The Neema Group of Marcus & Millichap is pleased to present 1329 2nd Ave, a 6-unit value add investment opportunity located in Arlington Heights between S Western Ave and Crenshaw Blvd, just off Pico Blvd and north of the Santa Monica Freeway. This property is made up of two structures including a four-plex in the front with 1+1’s and a duplex with two singles in the rear structure; additionally, there are four enclosed garages with an additional two parking spaces. An investor can achieve just over 37% rental upside through interior unit renovations as the units are leased at below market rents; once stabilized, the pro forma CAP rate is projected to be 6.34%.
There is currently an accessory space at the rear structure of the property that is vacant. There is potential to legalize into a unit for additional income – buyer to verify. Gas and electricity is separately metered; one unit currently has laundry but all units have washer and dryer hookups. Three of the units will be delivered vacant allowing the new owner to preform renovations upon closing.
Arlington Heights is a historic area which embodies a huge, diverse community filled with many charms and local surprises. Along with its architectural beauty the friendliness and movement towards a sustainable neighborhood makes this area a very desirable place to live, work, and play. 1329 2nd Ave has a high walk score of 81, proximity to schools, employment, and transit options make this location convenient for residents to shop and commute throughout the city. Additionally nearby destinations such as Koreatown, Hollywood and Downtown LA are within a 15 minute drive.
The Mid-City submarket has experienced tremendous growth and revitalization, with several of the neighboring buildings having recently been remodeled. Midtown Crossing, a 330,000-square foot urban retail center, is within close proximity of the property, providing tenants with excellent new dining, retail, and fitness opportunities. Nestled near the 10 Freeway, not far from Lafayette Square, Miracle Mile, Pico-Robertson, and Culver City, the building provides tenants with convenient access to retail and employment centers. The area has seen a flood of trendy restaurants opening within the submarket. Southern favorite, Gus’s World Famous Fried Chicken has opened their first Los Angeles location on the corner of Pico and Crenshaw. Additionally, there are a plethora of dining options, ranging from food trucks to Japanese to BBQ to Ethiopian to burger joints, including dive bars and sports bars as nightlife options. Mid-City is undergoing plenty of changes with new development emerging rapidly along with significant gentrification.