1041 S Corning St - Apartments FOR SALE


Los Angeles, CA 90035- Pico-Robertson
$4,700,000 USD
310-909-5444
1041 S Corning St, Los Angeles, CA for Sale
$4,700,000 USD
Apartments - FOR SALE
1/28
null | 5.5% Cap Rate

1041 S Corning St
Los Angeles, CA 90035
Pico-Robertson


HIGHLIGHTS

  • 15-unit (plus one non-conforming single unit) multifamily investment opportunity in the coveted Pico Robertson Neighborhood.
  • West of La Cienega Boulevard just south of Olympic Boulevard, a few blocks from Beverly Hills.
  • Offered at $4,700,000 ($313,333/unit, $289.52/ SF), reflecting a 5.50% current cap rate and 10.48 GRM on in-place income.
  • Diverse unit mix of 2 one-bedroom units, 12 two-bedroom/ two-bath units, 1 three-bedroom/three-bath unit, and one single, non-conforming unit.
  • Gated entrance with an intercom system, along with a gated parking garage for a secure, controlled-access living environment.
  • Private balconies are featured on the front and rear of the property.

OVERVIEW

The Neema Group at Marcus & Millichap is pleased to present 1041 S Corning Street, a 15-unit (plus one non-conforming single unit)multifamily investment opportunity, located in the coveted Pico Robertson neighborhood. The property sits west of La Cienega Boulevard just south of Olympic Boulevard, a few blocks from Beverly Hills. Built in 1962, the property spans approximately 16,234 SF on a 12,270 SF lot. Offered at $4,700,000 ($313,333/unit, $289.52/SF), reflecting a 5.50% current cap rate and 10.48 GRM on in-place income. A diverse unit mix of two one-bedroom units, twelve two-bedroom/two-bath units, one three-bedroom/three-bath unit, and one single, non-conforming unit caters to a wide range of renter profiles. caters to a wide range of renter profiles. The property offers a gated entrance with an intercom system, along with a gated parking garage, providing tenants with a secure, controlled-access living environment. Private balconies are featured on the front and rear of the property add livability and appeal relative to competing product. The property is separately metered for gas and electric. Approximately 9 units have been remodeled with select units featuring new AC Systems. On-site community laundry, equipped with two washers and two dryers. The property offers 16 parking spaces, a notable amenity in the submarket that supports tenant demand and provides the new owner with upside potential through increased parking revenue. The property has experienced healthy natural turnover with limited legacy tenancy, supporting a faster path to market rents for a new owner. Situated in a high-demand, competitive rental submarket just below Olympic Boulevard and west of La Cienega, the property benefits from strong and consistent tenant demand. Several new construction developments along the block signal continued investment and reinvestment in the immediate area, reinforcing long-term value in the location. Pico Robertson remains a tightly held, highly desirable submarket with limited turnover among comparable multifamily assets, offering a rare opportunity to acquire scale just blocks from Beverly Hills.

FOR SALE DETAILS

PRICE

$4,700,000 USD

PRICE/SF

$184 USD /SF

# OF UNITS

15

PRICE/UNIT

$313,333

CAP RATE

5.5%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1962

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.28 AC

LAND SF

12,270 SF

ZONING

R3-1, Los Angeles

APN/PARCEL ID

4332-025-030

ASK ABOUT THIS PROPERTY

Neema AhadianMarcus & MillichapMore Info
310-909-5444

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Neema AhadianMarcus & MillichapMore Info
310-909-5444

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.