The Neema Group of Marcus & Millichap is pleased to present 1138 S Bronson Avenue, Los Angeles. CA 90019. Built in 1933, this 8-unit property is in the premier Country Club Park neighborhood, located between Olympic Blvd and Pico Boulevard, just south of Wilshire Park. 1138 S Bronson Ave is surrounded by some of the city’s most iconic restaurants, nightlife, cafes, and shopping.
1138 Bronson Avenue totals 6,634 SF featuring a unit mix that includes four two-bedrooms and four one-bedroom units. This is a prime opportunity for an investor to acquire a building with strong in-place income with additional rental upside of 28%. The subject property is being offered at a 4.40% CAP rate on current income. Additionally, tenants are responsible for waste removal with individual trash bins and the building is separately metered for gas and electricity.
The units boast dual entrances, hardwood floors throughout, tile floor in the kitchen and bathroom, updated kitchen cabinets, modern appliances (gas oven with designer range top, refrigerator, and microwave) and granite countertops. The units also feature large closets, air-conditioning, and ceiling fans.
The building is set on a 13,301 SF lot with community landscaped front yard with a water fountain. Furthermore, the property features community laundry and eight parking spaces in covered garages. Country Club Park is one of the most historic submarkets in Los Angeles and a destination for ethnic cuisine.
The subject property boasts a high walk score of 87, a “very walkable neighborhood”. Extensive dining and nightlife is in close proximity to the building including the original Café El Chole, BCD Tofu House, Gus’s World Famous Fried Chicken, Replublique, and much more.
Mid-City is bounded on the north by Pico Boulevard, on the east by Crenshaw Boulevard, on the south by the Santa Monica Freeway and on the west by Robertson Boulevard. Mid-City is in a strategic location in Los Angeles, surrounded by job centers in Culver City and Downtown.
Metro is currently constructing the 8.5-mile Metro Crenshaw/LAX train line at the intersection of Exposition and Crenshaw boulevards. The line will run from Leimert Park through Baldwin Hills, Hyde Park and Inglewood before stopping at the Green Line south of LAX. The Mid-City/Mid-Wilshire submarket has seen impressive income growth, highlighted by several notable developments taking shape.
The submarket has seen impressive average household income growth, increasing from $60,925 to $72,617 between 2010 and 2018. Notable developments within Mid-City include a mixed-use hotel and residential building at 6075 Pico Boulevard and the redevelopment of the former Googie Orange Julius stand at 6001 West Pico Boulevard.
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