Property Details
Executive Summary
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The Neema Group of Marcus & Millichap is pleased to present 2000 Arlington Avenue, a 58-unit multifamily investment opportunity in Los Angeles. The property sits on a 12,661 square foot lot with 41,875 square feet of gross building area, originally constructed in 1928 as a five-story, brick construction building situated within a Historic Preservation Overlay Zone (HPOZ).
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The unit mix consists of 4 bachelors, 44 singles, and 10 one- bedroom plus one-bath units, providing an incoming owner with diversified unit types, broad tenant appeal, and a mix of rental price points across the rent roll.
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Recent capital improvements include a replaced elevator cabin and new electrical panel within the last 4 years and a roof replacement within the last 5 years, reducing near-term capital expenditure requirements for a new ownership group.
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The property is master metered for gas and electric, equipped with a fire alarm system, and features all hardwood floors throughout the units, with 2 on-site Tesla charging spaces adding further tenant appeal.
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On-site income generating amenities include an owner-operated laundry room with 4 washers and 4 dryers and 20 storage units, providing additional revenue streams beyond base rental income.
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At a purchase price of $8,600,000 ($148,276 per unit), the offering reflects a 7.92% current cap rate and a 7.92 GRM. With approximately 22.8% rental upside to market, an investor can achieve a pro forma cap rate of 10.55% and a 6.44 GRM through continued lease up to market rents.
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2000 Arlington Avenue represents a rare opportunity to acquire a large-scale, income producing asset in Los Angeles with recent capital improvements already in place and meaningful upside remaining through continued rental growth to market levels.
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The property is located in the Arlington Heights neighborhood of Los Angeles, within close proximity to the University of Southern California, Exposition Park, and the Metro E (Expo) Line, placing the asset in a submarket benefiting from sustained renter demand driven by the university population and ongoing institutional and infrastructure investment along the Washington Boulevard and Western Avenue corridors.
