Executive Summary

EXECUTIVE SUMMARY

The Neema Group of Marcus & Millichap is pleased to present 1314-1322 South Barrington Ave, Los Angeles, CA 90025. Located between Santa Monica Blvd and Wilshire Blvd, 1314-1322 S Barrington Ave features two parcels totaling 13,996 in the heart of West Los Angeles directly across the street from University High School Charter. The current structures consist of two multifamily apartment buildings totaling 10 units, with two units currently vacant.

This offering presents a developer the opportunity to purchase a sizeable lot ideal for a multifamily development project. The parcels are currently zoned {Q}R3-1 with the ability to build 17 units by-right; there are no plans or entitlements in-place currently. With eight units presently occupied, a developer would benefit from collecting cash flow while planning for a new development.

Considered one of the most desirable submarkets in all of Los Angeles, West Los Angeles continues to grow at a rapid pace with steady rent growth and new development. The subject property is located less than one mile from the VA Greater Los Angeles Healthcare System and has a high walk score of 83.

1314-1322 S Barrington Ave sits in the middle of employment hubs in Century City and Santa Monica and is a short drive to UCLA just 2.5 miles away. Close proximity to the 405 & 10 Freeways gives residents the ability to easily travel throughout Los Angeles.

INVESTMENT HIGHLIGHTS

• 1314-1322 S Barrington Ave is a development opportunity located in the heart of West LA, right between Santa Monica & Wilshire Blvd, a location that attracts West LA renters with close proximity to Los Angeles’ finest dining, entertainment, and employment opportunities.
• 1314 S Barrington Ave consists of an eight-unit apartment building built in 1950 and comprised of one-bedroom apartments. Six units are currently occupied. There are eight parking spaces at the rear of the property.
• 1322 S Barrington Ave is a duplex built in 1952 with two occupied two-bedroom units.
• The offering features two parcels totaling 13,996 SF currently zoned {Q}R3-1 with the ability to build 17 units-by-right; there are no plans or entitlements in-place currently. With eight units currently occupied, a developer would benefit from collecting cash-flow while planning for a new development.
• The site has alley access from Texas Ave & Rochester Ave, providing extra buildable square footage and options for parking ingress and egress.
• Close proximity to education at University High School Charter and UCLA as well as major employment in both Santa Monica and Century City.
• Considered one of the most desirable submarkets in all of Los Angeles, West Los Angeles continues to grow at a rapid pace with steady rent growth and new development. The subject property is located less than one mile from the VA Greater Los Angeles Healthcare System and has a high walk score of 83.
• 1314-1322 S Barrington Ave sits in the middle of employment hubs in Century City and Santa Monica and is a short drive to UCLA just 2.5 miles away. Close proximity to the 405 & 10 Freeways gives residents the ability to easily travel throughout Los Angeles.