See all 21 photos

$3,850,000

Est. payment - /mo

0.4 Acres Lot

Active

4121 Marmion WAY Los Angeles, CA 90065

REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Fri

Jun

Sat

Jun

Sun

Jun

Chris Mardelli

chris@therealupside.com +1(310) 571-5761

UPDATED:

Key Details

Property Type Condo

Sub Type Apartment

Listing Status Active

Purchase Type For Sale

MLS Listing ID AR25026935

Construction Status Repairs Cosmetic

HOA Y/N No

Year Built 1965

Lot Size 0.400 Acres

Property Sub-Type Apartment

Property Description

9.48% Proforma CAP Rate in an excellent area with 31% vacancies! A beautifully located prime 16-unit Value-Add apartment in the desirable Mount Washington neighborhood of Los Angeles. This well-maintained property is located right off Figueroa St and at the border of Highland Park and South Pasadena. It is surrounded by mature residential neighborhoods and within walking distance of many attractions in Mount Washington area (Lumis House, Southwest Museum, and Metro Gold Line Heritage Square Station). This property is in a mature area and surrounded by single family homes. It has excellent demographics with ±$122,496 average household income within a-mile radius

The property is a two-story garden style apartment. It offers excellent curb appeal and is very well maintained with a serene center courtyard. It was built in 1965, has a total of ±11,984sqft building size, and situated on a large ±17,441SF lot. The property has a new roof that was installed in 2021 and several front windows have been upgraded with dual pane windows. The foundation has been bolted and seismic retrofit of the property was completed in 2015.

It offers an excellent unit mix of eight (8) large 2bedroom+1bathroom, and eight (8) large 1bedroom+1bathroom units. Five units are currently vacant and can be delivered vacant at close of escrow. The 2-bedroom units are large with excellent layout (estimated size are ±925-1000SF – buyer to verify), and the 1-bedroom units are spacious with functional layout (est. size ±700-800SF – buyer to verify).

Each unit has a large living room, wall heater, windows A/C, and a full kitchen. The front facing units (4 units) have updated double pane windows. None of the units have been updated, which presents unique opportunities for new owners to do their value-add work and increase the rents significantly. The current rental income is significantly below market (est. about ±59%).

Each unit is individually metered for electricity and gas. The units are large and bright which makes them very attractive and easy to rent. There are 16 open parking spaces in the back (no soft story retrofit is required) with alley access to the parking lot. The property is serviced by a master water heater, and a shared laundry room (seller own machines).

Location

State CA

County Los Angeles

Area 680 - Mount Washington

Zoning LAR1

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Laminate, Vinyl

Fireplaces Type None

Fireplace No

Appliance Disposal, Gas Range, Refrigerator

Laundry Common Area

Exterior

Parking Features Assigned, Paved

Pool None

Community Features Suburban

Utilities Available Cable Connected, Electricity Connected, Natural Gas Connected, Phone Available, Sewer Connected, Water Connected

View Y/N Yes

View Neighborhood

Roof Type Flat

Total Parking Spaces 16

Private Pool No

Building

Lot Description Landscaped, Near Public Transit, Rectangular Lot

Faces Southeast

Story 2

Entry Level Two

Sewer Public Sewer

Water Public

Architectural Style Mid-Century Modern

Level or Stories Two

New Construction No

Construction Status Repairs Cosmetic

Others

Senior Community No

Tax ID 5465022016

Energy Description 3938.0

Acceptable Financing Cash, Cash to New Loan

Listing Terms Cash, Cash to New Loan

Special Listing Condition Standard

Virtual Tour https://growthinvestmentgroup.com/listingdetail.aspx?pid=10453

Listed by Han Chen • Growth Investment Group Pasade • han.chen@growthinvestmentgroup.com

Quick Search Links

There are 32 quick searches