Executive Summary

EXECUTIVE SUMMARY

The Neema Group of Marcus & Millichap is pleased to present 1214 S Lake Ave, Los Angeles, CA 90006. Built in 1914, this 37-unit property is located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown.

The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den. The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn. Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. At the asking price, the property is being offered for a low $148,649 per unit and $269 per square foot.

1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint and the installation of a 100-gallon water heater as well as a water pressure regulator and manifold. Additionally, the building is separately metered for gas.

The Westlake neighborhood continues to be one of the most densely populated neighborhoods in all of Los Angeles. The subject property is within walking distance to the 200, 30 & 603 Metro Local Bus Lines and one mile from the Metro Expo Rail Line. With a walk score of 95, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle.

INVESTMENT HIGHLIGHTS

• 1214 S Lake St is a 37 Unit Value-Add Investment Opportunity located in the Westlake neighborhood just north of S Alvarado Street between 11th St and Pico Blvd, providing easy access to the 10 & 110 Freeways, Downtown Los Angeles and Koreatown.

• The subject property totals 20,460 SF featuring a unit mix that includes 25 singles, 11 one-bedrooms and one one-bedroom plus den.

• The majority of rents are currently under-market, providing a true value-add opportunity to capture the 50% rental upside through an interior renovation program when units turn.

• Furthermore, the basement features hookups allowing an investor to install community laundry for additional income. Additionally, gas is separately metered.

• At the asking price, the property is being offered for a low $148,649 per unit and $269 per square foot.• 1214 S Lake St has been well-maintained by ownership with recent capital expenditures over the last four years including common area flooring and paint, new security camera system and intercom, exterior trim paint and the installation of a 100-gallon water heater as well as a water pressure regulator and manifold.

• High Walk Score of 95, close proximity to schools, employment, and transit options, this location makes it convenient for residents to commute throughout the city even without a vehicle.

• Westlake is the second-most dense neighborhood in Los Angeles County, according to the Los Angeles Times; its rental market continues to thrive as it is in the center of high-growth neighborhoods such as Pico-Union, Koreatown, Echo Park and Downtown Los Angeles