been held by current ownership for over 32 years, offering investors the perfect opportunity to purchase an investment property with huge upside potential, which could be achieved through interior and exterior renovations.
*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