Marcus & Millichap is pleased to present 5815 W Olympic Blvd, a charming, Spanish style, 4-unit apartment building located in the Miracle Mile area. The subject property is a two-story building
offering 3,173 of rentable SF and is situated on a 6,749 SF lot.
This property was built in 1927 and consists of one (1) studio,\ two (2) one-bedrooms, and one (1) two-bedroom apartment. Onsite parking is also available for the tenants. The property has a
Walkscore of 87 and is within proximity to The Grove, Farmer’s Market, La Brea Blvd, and Wilshire Blvd, all being some of LA’s most popular destinations. Furthermore, schools located within the vicinity were given a rating of 8/10, making this a great area to raise a family.
The property is located on a prime street in Miracle Mile and offers immediate access to the neighboring communities of Beverly Hills, Koreatown, and WeHo. The proximity to world class venues such as The Grove / Farmer’s Market makes this an ideal investment for apartment operators seeking a stable investment opportunity along with long term wealth preservation and appreciation.
This asset creates an ideal opportunity for an owner-user to occupy one of the two vacant units, or combine the two vacant units to create a “home-like” unit, or for an investor looking to improve income and generate better returns.
A+ Miracle Mile Neighborhood – The property is located in a densely populated rental submarket known for excellent rent growth and low vacancies.
Ideal Owner User Opportunity – Two units will be delivered vacant at the close of escrow creating an ideal opportunity for an owner-user Buyer to occupy the property or rent out the units for investment purposes.
Value-Add – An investor has the ability to increase rents through renovations to the interior units and exterior facades allowing for a significant increase in rental income.
Dense and Affluent Demographics – The population within a 5-mile radius is 1,098,873 and average household income within a 1-mile radius is $111,776.
Great Unit Mix – The unit mix consists of one (1) studio, two (2) one-bedrooms, and one (1) two-bedroom apartment.
Walkability – The property has a Walkscore of 87 making this an ideal location for tenants to run daily errands by foot. The walkable district also includes trendy restaurants, schools, shopping, dining, and a nightlife.
Great Schools – Schools within the vicinity were given an average rating of 8/10 by Greaterschools.org.