1714 3rd Ave - Apartments FOR SALE


Los Angeles, CA 90019- Arlington Heights
$1,375,000 USD
424-405-3826
1714 3rd Ave, Los Angeles, CA for Sale
$1,375,000 USD
Apartments - FOR SALE
1/5
null | 5.46% Cap Rate

1714 3rd Ave
Los Angeles, CA 90019
Arlington Heights


HIGHLIGHTS

  • Six-unit apartment building with all one-bedroom units in a strong rental location in Los Angeles’ Mid City with easy access to retail, the 10 Freeway
  • Significant upside potential: current rents are 37 percent below market and one unit is vacant
  • Potential to develop four ADU’s (buyer to verify)
  • Asset has been well-maintained and blends original charm such as hardwood floors and built-ins with modern upgrades like modern kitchens and baths
  • Property features four single-car garages
  • Less than a block from the brand new 84-unit mixed-use project “The Arlington”

OVERVIEW

Marcus & Millichap is pleased to present to market 1714 3rd Avenue, a six-unit apartment building in Los Angeles’ Mid City. The property is a well-maintained 1907 construction that boasts a blend of original charm and modern upgrades. All floor plans are one-bed/one-baths that are separately metered for gas and electricity, and select units feature original built-ins, hardwood floors, and decorative fireplaces while some units have been remodeled with newer flooring and modern kitchens and baths. The property also offers four garage spaces in the rear. With current rents approximately 37% below market and one unit vacant, this asset presents a compelling value-add opportunity for investors seeking rental upside. Additionally, there may be potential to add four 400-square-foot one-bedroom ADUs (buyer to verify), further enhancing income potential. The absence of on-site laundry presents another opportunity to increase tenant appeal and revenue. 1714 3rd Avenue is in a true Mid City location central to Downtown Los Angeles, Culver City, the Miracle Mile, and all Los Angeles has to offer. The property is a half-block from the brand new “The Arlington” 84-unit mixed use project, less than a half-mile to the 10 Freeway, and conveniently near retail.

FOR SALE DETAILS

PRICE

$1,375,000 USD

PRICE/SF

$422 USD /SF

# OF UNITS

6

PRICE/UNIT

$229,167

CAP RATE

5.46%

% LEASED

80%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1907

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.14 AC

LAND SF

5,962 SF

ZONING

LARD1.5

APN/PARCEL ID

5072-031-014

ASK ABOUT THIS PROPERTY

Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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Steve BogoyevacMarcus & MillichapMore Info
424-405-3826

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