Property Details
Executive Summary
EXECUTIVE SUMMARY The Neema Group of Marcus & Millichap is pleased to present: 1408 Saint Andrews Place, Los Angeles CA 90019 Built in 1964, this 18-unit property totals 13,363 SF located in Mid-City’s Harvard Heights neighborhood, located between Venice & Pico Blvd. The building features a unit mix that includes 10 one-bedrooms, 4 two-bedrooms, and 4 two-bed two-bath apartments. This offering presents an investor the opportunity to capture market rents through renovations when the units turn. The property is being offered at a 3.99% CAP rate on current income with substantial rental upside as the current loss to lease is 30%. The property features 22 parking spaces. The soft-story retrofit work has been completed. The building is separately metered gas & electric. Furthermore, there is a community laundry room for the building with two washers & dryers. Harvard Heights is a densely populated neighborhood with historical and architectural significance. The demand for apartment units increases year-over-year exemplified with surrounding new residential and office developments as well as major employers established in the submarket. The subject property has a walk score of 88 with easy access to public transportation, nightlife, dining, education and the Santa Monica Freeway. INVESTMENT HIGHLIGHTS• 1408 Saint Andrews Place is a 18-unit true value-add investment opportunity located in Mid-City’s Harvard Heights, located between Venice & Pico Boulevard, with easy access to the Santa Monica Freeway.
• This subject property, built in 1964, consists of 10 one-bedroom, 4 two-bedroom, and 4 two-bed two-bath apartments.
• At the asking price, offered at a 3.99% CAP rate on current income with the opportunity to achieve a 6.92% pro forma CAP rate as units turn. Two units are vacant and one unit will be delivered vacant at the close of escrow.
• Ease of management as gas & electric are separately metered.
• Ample parking with a total of 22 spaces. Soft story retrofit work has been completed. Furthermore, there is on-site community laundry with two washers & dryers.
• High walk score of 88, walking distance to public transportation, nightlife, and dining attractions; direct access to the Santa Monica Freeway allowing for a quick commute to Downtown Los Angeles.
• The Mid-City neighborhood continues to develop at a rapid pace, including growing educational opportunities, as well as retail, public transportation, and
